The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-24
WALL STREET NOTES
Demand for Bonds Taken as
Good Omen in Market.
STOCKS STRONGER AT CLOSE
Action of Market Practically a Rep
etition of the Day Before-John ID.
Rockefeller said 10 he Buyer OF
MISUNDERSTANDING OIL Party De-
MES Purchasing, but Has Faith.

New York, July 2s.-If the contention
is correct that a radical improvement in
the bond market must precede any sus-
tanned and enduring advance in the stock
market. much encouragement can be
taken by those of bullish temperament
from the rapidly increasing demand for
bonds and short term notes. The mana
ger of one Of the most important bond
departments IN the city said to-day that
the days investment demapd for bonds
and short term notes in his office had
been the best for many weeks and was
the more significant because il followed
ten days or two weeks OF steadily in
creasing business.
Another well-known bond house re-
ported that it had sold more securities
in the past ten days than In the pre-
ceding three months. Several others de-
clared that it had been a most encourag-
ing improvement and that there were
indications. furthermore. Of a continue
ton Of the investment demand
Concurrently with the improvement in
the market for the highest grade Of
bonds there has been a noteworthy
quickening OF activity in the short term
note market. Some Of the best-known
and most fancied note issues are becom-
ing very scarce and there has been gen.
eral advance in the price. New York
Central notes which sold not so long ago
al 81 II were held at 80 bid and 50 Is
asked to-day. There has been a similar
Improvement IN Pennsylvania notes
Westinghouse notes were held to-day at
two points above the price Of issue.
Transactions in notes were on large
scale, and there seemed a chance that
unless the corporations again vie with
one another in putting out note issues
the bulk Of the 5O0.oOO.00O h6Ses held out
this year may in due time be placed
among investors.
The action Of the stock market was very
nearly a repetition of the previous day S
trading. the only noteworthy difference
being that the close. though somewhat
/ Irregular. was stronger than on the pre-
ceding day. In the morning the majority
of the professional and mi-professional
/ traders sold stocks; in the afternoon they
bought them in 10 cover at higher prices
and paid the bull party the difference APP
| pearances Of weakness in the morning dis
{ appeared later in another demonstration
Of the proposition that the hull party +.
the boss
/ London was reported TO have sold Stee
very heavily on Monday, and 10 hav,
covered very extensively to-day on tn,
swing that carried Steel common to ,
net gain OF ID point for the day. TIL,
rumor Of trouble in the Steel trade and
report Of direful consequences from tn,
! strike appear 10 have made a distinc
/ impression on London sentiment. Bot
reports reached London early on Monday
and 1t appeared from Mondays LondoI
selling and to-day's London covering tina
an effort was made 10 magnify Il cir i'm
! portance. London traders were SOM
/ time coming too. but woke up at last.
One Of the news agencies was prett!
certain that Standard Oil had been buy
Ing Atchison. \ broker who has goo
Information Of transactions from :
Broadway said it was not the Standar,
Oh party as a party. but John d. Rookie
teller himself that was buying the stock
1t was the first time in many months tha
a purchase of stock for Join D. individ
ually had been reported. reports Of tina
magnate's transactions had been con
fined solely to stories Of giving away Sc
curities rather than buying. But it wa
recalled thai Mr. Rockefeller has mad
no large gifts since the July ! interes
and dividend disbursements. and must
therefore, have had quite bit of ioos
money. II was accordingly considere
likely that he may nave disbursed a b
in Atchison and large number Of 0the
Standard securities.
Both the Rockefeller report and othe-
which any one could obtain in quartz
connected in one way or another with
: Broadway gave the impression that. eve
If the Standard Oil party is not in tn
market, members Of that party don't car
how widely is disseminated the idea tha
they have faith in an upward movemer
Of prices.
: CpATN ann pQ0VTSTnNC