The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-31

cessions in prices made III the stock
market to-day have been exceeded on
several occasions during recent months.
coming as they did after the pronounced
weakness Of the market throughout the
current month. and especially after the
continued fan in values in the last five
business days, they We're of cumulative
force. and gave to the market an appear
ance OF greater weakness than has been
witnessed at any time since last sum
mer.
Although prices rallied considerably in
the last half hour of business their clos
ing level was still such as TO leave the
general market at the lowest point
touched by it in the present year and
but little above the lowest point of last
year as We'll. and at one time during
the day conditions of a semi panicky sort
seemed imminent
The market backed and nned during the
first two hours of the stock exchange
session, just as il did yesterday, and just
as it has done for d long previous period
in the preliminary trading. however, the
market was somewhat hTmer, while yes
terday values at first showed an i'm
mediate continuance OF the pressure that
had been previously applied. But to-day's
rally was brief and after a period of
dullness. which indicated or was then
known as indicating that the markets
powers of residence were still not OF
substantial character. was succeeded n
the afternoon by a food Of selling, seem \
ingly for both sides Of the account. which
brought theSmarket into a state of plain
denora liza ton
Opinions as to Decline.
IN the last half hour another rally oc-
Cured as has been described, but ac-
co-ding TO general observation this aeemed I
10 be due simply to profit taking by /
Spectators fer the fall Opinion differed 4
widely as to the cause Of the days de- /
cline. There were superficial signs in /
abundance that the movement resulted /
from more daring and determined on /
slaught upon the market than has YET 4
been made by the large party Of specuIa- /
tors now admittedly working for fall /
But it was also plain that there was ST
further throwing over of stocks by specu- /
lutors both of large and small caliber, VINO /
either. because Of impaired financial re- /
sources or disgust at the chronic weak /
ness of the market had made up their /
minds either wholly to close out iheir I
ventures for the rise or to reduce them 4
4 safe limit
There We're, of course. renewed stories /
OF financial trouble, and of people who .
Lad been forced 20 ask for help" on ac- /
count of their market losses. But as /
none of these rumOrs was any more def /
mite than for weeks past, they We're not 4
such as TO he accounted as "a specific in /
tuence In the days dealings.
No doubt one source Of the markets \
weakness recently has been the peculiar /
way in which the decline in prices has /
occurred. Il has been very seldom that
fail in values has taken place through
out So lOnE a period as has been wit
messed. without resulting In such an eX-
IRENE break as To definitely clear the air
in financial sense. The fall has been
both gradual and continual so that there
has been constant buying Of stocks by
spectators, who fancied each day that
the decline had cumulated. Finding that
their judgment was wrong, operators OF
this class have again quickly appeared
as sellers, with the natural effect also
that they have been less willing 10 buy
a second time
Leading Stocks All Suffer.
There was hardly any definite feature
OF the market to-day calling for especial
attention. The fall affected all the lead
ing stocks in about the same degree and
new developments were but little needed
The Atchison common shares led per
haps, in the sharp decline in the after
noon, the occasion for this being, Osten-
sibly, the formal action taken by the
AtChisOn Stockholders to-day in ratifying
the proposition of the directors Of the
company for an issue Of $685. 900 con-
b. D. F=F
mon stock. The new stock thus author
lied is only 70 secure the issue Of bonds.
and it is understood that only S25.0JO.O00
OF the new bonds Will be put out in the
near future. As it has been known for /
weeks that this action was 10 be taken I
there was not the slightest reason to-day I
why IL should have weakened the market
valuation of Atchison common stock.
The particular pressure brought to bear :
against the stock went far therefore. TO 7
support the general diagnosis Of the mar 4
Ret, as one i'm which the activity of bear 7
Spectators is the most important factor 7
The AtchiSOn common shares have long {
held with great steadiness, and a motive
for special attack upon them. under ex-
listing circumstances, was thus readily
supplied.
The Great Northern. Northern Pacific, q
and Great Northern ore certificates re- II
did most other stocks and strong support A
seemed 10 be accorded TO Amalgamated \
A fall of over Z points in the price of d
chicago subway stock in the curb mar y
ket, following decline yesterday almost y
equally great, attracted 20 little atten- ~
ton and led to the supposition that en- q
forced liquidation IN this quarter had lG,
been called for NJ
Ihen, again, no regard whatever was paid y
10 the magnificent financial statement of \
tie United States Steel Corporation for y
the December quarter, published this =
month, and the proof afforded bv il that ~
IN consequence of the wise and conserya-
tive policy adopted by the corporation II
stands now in an exceedingly strong fnan
cial position Call and time money. rates at
were little changed to-day from yester- NJ
day, although call rates were weaker n
while adVices from London were all TO v
the eject that. by reason of further pres ?
sure 10 lend money in London by CONT %
mental banking houses, another early re- =.
ductlon IN the Bank of England discount In
rate was foreshadowed. So far as any si
ore matter was assigned to-day as u raa- il
son Tor the weakness that developed. if Sc
was the early report from Washington st
" hieh later received more or less con 4.
that the President was about n nm
direct the attention of the Interstate co
Commerce Commission to the overcapital-
ization. as alleged. OF the country's lead
ing railway systems, the idea in this be-
ms, apparently, to institute a hunt for
such evidence as might justify an en- OF
forced reduction in railway freight rates
GOVERNMENT BONDS.
New YORK. Jan 3l.-Go,ernment quotations United
States government bonds: ii