The Washington herald., 1907-09-21
MARKET IN ADVANCE
Gain, While Slight, Brings
Cheerful Feeling.
FAILS TO FOLLOW SEQUENCE
Enlargement of Volume of Purchases
in Bond Market the Real Feature of
the Dny-DiscOunt Rate in London
Nearer That of Bank of England.
COnsOI Price Improves as Result.

New York. Sept 20-To-day was the
day when, following the sequence of such
matters that has been observed almost
invariably for two weeks past, the stock
market should have declined During
this period. save on one occasion, the
market has maintained a seesaw, up-and-
down movement. a reaction in prices fol-
lowing advances on each succeeding day,
although the general undertone all along
has been one of slowly increasing
strength. But although In tO-day's stock
exchange session the usual proft-taking
movement set in. 1t still lent net advances
in the greater number of active stocks.
Bond Sales Are Larger.
The real feature Of interest in the DAYS
business was in the bond market. where
there was a distinct enlargement of the
volume Of purchases and sales and an un-
mistakable tendency OF the market to
broaden and advance The bond market
could hardly be called active but II was
more active than it has been. and this is
an indication Of no small Importance un-
der prevailing circumstances.
Again. too. to-day the time money ma
ket If not lower In point of quoted rat1
was nevertheless distinctly easier for
lendings on stock exchange collateral.
The discount rate in the open market in
London continued its progress toward n
plane lower than the Bank Of England
rate, and as a consequence the price Of
consols improved in London, and the en-
tire financial situation there underwent
visible Frightening.
As much attention as to anything else
was attracted in the stock market to-day
by the greater strength shown by the
Amalgamated Copper shares. This might
nave been caused perhaps by no other
reason than feeling on the part of the
spectators for the fall in the stock that
they had been "a little overconfdeut in
their attacks. and that the copper situa-
ton Is better than il looks 10 be on the
surface.
Copper SaIes Rumored.
There We're rumors curreat TODAY which
could not be verified that large blocks Of
Copper had been taken during the dav
al current prices from the hands of pro-
ducing interests. and. whether these
stories We're true or not. transactions OF
the sort would be highly probable
All the options for the future delivery
Of wheat rose very decidedly to-day,
chiefly because Of a violent advance in
wheat in the foreign markets and by
heavy takings Of the staple here by ex-
poTteTs. Wall street will in due time
doubtless, come to appreciate the true
meaning OF developments such as the
foregoing, which are likely TO be repeated
and emphasized during the remainder OF
the year.
The corn market was also strong to-
day. in sympathy with that for wheat.
although there We're some indications Of
light frost following the recent heavy
rains ia the northern portion of the corn
belt. II is the consensus of opinion. how
ever, In the highest circles of the grain
trade that the corn crop is now so far
advanced as TO be damaged little. even
by the onset of heavy and general frOsts