Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-13
LOCAL FINANCIAL NEWS.

The upward course of the market. which
has been its feature Cor some weeks past.
continues with urabated vigor. While
prices advance. the volume of business
does not increase, which is looked upon
evidence of confidence in the subst an
tial nature of what is being done-suf-
ficiently so. at least. to persuade those
who have securities for sale to hold them
with the view of taking advantage o. the
better prices that appear to be approach
ing.
In the bond list during the call at the
meeting today of the exchange there was
but little done. but there was displayed a
Willingness to buy the bonds at the cur
rent rates If the holders had been willing
10 sell.
The utility stocks made higher notches.
with the exception of gas stock. which
stayed where II was at the close of the
call Yesterday. In the case of Capita
Traction stock the advance within the
space of about a week amounts to nearly
street. much better levels are predicte ed
for it SOON.
The typesetting stocks did not con
butte much to the total of the sales OF
the day. and. while this is not new
experience for these two securities. still
it looks as If they might take their places
again among the active traders
The bid for the Mergenthaler was not
equal to that of yesterday. but that did
not serve to bring down the price
One lot of 200 shares of Lanston sold
for 3l2 and there was more to be had at
the same price-at least 100 shares-but
the bid for such a lot did not go beyond
as, and that slight difference prevented
any further transactions The closing
bid showed an Improvement over that of
yesterday. but the asking price remained
the same
The dea lirgs in Greene Cananea copper
were influenced to some extent by the
market in New York. where the stock
selling for Hs. One hundred shares
sold today for ? and another lot for as,
although Yesterday the closing bid in this
market was si4 and the asking price sss.
Today. however. the closing bid was 3
and the offering an eighth of point
higher.
There was nothing done in Mitchell Min
ing. not even change made in the fig
ures.
Some interest was centered in the bank
stock list because Of the changes made
recently in the prices listed for the shares
of the National City Bank. The only
business done in the stock today was
the sale of two shares for 14S. and Their
the bid advanced from 1913 made yester-
day. to loo and the asking price remained
the same. 100.
After call ten shares went for 155. " nile
for ten shares of Capital Traction stock
126 was paid.
The theory is held by some observers
of the stock market. especially as it Is
Influenced by the general condition OF
business. that as the quotations of the
stock market foreshadowed with accuracy
the coming of the late financial trouble
so now the present upward movement
may be looked upon discountng the
return of confidence and the revival OF
trade.
At the same time it is pointed out that
there is very little in the records Of bust
ness to afford any immediate ground for
encouragement. There has been during
the past month decline in the bank
clearings. as compared with similar
period Of last year.
In the same line is a decrease in rail-
road earnings. and no improvement is
reported in the volume Of business in
the steel and copper trade.
In fact it is asserted industrial con-
ditiOns in general show little change.
1t is argued that this market advance
means something more than the natural
reaction from the low levels. While
manipulation has admittedly it's infiu-
ence, yet it is believed the market adj
vance means better financial conditions
and an improved business sentiment.
The bank reserves in London. Paris and
this country represent a wide recovery.
while in Germany the progress is re-
ported to be somewhat slower.