The Washington herald., 1906-10-26
MARKET STILL DULL
Professional Traders Are
Hammering Prices Down.
ATTACK IS MADE ON COPPER
Following Raid on Steel Common on
Wednesday, Bears Turn ON Anal
gamated and Market Closes with
Prices Lower Than for Two Days.
London Houses Turn Buyers.

New York. Oct. 2J.-Today's stock mar
ket was a duplicate. pretty nearly, Of 1
yesterdays. IT was duh and most Of the /
time weak. and prices declined about as
much as they did at the preceding ses-
sion At the close the average level OF 4
market values was not far from the low I
point touched last Saturday in the break /
following the sensational Advance in the /
Bank OF England's discount rate
In certain stocks to-day there appeared |
10 be more or less real liquidation; yet I
close observers of the market declared il /
10 be their opinion that the pressure now /
being brought 10 bear against values IS
exerted in much greater degree than
from any other quarter by the profess
sioaaI speculative element, particularly
the traders operating on the floor of the
stock exchange.
These operators based their opinions
upon the belief that the larger financial
interests. while very optimistic regarding
The general future Of the market. are not
willing At present to encourage any spec
lilatfve movement for the rise, in view of
the current monetary and election uncer-
families
As no particular amount of buying OF
stocks for the general public seems TO
be in evidence. professional traders are
thus inclined To hammer" prices. in the
hope OF catching stop loss orders on
stocks held sDecuIatively for the advance
and in otherwise inducing liquidation on
the part Of the numerous holders.
Try to Make Election Scare.
,3. - .,..,. ...,,,,o-i,i,,s- If
-.
an elOi' 'iS''' ~ So "p -
scare ald 'HvIe u %" "ou'' t''~l 't
has been some selllEs OF STOCKS III lie
last few days by spectators OF slender
lnancial resources an" uneasy iii'i,''s "o
DESIRED Z" so reduce 'Heil 'o''''iii '''i, mo
over me DAY OF me eis1tIon Joi'''s' 90
spcn ventures as ,"eS sun Il1it
apSoiuteF pio'ecuec' '-S H'''
doubt IS Of course expressed III 'iie iili'.'i-
ciat district ai2"AeIe as 10 '"e j.
result rom d " al 5,le''' LO'''' u VIC"
- 80. an, vl. mad. ,s r,il-,
81 as couId be- bv those VINO we're en-
deavoring 20. depress prices to-day was
me demand Tor higher wages now beinS
made by railway employees ia many parts
oi the country, especially III 'le W est
Inc market opened q niue loNt. Io-e'S
lhan IL closed yesterday. faiieu some
what leL on AGAIN ana I'D 1A. en-
afternoon became almost mouoniess- in
lH" maj Eout OF tie ueaiiiisS ii'S7S "5'''4'
declined ana somewhat more Sii"' tiE Nia''
az any previous uilie- As Nesleiu'1' 1'ie
United States steer COMMON Si''itS see ~
Cd 10 pe me cLlel point "i a,1steA 'l l'',
near party 50 to-ua3 Ilic es--''i- ''
against Aln-llsahtlvd copper SlocA. Iiifie
nave been, however. hol t.t 9Nshls9'
g.
"t increasing prosperity I'D eoHol-ioA@ 1T
either the copper producing or 'Ae Sitel
manufacturing business.
London Turns Buyer.
For th. FIRST time IL MANY DAYS London
,..,. men. o., .,.,,. 1,,-,-,.. ne ..r,.f,e ,,,
u ...
""''HNe ''' " -'''-'-
t-ieStS were iui lii' iloS' iai' 'l
United States Steel common shares, AID
were thought TO b. hedges made by the
London option dealers when they enter
into contracts for the future delivery OF
stock
The Bank Of England's weekly report
oi condition TINS morning was perhaps
NIUE less iaVoiaoic man ma" De-h looheu
IoI- rs me oanA piopoI1io % reserve To-
Ia Oiil'.5s Va q nv sl en- 1-.'l :,
-, - an. - e.. ar
tho season.
The banks position would undoubtedly
have been strengthened during the week
lad f. not been for the heavy, and, as now
appears unexpected shipments of gold
from England TO Egypt The bank
tespjte its high rate charged for the use
or funds. lost during the week G745.glj i'm
gold bullion. Il is known. however. that
during the coming week the bank viii re-
ceivc q large quantity of money from
South Africa and sentiment I'm London
was cheered to-day by the fact that the
Bank OF France did not raise It's discount
rate.
Here there WAS no change Of Importance
IN either sterling or rates for the use OF
money. Time money was still firmly held
but call money did not abate its easier
tendency. and bank renewals were made
to-day at IL per cent. as against
somewhat higher figure prevailing yesteT-
day
SbiDueuts to the Interior.
- ,.- -, ,--