The Washington herald., 1910-08-13
WALL STREET NEWS
Upward Movement in Stocks
Makes Progress.
Day OF TRADING is ACTIVE
Strength Is General with Gains
Ranging from One TO Two and a
Half Points, Only Exception Being
I'm the American Smelling, which
Loses over Two Points.

New York, Aug. R-In trading that was
considerably more active and spirited
than on many previous days OF late. but
still in smaller volume than on The aver
age August day Of previous years, the
upward movement in stocks made decided
progress to-day and at the close gains
ranging from one to two and half
points were frequent
The only conspicuous exception to the
general strength was American Smelling
and Refining. which lost more than two
points yesterday, and which was particu-
larly weak in the early trading to-day.
Yesterday. other active stocks we're dis
turbed by the weakness Of A uerican
Smelling and Refining. but to-day. except
IN the very early trading. il exercised no
apparent influence whatever upon the
general list, not even affecting the ether
metal shares. In regard to these others,
particularly the copper shares, sentiment
was more favorable because Of indications
that the curtailment IN production OF
copper which set IN last month. in ac-
cordance with an understanding among
prominent producers. Is now resulting in
a production less by about 10 per cen-
than the average output in previous
months OF the year.
Little News of Interest.
News Of market Importance was neon
siderable, but the exceptionally favorable
earnings Of the Union Pacific and South
ern Pacific. which were published Just
, before yesterdays close and stimulated
IA rally, were developments so recent that
to-days market derived a great deal Of
ats buoyancy from them. Union Pacific
was the most active stock on The list
and the strongest Of the active specuIa-
tive shares and the stocks OF other West
ern railroads were undoubtedly also bene-
flied by the showing OF the Hartman
lines
Generally. the buying was OF the same
determined and aggressive character that
has been In evidence on several other
days since the market turned after the
long reaction. II was OF a kind 20 en-
courage the belief that, stocks now being
IN strong hands. men OF Importance in
financial affairs are becoming more and
more interested IN the constructive side
Sf the market as every day brings reas-
sursnce regarding the crops. strengthen
4lAB OF AlAt IlOutN ElLudLlOn ana Il lack o.
new disturbing features in politics. With
such readjustment as has taken place in
the money situation, and such improve
ment as has already been made in the
crop prospects, every day that now passes
without unfavorable development brings
nearer the time when the crops will be
definitely made and the crop movement
completed without financial stress and
thus reduces the likelihood OF any sach
unfavorabie- contingency.
Import Gold Fluent.
To-day's steamer brought Sl,600,00O gold
from England Sterling exchange rates
here advanced. further reducing the
chance Of any immediate continuation OF
the gold import movement, but the money
.1lready received from abroad seems more
than sufficient This week the banks
have gained more than $4,000 in gold
imports and receipts from the interior
as nearly as these receipts can be esti-
mated by the known movements Of
money, and # need not be surprising II
the bank statement 10 be published after
the close Of the market to-day shows a
surplus reserve in excess OF S5OOO0,OOO
Bankers at present are more wor-
ried over the slackenings for the demand
for money than over the slight possibility
Of a monetary stringency in the fall The
weekly trade reports to-day were more
Favorable than in any previous week Of
the summer. They show an improvement
in confidence as a result Of reinsurance
on the crops. although purchases for i'm
mediate needs continue more important
than for future requirements. On the
whole. they report that the volume OF
transactions is still large. in spite OF
contraction in iron. steel, and other lines