The Washington herald., 1907-08-31
RUSHAT MARKET END
Substantial Gains Even in
Weaker Securities.
SHORT COVERING IS LIVELY
Money, at One Time Per Cent,
Eases on ON Report Of Government
DepOsits-stocks Beught During
Day Need Not Be Paid for Before
Tuesday-Grain Markets Strong.

New York, Aug. sO-Without any great
change in the character of trading, which
still continued largely professional, the
market to-day scored substantial ad-
vances al through the list, the activity
extending into a greater number Of is
sues than on any recent day, although
somewhat diminished in some of the
leaders. Following the lead set by Lon
don. opening quotations were fractionally
below last nights close. but very little
stock was offered at the reduced prices
and from the first the effcrts Of operators
for the decline 10 force an outburst OF
selling on all sorts of unfavorable ru-
Business had not been under way for
more than a few minutes before the early
recessions were recovered, and there
after. until about / o'clock. the principal
characteristic of the market was IFS
frmness In the face Of extreme dullness
Professionals Put Ont short Lines.
During this period the traders talked
much OF the unfavorable features in the
local traction situation and of the possi-
bic influence Of the Standard oil hearing
next week.
These considerations induced many
Of the professional traders 10 put out
short lines. the subsequent covering Of
which had good deal to do with the
action Of the market in the afternoon.
Even when sentiment was most de-
pressed, a few stocks ike BROOKLYN
Rapid Transit Distlllers. American
Smelling and Refining. and National
Lead scored substantial advances.
but it was not until about 2
O'Clock that the whole list became
aggressively strong. and the shorts
were forced into a hasty buying move
ment through fear that the rise Just
begun would be carried along in Lon
don during the two days that business
VIII be suspended here.
Highest Run of the Day.
As a rule. the highest quotations
Of the day were around 2:SO o'clock.
when Great Northern, Reading. Brook
lyn Rapid Transit, American Smelling
and Refining, and National Lead we're
from 2i4 10 S14 higher than last nights
close, and other issues. like New York
Central, Union Pacific. and AmaIga-
mated Copper. were UP about two
points.
in the last half hour the market be-
came slightly reactionary on profit
taking, but to the end it maintained
strong undertone. All money ad-
vanced to 4 per cent IN the forenoon
but eased of later, and there was no
appreciable change Ia the market for
time funds Exchange was easier. and
II was announced that the Treasury
deposits had been made with a mum.
Der Of downtown banks.
The estimates Of the weeks cur.
Fency movement indicated a loss Of
cash by the banks Of about 81. .0OO. 600
and a consideration which probably
had a good deal to do with the buving
or stocks was that as purchases made
during the day viii not have TO he
paid Tor until Tuesday, the buyers Sc
cured a little advantage In respect to
interest charges.
II was reported that the deadlock he
tween copper producers and consumers
would soon be broken and that the an
houncement Of an agreement would he
MADE IN the coming week In London
the price Of the metal dropped 1 rs in
tne forenoon, but the market devaloDed
some frmness at the decline
Locomotive Company Showing.
The annual report of the American
Locomotive Company showed an in.
crease Of nearly S1OO000O in gross earn
ings, but the item Of net was greater
by only $3Os,60O than the corresponding
item year ago, the increase in oper-
at.ng expenses consuming practically the
entire gain in gross earnings. Il was
stated in the report that the comDanv
had during the year paid off 4 10000 of
bills payable, but sold S5.0C0.O0O . per cent
gold notes maturing annually IN series
Of sl0o00OO. the effect Of both operations
being TO Increase the working capital bv
$l,700,0Oo. -
Missouri Pacific for the month of June
showed an increase Of $426 ~ In gross
and OF s226.446 In net, while for the wear
the road increased its net by 81. .g03 So.
All the grain markets were strong on
rumoTE Of heavy export demand. Fore
casts OF the success of the New Yorlr
City bond sale were even more cbaarsui
than tEey had been earlier in the wear
and had a decided effect IN s-sx-{r,ar n -.