The Washington herald., 1907-07-08

Z
/ were last week. The business period was
broken by the Fourth of July holiday,
which was. so far as Wall street was con-
/ cerned, more or less prolonged over the
week end. Indeed. the week, as regarded
actual financial news. was almost sue
/ ceslon Of days blank
In all this time, however, the stock mar
ket continued TO exhibit the same per-
sistent and continuous strength that it
did in the week preceding. The upbid-
ding Of stocks was sometimes actively
conducted and sometimes not. but when
ever the market Jagged It did not recede;
that is TO say. an abundance OF support
was presented upon every recurring move
nent by spectators 10 take profits on the
rise lnasmuch as evidences Of public
apathy toward the market were as pro-
nounced as they long have been, il was
manifest that the buying Of stocks pro-
ceeded either from a partial turning over
to the bull side Of speculation by pro-
fessiUnal operators or that II was due
20 desire 10 advance the market on the
part Of large financial interests. There
were signs that both Of these influences
were behind the rise in quoted values.
Leaders Are Pushed Upward.
There was every indication of a push
ing upward Of several market leaders. d"
and Of Union Pacific stock especially,
through what is known In Wall street as
concentrated" buying, and Il was only
NOT nlf fTs IL .HT 4
speculators. seeing what was going on.
should endeavcr 10 trail after the move
ment watching the operation carefully.
OF course. IN order that they might
quickly retire from It whenever Il seemed
advisable 20 DO SO. For one thing, there
was fun recognition in the financial dis
trict Of the strong motives afforded for
m advance IN the price of Union Pacific
shares in the heavy commitments made
by the members Of the underwriting syn
dlcate which guaranteed the success Of
the Union Paclfc's recent S75.GOg9 con-
vertible bond issue, and although no
syndicate was formed 20 underwrite the
Ath.s0n, Topeka and Santa Fes con-
vprtible bond issue. 10 which subsCrip-
uCus must be made by the Atchisoa
stockholders not later than Friday next
much the same reasons are operative IN
both instances as regards a temporary
market valuation Of the common stocks
OF the two railway companies concerned
The subscriptions OF the stockholders
90 the first lGstallment Of Union Pacific
stock must be paid In not later than the
coming Wednesday. On the same date
viii De Issued the governments crop re-
port for the month, which VIII. it IS be-
Hered, show generally improved condi-
ton of the leading staples. At the same
time, too, the government viii have
largely finished the process Of paying off
the 4 per cent national bonds that ma
tured 0u the first OF the month, and the
banks Will be freed from whatever irk-
some necessities have attended that op-
Grafton. and it is altogether probable
that when the operation Is concluded
the supply Of bank cash at this center
viii. for several weeks, be increased
thereby, iuasmuch as most Of the bonds
viii be paid Of az this center and IL
VIII take some time for the money TO be
drawn from local institutions by the peO-
pie in the interior of the country who
have a claim % H. BY the middle Of the
week il ought 10 be finally disclosed
whether the mid-year financial settle
70 .'.Iah- -A|AA AAs-A nav - AIiiDF flfA DAlt WAX
spot in the situation there. and there
seems 20 be every indication at the pres
ent time that no such weakness will be
shown.
stock Market Is Hopeful.
An observation that has become very
general in Wall street is that there is
now visible a distinct Improvement I'm
ear. ffr4,arls'r so for .- .bo 1,,,-;,---. ....s
financial future Is concerned. Upon an
alysis this improvement is found to be
based in great measure upon the sole
fact that the stock market has advanced.
All our leading bankers and close watch
ers OF the times say that there has been
absolutely no change during the last two
or three weeks I'm general and underlying
conditions. The intrinsic situation is Just
as it has been for months. But people
have seen the prices Of their securities
rise, and this has made them all feel
better and a little richer than they did
two or three weeks ago. The effect Of a
rising or q falling market upon financial
sentiment Is undoubtedly very pro
nounced within certain limits. Il is a
fact that in Wall street people will. for
q certain time, adjust their views on any
given situation according 20 the huctua-
tons Of the security market. much in
the same manner as II they were 90
imagine hot or cold temperatures accord
ing to an artiflcially induced rise or fall
IN the records Of the thermometer. II is
however, that TO a very con-
siderable degree genuine hopefulness re-
garding the business future Is increased.
Strain Greater than Realized,
II, as is now commonly affirmed, the
fundamental trouble with our financial
and that of other lands during
the last year has been a scarcity OF in
vestment capital owing TO a general over
expenditure of money, then economies IN
expenditure and an accumulation of cap
.tal that will once more place the invest
ment on a figmer basis must likewise be
general and not partial in its operation.
Looked at, therefore in a fair light. such |
sOllations of statistics as those made by
the leading commercial agencies last
Teek-that Of MessTs. r. J. Dun q Co. |
showing an increase in total exchanges /
Tor the month Of June at all the cities in |
the United States outside of New York /
Of I7 per cent over last year. and IGG /
over 1905, and a decrease in New York /
rs compared with June, 1906, of 1S2 per /
cent, while Bradstreet's and the Financial |
Chronicle exhibit for the month and the |
half year much the same result-are not /
altogether wholesome reading. They mean /
hat the people Of the country do not I
seem to be impressed with that world /
wide existing strain on capital which /
Wall street for its part fully realizes.
Fire Burning One Hundred Years
From Tit-Bits.
The Chequers Inn, Osmotherley. is .
relic of the old coaching days, but It is .
now fa7,er for sts fire which bo- ,,o..z,.