The Washington herald., 1908-07-07

new 1Ork, July b-fr rom tne very out
set Of business to-day the stock market
responded, and in no uncertain man
ner. 10 the cumulative force OF those
influences for higher prices that have
been slowly gathering form for a con-
siderable time past
The security market evinced through
out last week. regardless of the dull
ness. an upward. creeping tendency in
prices that pretty surely betokens, among
other things, a strong technical condition
OF the market itself
All unfavorabe news failed 10 shake
out stocks. but the bulk of the news,
anyway. was favorable. and right at the
close of the market on Friday. in spite
OF the two days holiday. the approach
Ing Democratic convention, an effort
among grain spectators TO produce a
crop scare, and other causes making
Tor uncertainty values, hardened in a
fashion that suggested rather definite
ly which way the market was preparing
to jump after its long period of inactiv-
ity.
Strong from start.
All that there is to be said about the
market to-day was. therefore. that Il
was strong from start 10 finish. the. the
volume of sales was two and a half times
its recent average. and that gains in
the leading stocks were between one
and two and half points. being near
or the inter figure than the former.
and generally wholly retained at the end
Of business. In the last half hour of
the day there was some little selling OF
stocks Of an anticipatory nature by
spectators. who took II for granted that
before the close Of business the mar
ket would recede under the usual profit
taking by the daily trading element But
the amount of buying that had been
stimulated was sufficient 10 absorb what
ever liquidation there was. and the mar
ket closed in the main at the highest
level Of the day.
To-day's rise might have been due IN
fair share 20 the covering purchases o.
spectators for the decline. but m,
breadth OF the market negatived this a,
the chief source OF the strength that wa.
displayed
Embraces All Stocks.
Advances ran all around tho securit,
list embracing. with one or two trivia
exceptions. every active and inactive stock
and the ease with which they were accom-
plished was again Of a character I,
, demonstrate the scarcity Of stocks in th,
market
On the foreign bourse to-day discounts
again tended easier everywhere save II
London, where they rose slightly upor
the unexpected Offering by the Englisl
government Of $25,Ooo,OOO Of new Irish land
stock This momentarily affected Other
English investment securities adversely
but after an early fall, prices were bet
ter. This development and dispatches in
dicating graver damage to the wheat thi
year In Russia and Hungary than ha
hitherto been supposed were the only con
tribuuons sent from abroad to the nnan
cial news budget Of the day.
Wheat Yield Small.
Because of this news regarding In
foreign wheat crop. but more particular,
because of the publication Of the figure
of the American visible supply Of whea
at the moment, indicating that reserve
on hand IN this country were down 10 les
than 100000 bushels. a sensational,
small quantity, wheat prices to-day wer,
strong.
But the most striking news Of the da,
was that contained in the newspaper ac
counts of the opening up this morning o
iron and steel mills and railway repair
shops in every district in the country
1t was said that in Pittsburg to-day, 90.
O00 men were placed az work who wer,
idle week before, many Of the most i'm
sportant mills Of the United States Stee
Corporation starting az full time while &
seems that nearly all Of the large rail
way companies have resumed work II
their shops after the old manner.