Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-01
DEMAND FOR STOCKS
Fresh Speculative Interest
Marks the Week End.
NEW HIGH RECORD PRICES
Turnover Was Not Far From
100000 Shares.
UPWARD MOVEMENT UNIFORM
UPWARD MOVEMENT UNIFORM
Steel Report and Agreement on
Tariff Schedules Contribute
to Wide Buying.
Special Dispatch Ia Tho star.

Special Dispatch Ia Tho star.
NEW YORK, July 31-That tho aver
age OF stock prices rose again to
new high record for the year today was
not as striking as was the quickening
Of that strong demand for stocks Of all
grades which set in Immediately after
the agreement on the tariff bill
In the short session today the turn
over was not far from 100000 shares,
or more than twice the transactions
last Saturday. and a faster rate even
than yesterday. and the number of
shares in which there were transac-
lions was about double that of week
ago.
IT was undoubtedly true that profess
Sional operations were in greater vol
ume. but to the awakening of fresh
speculative and investment buying the
breadth as well as the strength of the
market must in large part be ascribed.
Today's upward movement, as yester-
days. was uniform, a sharp squirt In
Reading excepted, and continued buoy
ant throughout the first hour.
Offerings Readily Absorbed.
In the customary protit-taking at the
week end that then ensued offerings
were readily absorbed. and the list
closed. as a whole up on the day and
more than two points on the average
up ON the week. Weekend trades re-
ports attracted attention as again ia
rorab bile and interest was also taken in
the Pennsylvania railroad statement for
June. showing an increase of $1.261,500
in gross earnings and an increase of
$3SS.10o in net.
The London market was closed and no
fn1 IpIn rtya
standpoint were drawn from the trou-
bles in Spain.
The course of the market this week
has amply justified the statement that
the market had been waiting for the
quarterly report of the steel corpora
ton and definite action on the tariff
bill. On the first day of the week the
turn over OF stocks was smaller than
on any previous day of the month.
Interest Broadly Distributed.
After the publication of the steel re-
pot Tuesday trading became keener and
interest more broadly distributed. Friday,
after the report of the conference COM
mittee on the tariff, the other reason for
hesitance was removed and a wide buy
ing movement produced the first million
share session for more than six weeks
and left stocks well above previous high
prices for the year
This sharp contrast between the leth-
argy and weakness Monday and the live
Illness and virility at the end of the week
was due to more than the steel report
and the agreement on the tariff.
These matters induced many purchases,
undoubtedly, but they were quite as serv
iceable in removing objections to pur-
chase which, apart from them, might well
have been based on crop reports so con-
tinuously favorable as TO become almost
monotonous and on an Improvement in
railroad and industrial business in ac
cord with optimistic predictions.
Money Rates Unaffected.
1t was also realized throughout the
week that the greater uses for money in
business and in some demand from the in
terror for crop moving were of but slight
and unimportant consequence on money
rates Yesterdays bank statement of
actual condition justified this belief. show
ing a decrease of but 81, 1853 900 in the
surplus reserve and reserve of $751;,
133OOo, which is unusually high for this
season of the year.
This strong bank position seems all the
more significant in connection with the
total bank clearings of the country for
the week. which, according to the Finan-
cidl Chronicles compilation, were 22k
per cent above those for the correspond
ing week of 1908, with clearings in New
York city alone increased 233 per cent.