The Washington herald., 1907-07-07
WALL STREET NOTES
Prices Rise More Than Seven
Points in Two Weeks.
BANK STATEMENT a POOR ONE
Despite GIOOming Publication, Re
ceSSiOn Is but MOmentarily-Amnl-
gamated Cooper Is Feature of the
Day-Upward Movement shows No
HaIting-SIight Decrease shown.

New York, July 6-The market move
such sharp net gains again to-day began
on the afternoon OF Monday June "a,
day on which the total transactions were
the smallest of any fve-hour session for
three years. and when, but for the burst
Of activity in the afternoon. the market
was reduced to a condition Of almost
complete tOrpor.
Probably not an expression Of cheerful
sentiment was uttered in the street
throughout the day A feeling of pessl-
mism was universal and no one appeared
to take any interest in either speculation,
manipulation. or investment. Yet, from
the small beginning on that Monday af-
teruoon, the course of prices has gone for
ward with steadily increased strength
and constantly broadened range until at
the close to-day the average gain in the
railroad stocks was more than seven
points.
In the eleven trading days 3f the two
weeks the advance has halted but on two
days, and on those the losses were in
consequential. Practically the progress
has been uninterrupted.
It was generally predicted on Friday
that a further demonstration Of strength
would be made after the publication OF
the bank statement to-day, for il was
everywhere expected that the statement
would be extremely favorable. As the
event turned out. the statement. II It is
possible 10 accept the figures as showing
the actual condition. was extremely un-
favorable. but the demonstration Of
strength was made. nevertheless. FO~ that
matter. the market was strong throughout
the session except for very few min
utes Immediately following the publica-
tiOu of the statement. Traders were then
prompted 10 set out as soon as possible,
and the bull party was taken apparently
by surprise IL took but few moments
for them % recover. however, and very
heavy supporting orders sent I'm during
the last half hour brought as strong and
aggressive a close as has been witnessed
on any previous day OF the movement
Am8lgamated Copper was the feature of
the DAYS trading. Sentiment was very
favOrablv affected by IT. II. Rogers state
ment .hat the demand for copper metal
was still in advance of the supply. and
reported sales in considerable quantities
without break 100 prices demonstrated
anew the lalacv into which many ia the
street had fallen by accepting as Of any
consequence whatever :hc 50-Called Metal
Exchange aud other spurious quotations
The bank statement showed a recuc-
tion of N,653eJ In the surplus. leaving
the surplus reserve al only $SJ6r0, the
lowest surplus reserve for the first week
in July since 1893.
No explanation OF the statement was
forthcCn lg. apart from the vague and
general one that the system Of averages.
combined with the many complex and in
tricute money movements incident TO the
July 1 interest and dividend dlsburse-
ments, To- make IL practically impossible
that the statement could De a correct
reflection OF money movements. The de-
crease of Elon01Fl) iH loans. for instance.
which was unexpected on account of the
renewed activity in the stock market
might have been due in part to the CASH
ing OF Interest coupons due July !. and
discounted for customers last week and
carried in the loan account then. But
this cashing of coupons carried as loans
was not reflected in cash holdings. for
these decreased. as did the loans.
In partial explanation Of the cash de-
Creasss it was said that many corpora
tions winch had mailed dividend checks
all over the country had supplied the
banks on which the checks were drawn
with but a part of the money necessary
TO meet them, the checks going all over
the country, and some Of the corpora
tions, apparently. taking advantage Of
the fact that many of them could not De-
presented for payment unJil several days
after they were mailed. Altogether. the
only conclusion possible was that definite
and dependable knowledge Of the actual
condition Of the banks will not be shown
IN q bank statement until the July l
movements sUbside The statement Of
July 20 viii be the first to show a return
to normal calculations.