The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-08
STOCKS SHOW GAINS
Upward Movement General
in the Leading Shares.
MAY RAISE FREIGHT RATES
General Managers Seek to Recover
Part of the Higher Wages Paid
TO washington for Favorable Leg
isIatiOn-sIOney Rates Firm.

New York, Feb THE strength in the
stock market that has beer gradually
developing throughout the past week to-
day assumed proportions that entitled it
To the description of q definitely upward
movement in prices Although trading
on the market was not particularly
active, or was at least without notable
animation until the closing hour of bus
mess, there was not. as there has been
at some time during every stock ex-
change session for a long past period,
the occurrence Of drives against any par
ticular stock or group of securities, and
while as a whole, the days market
attested. more than anything else, per
haps. the efforts of spectators for the
decline to retire their commitments as
best they could, it yer Unquestionably
helped out stronger encouragement for
higher prices of stock in the immediate
future than have been witnessed for
many weeks. Nearly all the principal
stocks closed at the highest prices of the
day and st net gains running between
one and three points. These advances
were even exceeded in certain stocks in
which fluctuations OF prices are usually
wids, such as the Anaconda Mining
shares. and the market was without pc
culiar feature, except that of "a steady
advance in quotations. which became,
finally, of a bu0yant character
Above the Closing Level.
Prices AT the start were higher than the
level at which they closed on the day pre-
ceding and at no time during the day fell
below yesterdays final figures. The usual
extreme market dullness was experienced
in the midday hours. but this was not
followed. as it was yesterday and has been
for many days by an afternoon reaction.
In consequence buying orders began 10
increase as the day wore on.
The general forces underlying the mar
kets We're merely those that have been
slowly unfolding ever since prices touched
their low point last Friday. They were
the gathering of stronger and stronger in
dications that liquidation of stocks had
been completed. that the money situation
was continually working out SatiSfac-
toriIy. that TumOTs Of financial trouble in
various directions possessed little if any
foundation, and that on the other hand.
strongly favorable influences were devel-
sort of currency relief measures would be
come laws at the present session of Con
gress. and the practical certainty that the
great railroad systems of the country
would soon secure higher rates for carry
ing freight than they have been receiving
in the past.
Upon tho two last-named points a
good deal Of skepticism is stH nearly eX-
pressed in the financial district The ma
TONS representatives in Congress have SO
often disappointed expectations in regard
10 the passage of remedial legislation af-
fecting the currency that hopes generally
are not exceedingly bright concerning
prospects for such legislation i'm the small
number of days yet remaining or the life
OF the present Congress
Hook for FavOru bic Legislation.
Tt is believed, however. that those AT
Washington whose influence in these mat
tiers is controlling are thoroughly of the
belief that the proposition looking forward
TO an increase of the limit Of the retire
mcut of bauk-note circulation and allow
ing tine customs revenues, as well as re-
ccipts from internal revenue taxation, 10
he deposited in the national banks should
become laws without further delay. If
.hey have arrived at this conclusion there
is no question that they have il in their
power 10 accomplish the enactment of the
desired legislation before March next
So. too. il is known that the logic Of
events has driven our railway managers
10 take steps for the inauguration of
higher freight rates. Tt is understood
that what viii probably De done Will be
not 10 raise freights directly but to in
crease the minimum load per car the
railway trains have carrying charging
higher tariffs than those now paid where
less than carload freight. as newly es-
tablished. is presented for transportation
II is thoroughly believed that an enlarged
public opinion, taking into consideration
the financial and business cxigeucies
with which the railroads of the land are
now confronted. viii support such an
action.
There were no changes of import
ance to-day i'm the sterling or time
or call money rates. although the
price of financial accommodation stiU
tended 10 seek a lower level. Directors
OF the Bank Of England at their meeting
this morning did not reduce the discount
rate, but the bank, nevertheless. made a
surprisingly strong weekly statement of
condition, its proportion OF reserve TO liza
bilities rising to 1856 per cent from IS 81
per cent last week. as compared with 45l,
per cent at the corresponding date last
year That the bank was thus able to
increase its reserve despite its large shin
meHts OF gold 10 South America during
the week is the best evidence of the bet
teriHg in financial conditions that is go
Ing on in the British capital.