The Washington herald., 1908-01-12

New York, Jan. 1.-THE only trace
visible In the security market of t7-day 5
weakness was hackwardness of the mar
ket as whole during the early part of
1he stock exchange session to follow the
advance made by one OF two of the large
stocks. Prices Of active shares, however,
usually opened considerably above their
final figures to-day. and, although during
the first hour of business the buying
largely coHverged on a small number OF
issues, there was no effort to press for
sale the stocks that did not seem TO be
particularly favored.
Attention during the day was focused
upon the remarkable rise in the St Paul
common shares, which made and retained
10 the close an advance of nearly four
points. Ali sorts of theories were sug-
gested 10 explain the movement. varying
from the suppositiOn that a frightened
short interest In the stock was covering
IN a helter-skeltey manner to the asser-
ton that a prominent capitalist identified
with the company was buying back the
shares that be had sold during the OCtn-
ber panic.
Another particularly strong stock was
Baltimore and Ohio common, which rose
four points on transactions of less than
4,0o0 Shares. Similarly. Louisville and
Nashville advanced two and a quarter
points on the purchase Of 500 shares. and
there We're many signs attesting what
has all along been held 10 be the case
by people In higher financial circles that
stocks had been so removed from Wall
street by investment purchases during
the recent depression that the standard
issues were at the moment in supply
more scarce than they have been foi
several years
Toward the end of the day the general
market joined, without exception, in the
upward movement. and the advance be-
came OF thoroughly violent character
The last prices We're In almost all in
stances, at the best and al advances
varying from l to { points Beyond tn,
announcement in the morning newspapers
that the New York Central had effected
sale Of SS0000000 equipments notes Il
j. p. Morgan K Co. and the general con
viction that the bank statement to b,
published after the close was a favorabl,
----' tA4-Af ff-AH A-D tiANN-sN Nit At-Atk
ments to-day to which the strength Of Ihi
market could be credited.
Erie Falls on.
After the close of business. the Erie
Railroads report Of earnings for NOvem
Der appeared. showing a decrease in gross
earnings Of S3ll. .000 and in net earningt
of S6S6.000 The pleasant nature Of tn
bank statement outran the most sanguin,
anticipations thereof. The cash held b.
the banks was disclosed as having in
creased SlS3S9.9O and the loans Of th,
banks as having decreased $l5.T 200 and
whereas. therefore. doubt was commonly
expressed to-day as 70 whether the deficit
IN the surplus reserve had been entirely
wiped out, to-day's figures proved thai
not only had the deficit disappeared
but that a surplus of $60S4O50 had takeI
its place
Presumably the surprisingly large in
crease in cash expressed to-day was du,
TO the extreme Ta1idity with which hoard
ed money is now returning to the banks
not only from Out-Of-t0Wn institutions
but from individuals in this city anC
neighboThOOd. and although the accumu
latiOn of cash thus far has been very
striking, there seems no reason 10 thinl
the process is at an end.