The Washington herald., 1907-06-26
MARKET IS CHEERFUL
Advances Scored in Most of
the Leading Issues.
THE BUYING IS PROFESSIONAL
Decline in Rates of Foreign Ex-
change Gratifying, as II VIII Leave
New York I'm Position to Refund
the S3O,OOO,OOO Special Deposits
Received from the Treasury.

New York. June 25.-The advance which |
began in the market a little before the /
close yesterday was resumed this morn /
ing. and continued with increasing vigor
during the session. until at the end there |
was hardly a stock that had not ad- /
vanCed a point or more, some OF the
leading issues indeed, like Union Pacific, |
Amalgamated Copper, Reading, American
Smelling and Refining. and Northern Pa !
cinc. gaining from two to three points !
Delaware and Hudson on few transac- |
tons advanced ~ points
Whatever might be the exact cause Of
the improvement in sentiment. it GER
tainlv operated in Europe also. for there
was a decidedly better tone TO the trad
ing on all the foreign exchanges, and
London was a buyer OF stocks here to
the extent Of at least 1900 shares.
The more peaceful outlook in the south
Of France, the easier feeling in regard 10
the forthcoming Paris settlement, the
fact that so far only one small failure
occurred during the progress Of the set
Element in London. and the substantial
advance in consols on buying by the
banks in order that their statements as
Of June 80 might make a strong ap-
pearance. all had their effect. and this
was heightened here by the favorable
crop news, and the technical condition
which had been evident for some days
past was unusually strong, as a result
Of an accumulation Of supplies in anticj-
patton of the requirements Of the July
interest and dividend disbursements,
while in London the situation was re
ueved by the announcement Of postpone
ment Of the Transvaal loan. the Irish land
loan. and one or two other issues.
Increase in Trading.
Dealings in the local market showed a
marked increase in activity over yester-
dav. although still under half a million
shares. and as the activity was greater
in the last hour than in any other hour
of the day. brokers were inclined to be-
lieve that the street was at last passing
away from its period Of extreme dull
ness.
No doubt a large. part Of the business
was of a professional character. There
was unquestionably a good deal Of
manipulation for the purpose of forcing
the covering of short contracts, and this
succeeded 30 such an extent that the
borrowing demand for stocks was less at
the end Of the day than it had been in
the morning or az the close Of business
yesterday. 4 Boston operator was spoken
Of as having taken a prominent part in
the manipulation against the short inter
est. but this story was not generally
credited, the popular sppposition being
that the market was in some stronger
hand than his.
OF the many rUmors of a generally IA
vorable character heard during the day
none attracted as much attention as the
one which attributed 20 the directors of
the Steel Corporation an intention to in
crease the dividend on the common stock
70 per cent. but the story received no
confirmation. though it was stated on
good authority that in wire and some
other important lines the company is in
Creasing its orders materially over those
of the corresponding period a year ago.
Decline in Exchange.
From a market standpoint nothing else
that occurred during the day equaled In
Importance the decline in the rates of
foreign exchange. which indicated that
with the engagement Of 100000 addi-
tional for London the gold export move
ment ives over FOR the present, It had
been generally expected that the total
amount 20 be shipped abroad would ex-
coed $30.o0o00e, and it was therefore with
some satisfaction found that the move
ment had come 10 an end with only So
O00O0J taken for Paris and London.
This total did not, Of course, come near
restoring 10 the foreign banks the supply
Of gold that New York had previously
drawn from them. and the evidence that
the drain on this city would be Offset by
a movement OF funds from the country
tended 70 promote an easy feeling even in
the face Of preparations for the July dis
bursements fer the repayment 10 the
United States Treasury Of the $3a0J1oV
special deposits placed with the banks
last year. In connection with the latter
operation the fact was made known dur
ing the day that some of the banks had
already received about 100000 on this
account. although the time set for repay
ment still leaves about two weeks for
that purpose.
In bond circles some announcement was
derived from the fact that the syndicate
which yesterday secured the 100000 issue
of bonds Of the city Of Philadelphia had
already succeeded In disposng Of all Of
them The success which attended that
issue Il was thought. might have some
effect on the prospect for the fioatation
Of the New York City bonds, although in
banking circles the outlook for the sale
70 be held on Friday pext was not re-
gasded as bright.
Outlook Is Brighter.
However, the improvement in the stock
market, If maintained through the week,
might, with the effect on sentiment of the
successful outcome Of the Philadelphia
sale. bring success where at present it
looks as if only a comparatively small
portion of the bonds would be taken.
News regarding the growing crops was
generally satisfactory, and reviewing the
conditions Of the past week. the govern
ment weekly report said that the whole
country experienced very favorable tenn
peratures during that period.
The regular dividends were declared on
the stocks Of the American Locomotive
Company. and Anaconda Mining and
Railroads earnings. published during the
day showed that there was. SO far, no
indication Of any slowing down in the
business activities of the country. Jersey
Central, the first Of the anthracite com
panies 10 issue a statement for May
showed an increase Of $6143l6. or about
% per cent in gross. and. again Of Si52 SO
or about GO per cent, In the net earnings
as compared with the corresponding
month last year