The Washington herald., 1909-08-01
WALL STREET NEWS
Strong Demand for Stocks
Shown at Opening.
MANY NEW RECORDS ARE MADE
Upward Movement Il Uniform and
Continues Throughout the First
Hour of Trading-List Closes Wen
Up on the Day Following the
Usual weekend Profit Sales.

/ New York. July 8.-That the average
Of stock prices rose agaia to a new
high record for the year to-day was not
as striking as was the qulckening Of that
strong demand for stocks Of ell grades,
which set in Immediately after the
agreement on the taruf bill.
! in the short session to-day the turnover
was not far from co., shares. or more
than twice the transactions last Saturday.
and at faster rate even than yesterday.
and the number Of shares in which there
were transactions was about double that
OF a week ago.
1t was undoubtedly true that profess
sional operations were In greater volume,
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.
Movement Uniform.
To-day's upward movement as yester-
days. was uniform. a sharp squirt in
Reading excepted. and continued buoyant
throughout the first hour.
In the customary profit-taking at the
weekend that then ensued, offerings
were readily absorbed and the list closed
as a whole upon the day and more than
points on the average upon the week.
Weekend trade reports attracted atten-
ton. Interest was taken in the Pennsyl-
vania Railroad statement for June. show
ing an Increase OF 81, 1,267,5OO IN gross earn
ings and an increase OF S3SS. 700 IN net
The London market was closed and no
frrlf 70 -on1
standpoint were drawn from troubles 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 Corporation
and definite action on the tariff bill
On the first day OF the week tho turn
over OF stocks was smaller than on any
previous day Of the month. After the
publication Of the Steel report, Tuesday.
trading became keener and interest more
broadly distributed. Friday. after the
report Of the conference committee on
the tariff, Ine other reason for hesi-
fancy was removed, and a wide buying
movement produced the first million
share session for more than six weeks, and
left stocks we'll above previous high
prices for the year. This sharp con-
trast between the lethargy and weak
ness Monday. and the liveIness and
virility at the end OF the week was due
10 more than the Steel report and the
agreement on the tariff.
Induced Purchases.
These matters induced many purchases
undoubtedly. but they were quite as
serTceable in removing objections 10
purchases which apart from than might
well be based on crop reports so contin-
uOusly favorable as TO become almost
monotonous, and on an Improvement
in railroad and Industrial business in
accord with optimistic predictions.
II was also realized throughout the
week that the greater uses for money
in business. and some demand from the
interior for crop moving. were OF but
slight and unimportant consequence on
money rates.
Yesterdays hank statement Of actual
condition justified this belief. showing a
decrease of but S1.4680O in the surplus
reserve. and a reserve OF 81, ,733. 900. which
IS unusually higher this season OF the
year.
This strong bank position seems all
the more significant In connection with
the total bank clearlngs OF the country
for the week which. according TO the
financial chronicles compilation, were
225b per cent above those for the corre-
spending week Of 1908. with clearings IN
New York City alone increase 23.3 per
oent