The Washington herald., 1907-03-13

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Rates for actual busincss were as ioliog5s; SIXTY
dav7 As9s)ai79Si; demand isE5aisi53 cables 4si9j
I s4.S Commercial bills were A19aal5)it. The sup
/ lly Of cotton bills moderate
LOCAL FINANCIAL GOSSIP.
| Indications are not wanting on tHe
Washington Stock Exchange that the
I bolders OF long stocks are suffering from
the temporary discouragement generally
Idenominated cold feet" The movement
! Of unloading stocks begun Monday was
repeated yesterday. some OF the sales be-
4 ing on falling prices % w-s iutimated
1 that some Of the holders of stock are
/ being forced to sell 20 realize money 10
pay loans, and Tor other causes Whether
this be true or otherwise. brokers came
( upon the floor with good quantities. 10 sell,
and there was not much hasg.ing over
I prices
Washington Railway common sold of
quickly from 39lz 10 39's. and stiGened
back 20 quarter Iu aH, $50 shares
changed hands. and stil there was Il call
for more on options and otherwise.
About 200 shares OF Washington Gas
were offered Tor sale and The active Eid-
ding for Che lots offered kept the price
peggtd dt Jj@:, both before and after cali
Mergeuthalcr started in briskly a point
and one-four.b aboYe The low Of the
previous day, but gradually lost tine lead
closing at 1l2. with eighty shares sold.
Washington Railway and Electric pre-
ferred was iH good demand. and recorded
"a number of sales, losing a fraction in
price as one lot after another was bid iu
Opinions on the New York Market
g. l.. EJmunds. of Dick Bros. & Co..
''The market opened frJctioHaHy higher.
and continued 20 rally during the morn
ios. Transactions. however. became more
professional and after tine noon hour
prices became more or less Irregular. and
the general Iist was inclined ,o sag Read
ing was t4e most active stock and ad-
v1noed "a couple of points lu the early
afternoon. but later reacted with tLe rest
cf the market MON Pacific was also
prominent u tho carly trading. Steel
stocks were strong. and scented 10 b.
well bought Call money advanced 10
per cent The close was somewhat more
active, and ended with a slight rally in
progress
Benjamin Woodruff. o. Post & Flasg-.
London Was large buyer of stocks
this morning. and tuis gave new impetus
90 tAe market The 5ear.sh professionals.
however ever since earIy last autumn.
have merely had jo sell stocks on rallies
% make large sums of money. and they
have gotten so cduca ted mp to tTading
on this side taat they sell whenever
stocks BEEN to show any strength. This
they promptly did to-day but the market
closed win quite material advances from
yesterday final iEurcs. There is no
doubt thgJ liquidation to-day and yes
terdav has been less apparent than OF
ldte- .u fact. I think there has been very
little OF i.. ana under ordinary condition
we should have O. sharp rally sufficient
10 get away from the danger point TO
which prices might De- hammered down
Probably the reason chat this does not
occur is That time money is almost an
obtainable, per cent being bid for the
long periods even mp io six months. and
very hctlc lending az that. whereas for
the shorter periods 6-a per cent is the rate
charged Naturally Dee big bun interests
do not feel like taking held OF the mar
ket and starting au active campaign on
The up-tack under such conditions.
s II. Ag1eW. of Henry Clcws & CO..
The market to-day exhibited a soothing
effect upon the investing public. which it
is calculated the conference between the
President and the heads Of several rail- I
roads. arranged for by Mr Morgan. would
have What the final result of this con-
ference may De cannot he forctold. but if
it establishes more friendly relation be
tween the government and the transporta-
tion companies it will be- a step in the
right direction. Meanwhile il will cause
some short covering and viii be apt 10
curb the aggressivcaess of the bears. On
the other hand, whatever the outcome. it
Will not prevent state legislatures from
passing anti-railr0ad laws. 4 bill was
passed IN the State of Kansas yesterday
reducing passenger rates 90 cents Der
mile. And To this state of affairs must be
added the bad money situation. Nearby
maturties are not offered at better than
81 10 6ie per cent. Under an these con-
ditiCus 1t Is not expected that the forth
coming conference viii bring any pro
rounced new buying, either FROM the
general public or from the large inside
interests. The money situation Is too seri- (
Gus 60 warrant it. ! still think that ad-
vantage should be taken Of rallies on
which to SELL
6. Bowie ChiDmau. of f. r. Chapman
d Cot was a traders market. with /
an upward tendency. Transactions were
en- much reduced scale, but at all times /
the market showed firm undertone, ana /
notwithstanding the reaction which car
ried the leading stocks considerably below /.
the days high points. the final prices /
were firm. with n slight rally. rejecting
gains. CoMmissiOn-hoUsc trading was /
small. There was no evidence of liuuida- I
tion other than of a scattered and limited 1
nature. Can money showed decided ten /
dency TO work higher, and it is expected 1
that toward tie end OF the week money 1
rates viii be considerably sitter than at 4
present The banks So far this week arc /
losers A feverish and irregular market /