The Washington herald., 1907-06-30
EXPECT BUYING THIS WEEK
Spectators Prepare to Satisfy De-
mands of Investors at Mid-year
Business, but Prices Are Main
tained-Mnny Issues Advance.

out, never can overcome his successful
antagonist. The horse gone wrong never
RECEIVERS its old form. The oarsman, once
stale and overturned. never again sits In
a Courtney crew They never come back.
The stock market always comes back.
This speculator was firmly Of the opin-
ion that the market had come back. II
had been kicked, and pounded. and beaten
into a state of absolute immobillty. he
said, but Il wasn't dead. II simply looked
dead. and under this appearance had
vitality enough. To bring this vitality
into action, he went on, il was simply
necessary to administer restOratives and
train II bit for II 10 recover all its old
form. The restoratlves had been applied.
he maintained. and the corpse had come TO
life 1t was only necessary now TO train
1t carefully, and especially there should
be caution about exercising it at too fast
a pace.
Other traders to-day insisted that there
were two sides to the question as to
whether the Improvement In the market
is likely 20 be permanent. Some OF them
maintained that the leth1rgy had been
shaken of for a particular purpose, the
effort TO attract the money to be dis
bursed In dividends and interest to-mor-
row. and once his object was attained, the
leaders would permit il to drop back into
the torpor OF a week ago.
Ida. n.t,TH 400 M, ,ra-gFs IN, +h.
general situation of Sufficient moment to
warrant continuing bull movement.
They admitted that stocks would very
likely be taken out Of the street by In
vestOrs next week, bat said that the
stocks would be gladly supplied by big
holders and that these holders would
have many left TO offer on the market AT
every slight advance
However durable the movement may be,
there Is no doubt that there has been a
very encouraging quickening OF the in
vestment demand during the past week.
The revival VS. not much In evidence on
Tuesday. the first day Of the advance in
prices. nor on the following day. But in
the last three days of the week, when il
became more and more evident that the
gold export movement had sustained a
severe check. purchasers Of stock through
the big financial institutions steadily in
creased IN magnitude.
At a number Of the leading banks yes
terday II was said that q larger number
Of stocks than was generally believed had
been taken out by investors who had faith
in them, and intended to hold them for @
substantial advance regardless Of summer
fluctuations There were differences OF
opinion as 70 how great an impression
these Withdrawals made on the aggregate
volume Of stocks. but it was admitted
that decrease in the floating supply was
great enough "a bring about considerable
Improvement In the technical position.
Not so much was heard to-day OF the
bad effects Of the failure Of the city bond
issue. Bond dealers again insisted that
the failure should not be considered a
bear argument I see by the papers. d"
said enc Of them. that Comptroller Metz
Is going 70 make another attempt t. sell
Is. and I'm making the prediction that
this second attempt will fan as fiat as
to-days If any one wants to sell stocks
on this second failure. he has plenty Of
time to get ready"
There was no disposition 20 crlticise the
comptroller for his determination TO make
another per cent offering, for it was
realized that the comptroller owes II to
his office to make every possible effort to
market bonds chesply. It was generally
maintained, however, that the comptroller
was going to needless trouble and ex-
pense, for no one could see the chance OF
a successful outcome Of the second offer
ing, barring. OF course. an Improvement
In bond-market conditions. which few an
ticipate.
There were no news developments 10
affect the general market situation to-
day Partly on this account, partly owing
to the customary abatement of activity
on a summer Saturday, there was a con-
siderable decrease in the volume Of bust
ness. The decrease in activity, however,
was not accompanied by any general
weakness. On the other hand, the market
was firm throughout the session, and to-
ward the close displayed a strong, ad-
vancing tendency, in marked contrast to
the weakness at the opening of the week.
Traders left brokers' Offices much en-
couraged over the progress Of a move
ment which, If II results in no permanent
strength. has at least served a good pur-
pose in renewing interest In the market
and bringing about opportunities for
profit.
The bank statement with its showing
Of a decrease Of $3,1oOOOO in surplus re-
serve, bringing that important item
down to $2.50O,O0O, was considered IN
some quarters none too encouraging. But
many predictions in regard to the state
ment had been to the effect that the sur
plus reserve would be depleted to a great
extent, and Immediately upon its publi-
cation the market showed greater
strength than at any previous time
throughout the session. The strength may
have been inspired by a more favorable
construction Of other items in the state
ment.
The decrease Of S7,sOO.OOO in loans, for
one thing, indicates that the banks had
not been drawn on heavily on account of
the week increase IN speCuldGON. ne
trust companies, apparently, had financed
most of the campaign drawing de-
posts from the banks as interest rates
advanced and making their loans direct
~. Probably this movement was the
principal cause Of the decrease in loans
and the decrease Of almost twice as
much in the aggregate deposits.
Something OF this kind was expected,
for trust company money in very large
quantities came into the banks several
weeks ago when call money got down TO
per cent and below. A new shifting
of accounts between the banks and trust
companies was but natural this week.
The incident renewed interest In the
movement for the Incorporation of trust
company reports in the bank statement.