The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-07
GOSSIP or WALL STREET.

the smallest Of any ave hour session for three
years. and when. but for the burst OF activity
In the afternoon. the market was reduced to
a condition OF Amos complete torpor. Prob
ably not an expression OF cheerful sentiment
was uttered In the Street throughout the day.
A feeling Of pessimism was universal and no
one appeared to take any ~srtsssst In either
, speculation. manipulate or investment.
Yet from the mall beginpir~ N that market
Monday afternoon the course OF prices has
gone forward with steadily increased strength
and constantly broadeped range until at the
close yesterday the average gain In the rail-
road stocks was more than 2 points.
In the eleven trading days Of the two weeks
the advance has halted on but two days and
on those the losses were inoonsequentlsl.
Practically the progress has been uninter-
rupted. In the case of Union Pacific. q de-
sire TO uplift which probably furnished the
initial motive power for tho whole market.
the advance has been practically incessant.
for IL has been obvious that when Union
Pacific Jagged 10 was made to lag for the
purpose Of showing OF some other market
leader for the time being and creating tho
impression that the movement In Union was
not the main purpose Of expenditure. Yet
while other railroad stocks have made greater
gains on various days. one excelling Union
one day and another on another day. Union
at the close yesterday had advanced further
than any OF the others. Il showed . net
lain OF NJ points. as compared with q net
s,in OF 4 points less for The average OF the
railroad stocks.
The Hill stocks, Della and Hudson and
st. Paul. have been most conspicuous among
the others which have regis cred good gains
In the movement. Great Northern has gained
1917 points. Northern Pacific Ok. Delaware
and Hudson OK and st. Paul 0. Reading
has 0aip@d QhZ . oinfa Dsnnavlvania Az
Southern Pacific ris and Atchison and Belti-
more and Ohio moi . than Q points each. The
average recovery OF the industrtals has been
much less. but In some OF them q very pro-
nounced gain has been registered. Anal
samated Copper leads the entire market with
q gain OF iix points. Anaconda has advanced
TX points and Smelters Z. and the Steel
shares nave been consistently strong. with
a gain Of az points for the nommop and az
for the preferred.
1t was generally predicted on Friday that a
further demonstration OF strength would
be made after the publication Of the bank
statement yesterday. for il was everywhere
expected that the statement would be ex-
tremely favorable. As the event turned out
the statement. II Il In possible to accept the
figures as showing the actual condition. was
extremely unfsvorable. but the demonstra-
ton Of strength was made nevertheless.
For that matter the market was strong
throughout the session except for q very
few minutes Immediately following the pub
location Of the statement. Traders were then
prompted to get out as soon as possible. and
the bull party was taken apparently by sur
prise. II took but q few moments for them
to recover. however. and very heavy sup
porting orders sent in during the last half
hour brought about as strong and aggressive
a close as has been witnessed on any previous
day OF the movement.
Amalgamated Copper was the feature OF
the days trading. Sentiment was very favor
ably affected by II. II. Rogers's abatement
that the demand for copper metal was still
in advance Of the supply and reported sales
In considerable quantities without break
in prices demonstrated anew the fallacy into
hioh many in theStreet had fallen by accept
ing as OF any consequence whatever the
so-called Metal Exchange and other spurious
quotations. In many quarters there was q
tardy realization Of the fact that the standard
copper stocks had sold down TO q very low
figure on q lack Of appreciation Of the true
condition Of the metal market. A rush to
repair this defect apparently had much to do
with the activity In both AAalsamated and
Anaconda. The former o n transactions OF
SIS. 900 shares. close TO the largest Of the day,
gained az points net.
The bank statement showed a reduction
Of 81, o53, 900 in the surplus. lea Wing the sur
plus reserve at but ssss 900. the lowest sur
plus reserve for the first week. In July since
1898. In the corresponding week last year
the surplus was %, ass. 900. In 1905 IL was
81, 1851 900. and In 1904. $50. OF. 200. The show
ing was also the poorest Of the year, with the
exception OF the FIRST week In January, when
the banks showed but si47. ooo above the legal
requirements.
-
No explanation Of the statement was forth
coming apart from the vague and general
one that tho system OF averages. combined
with the many complex and intricate money
movements incident to the July | interest
and dividend disbursements. makes 1t prac-
ticaily impossible that the statement could be
q correct reflex OF money movements. The
decrease Of 80 .000. 900 In loans. for instance.
which was unexpected on account of the re-
newed activity In the stock market, might
have been due In part to the cashing OF interest
coupons due July I and discounted for GUS
toners last week and carried In the loan &C
count 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 decrease
It was said that many corporations which
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
corporations apparently taking advantage
OF the fact that many OF Thorn could not be
presented for payment until several days
after they we're mailed. Altogether the only
conclusion possible was that definite, and
dependable knowledge Of the actual S6ndi-
ton Of the banks will not be shown In a bank
statement until the July | movements sub
side. Tho statement Of July' No. vii, ~ tbs
frst TO show q return to noHhal c1lcufSfVHAA
New York's portion Of the sso.oofsO& Coy
eminent deposits to be returned by thSbapSs
on Wednesday IL approximately tf2 .0Oo.sos
II tho surplus OF the banks yesterday wks
no greater than the average surplus repertqd
for the preceding week. q banker inaulre&
what's the answer7 On. "a ~
- ), ~ u
IL may be but Q mersSuokm4(bS, bpt
many brokers were intjFssledss yks1rdss
IN the gathering together Of tia various
members OF the Hartman party. Concur
rently with the revival Of activity In the mar
ket all of them have returned TO their ofices,
and II report Is TO be trusted have become
again very active In the market. Mr.. Harn-