The Washington herald., 1908-01-19
STOCKS STILL HIGHER
Closing Day Of Week Marked
by Accustomed Rise.
MONEY SITUATION PLEASING
Bank Statement shows "A Surprising
Increase in Cash Holdings, Which
Upward Turn of Marzet-HOard-
ing Of Money Now over.

New York, Jan. 1S-There was a consid-
erable proportionate increase in the vol
ume OF stock exchange business to-day.
attended by the now familiar spectacle OF
large final net advances in the prices of
most OF the leading stocks.
The impulse of this widening scope of
speculation of the rise continued 10 be the
still increasing ease in the money situa-
tion and directly the prospect Of an eX-
IremeIy favorable bank statement after
business hours were over. Anucipations
as 10 the pleasant character Of the clear
ing-house return We're not only realized.
but exceeded.
These institutions reported an extreme
increase in cash holdings Of $261S5. 500, al
most $l6,000,CO0 more than was commonly
prophecied yesterday.
The great gain testifes overwhelmingly
10 the fact that the amount of money
boarded by individuals IN our own city
and the neighborhood thereof ran 10 much
greater figures than anybody except those
having immediate access 10 the best
banking information supposed. Therefore.
although bank loans during the week in
creased s9.528, ,10o owing 90 the enlarged
commitments entered into for the rise iu
values, the bank surplus increased by
Sl555l, 495, bringing the total figures of
the surplus up 10 g.. 415, a sum much
larger than that exhibited on this date
either one OF two years ago.
It was declared 70 be unlikely I'm bank
ing quarters to-day that such an increase
would he repeated in the bank statement
next week OF, in all probability, in the
weeks Immediately to come but &c was
still declared there that the accumulation
Of money was by no means over and
that larger ana larger reserves We're like
ly TO be shown for a considerable time 10
come.
Helped the Railroads.
The only other development of the day
of Importance was the official announce
ment from Washington that tie govern
ment did not propose TO prosecute. pend
ing an appeal 20 the courts to- determine
the constitutonaIty of the law passed
last year compelling the coal and mineral
carrying railways TO divcSt themselves of
their mining properties. such of the rail-
roads concerned as in good faith began
proceedings 10 test the law
a decision Of this kind by the govern
ment was. Of course, practically unavoid-
able. as otherwise the railroads affected.
in view of the very heavy penalties pre-
scribed for violation of the law. would
have had no option but 10 cease for an
indefinite time interstate transportation
OF many commodities essential 10 the very
life of the community.
Presumably, It has been the realization
of this fact on the part of spectators
that has been the chief reason for the
violent advance IN the recent week in the
price OF Reading common shares. There
were few noteworthy features in the stock
market to-day. The American Smelling
cad Refining common shares were an ex-
ception to tae general upward tendency.
presumably because Of apprehension felt
In the financial district over the condi-
tons Of the affairs of the Shelters Sc
cETiJies Company. whose preferred A and
b stocks are guaranteed by the American
Smelling and Refining Company, its sole
owner.
The general market closed at slight re-
cesslon from the highest prices. owing.
apparently, to moderate prodt-ta6ing.