The Washington herald., 1907-07-17
STOCKS IN ADVANCE
Prices Higher than at Any
Time for Three Months.
MARKET WEAK At OPENING
Gains of from One 10 Three Points
Made During the Day-Cau Money
stands nt Nominal FIgures-GOId
Exports TO Europe Believed 10
Have Ceased-CrODs in Condition.

New York, July 16.-WithOut any oc-
currenees of Importance in the way Of
news affecting security values, if there
be excepted further decline in the price
Of wheat caused by further evidences that
the country's harvests this year viii be
larger than was estimated earlier in the
season, and would be OF a full average
quantity. the buying movement in stocks.
which has been visibly gathering force
and intensity for several days, again car
ried prices upward.
This was all the more noteworthy. as
for long time past upon occasions when
prices have advanced at the end of the
week. and on the first day of the sue
ceeding week. there has usually been ex-
hibited on the next day the presence of a
strong reactionaTy tendency. Prices at the
end Of the session to-day We're in nearly
all occasions at the highest of the day
and at level for security valuations. as
whole. more elevated than any which
has been reached for nearly three months.
Opens Somewhat Weak.
The market to-day at the outset was a
little weaker than it was yesterday. fol-
lowing the lead Of London American
stocks were nearly all quoted at fraction
al declines. Reports also Of an addition
al cutting Of copper prices, by small pro-
ducers. also caused some selling of
stocks. A period Of hesitation lasted
throughout the greater portion Of the
first hour Of stock exchange business. and
then what appeared to be the broad
buying power underlying the current
movement began TO formidably assert
itself
By midday gains appTOximating point
in the leading stocks had been establish
ed, ana then the market again paused
and fell off slightly. Small recessions of
this sort We're Witnessed on several occa-
siOns throughout the day, but prices each
time rallied and went higher than they
did before, and closed az advances vary
ing from 2% points in the Union Pacific
common shares, 20 gains usually Of more
than point in the other active stocks
Despite the rise in stocks, call money
to-day lent At only nominal figures. and
the leading lending institutions reported
bat a small demand for this class Of
funds. Time money rates. too, We're low
cred for the nearby periods and there
is 10 doubt that optimism regarding the
financial situation proper is on the in
crease in high financial circles
Financial Strength shown.
This confidence seems due in part to
the sense Of financial strength borne Of
the ease with which the country has
Just shipped S2S,000O 900 20 Europe, in
part TO the knowledge that the govern
ment has yet TO disburse several million
dollars on account of the bond payments
and has withdrawn from the banks all
the money that the banks themselves
were TO pay 20 the treasury under the'i
recall OF public deposits recently ordered
and that the treasury generally Is in
such a condition that il is prepared 70
greatly enlarge the deposits in the banks
at the time Of the crop movement strain !
later in the year The indications are
also that the gold exports TO Europe
have ceased while the general situation
is helped by the more encouraged tone /
visible in the foreign markets.