The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-14
MARKET SHOWS GAIN
Advance During Day in Sc
curitieS Well Sustained.
LIQUIDATION COMES TO END
Various Railways and IndustriaIS
Record Substantial Increases-LOn-
don Has Large short Interest in
American Stocks and Takes 10000
Shares-Currency Reform Cheers.

New York, Feb ia larger and nor
sustained advance occurred to-day in Tn
security market than on any day previ
Ously during the year. The feature 0
the market was the steadiness of tn
buying power that was melted. from
which the seeming inference was that tn
rise that took place was due to SOM
other cause than mere hasty or fright
ened closing out Of speculations for tn
decline.
While certain securities were particu
larry strong. there was no one stock o.
group OF stocks that could be Gale,
leaders in the trading. The traders an,
the forces making for an accumulation
Of holdings, whether for speculation o.
for investment, distributed their activity
very evenly. There were to-day severa
specific developments of a sort that wer,
properly considered as being favorabl,
10 values; yet the general influences Oper
ating for an advance were of the sam.
nature as those which have been rcog
nized for ten days past, and their origin
dates back TO the discovery that iquida-
ton in the market had ceased, and thai
altogether too great emphasis had beer
laid upon supposed adverse factors in the
situation.
Some of the Days Advances,
At the close to-day such advances were
shown as 6ss points in the Great Northern
preferred shares. rs in Northern Pacific
IA in Pennsylvania, 1@s in Reading. y.
in Union Pacific, and rs in New York
Central while in the Industrial list the
Anaconda mining shares rose 3l2 points
American Locomotive common 3is, Ma
ticnal Lead 219. American Air Brake l.
and Pressed Steel common and Sloss-
Sheffield IA.
The volume Of trading was above 1,000,
600 shares. Several times during the day
the market became dull, but it was quickly
observable that on such occasions there
was no recession in prices. and the specu-
lative element was quick TO perceive also
that the buying of stocks was present in
sufficient quantity 10 absorb the profit
taking sales that We're continually made.
OF the special influence Of d helpful
nature brought to bear upon prices, the
primary one was. very clearly. the rather
surprising strength that developed IN
American securities i'm the London market
over yesterdays holiday. An easier tend
enCy on the money rates made a more
cheerful feeling in the foreign market
generally but il was revealed at the cur
rent London financial settlement to-day.
what people in well-informed financial
circles here have all along held to be
true, that recent pessimism I'm London
regarding the American financial position
has assumed the form Of a creation there
of large short interest I'm American
stocks.
London IA Good Buyer.
Tt also became manifest that the ac-
count open for the rise i'm American
Securities in London had been again
heavily reduced. London was. at any
rate, buyer here to-day of over 5000
shares Of stock Further light upon fine
true state Of our couutry's present stand
ing in the foreign exchange market was
shown in the governments report. pub
.lshed yesterday, Of domestic exports dur
Ing the month of January. The vaius
1f these foreign shipments increased
during the month $l4269,S54. the gain be-
ms wholly due to the large increase Of
nearly 100000 in cotton exports.
Shipments of breadstuffs were. it is
true, less during the month than in Janu-
'ry of the preceding year, but foreign
-akings of our cotton continue IN he
made on a huge scale, and they are such
as 10 make large holes in whatever debit
balances have been otherwise entered
against the country in European Iedgers
Turing the last six months. Sentiment
ID the financial district was again
,iedtly encouraged to-day by the bright
prospects for much needed amendment
or The country banking and currency
avs at the present session Of Congress
he help derived from the amendments
hat have been secured and that II
eems are TN very fair way of becoming
avs in the near future was greater than
ne majority of people tn Wall street have
commonly supposed.
To Increase Circulating Medium.
The propositions are not only 10 allow
he national banks to retire their circuIa-
ion at more rapid rate than has been
hitherto permitted and give the Secretary
II the Treasury the right to place the
moneys received from payments of GUS
oms as well as the receipts from internal
evenue taxation in national banks but
@ permit sold certificates to be issued
gainst the $40 gold pieces now held in
he Federal Treasury. Calculations are
hat by the means OF the Iast-namad
measures OF relief alone the money IN
REGULATION inthe country will be increased
y SSo,Ooe-o0a There were also intimations
o-day that the Secretary of the Treas
ny would not press for the immediarf
eturn from the banks OF the remaining
AFT OF the 100000 special deposit fund
ucn minor matters as the official an
ouncement OF the settlement Of all 0ues
ions IN dispute between the PennsvIvania
Sdiiruad Company and its employees and
ne practical disappearance Of the Ian
nese-California embroglio were also not
lthout effect from a stOck-marlzet DoiDt
view. Finally both time and csU 4
money rates to-day moved definitely 10 a 1
over level.