The Washington herald., 1907-10-19

Bonds were again the chief feature o.
the trading yesterday on the Washing
ton Stock Exchange. Capital Traction
5s were in great demand and higher
figures offered for them brought out
sales Of about 5000 before the supply
was exhausted. The opening bid was az
nAs. which was half point higher than
cne small sale of the previous day, and
two points above the last prior recorded
sale. Brokers wanting the bonds at the
quotation figures were not all satisfied,
and the call was interrupted again and
again as the president was about 10 pass
to the next issue Washington Railway
and Electric Is Were also wanted, one
sale Of S2,0J0 being effected. The trans
actions of tie day were $3.50 in bonds
and 119 shares Of stock
Trading in stocks was featureless, ex-
cept that brokers sold only as little as
possible Prices were left unchanged and
the call went of at lightning rapidity
after the bonds were passed.
Eyes Turned TO Wall street.
Great interest centers in the New
York market, in Washington financial
and business circles. There is difficult
" in finding a rational explanation for
conditions which everybody recognizes
as without precedent There is sure 10
/ be some scarcity Of money. but this
is not so marked as il frequently has
| been when the stock market was fluc-
tuating widely every day. Now, divi-
| deud-paying stocks cheap as dirt in
comparison with prices which have
! prevailed for many years move within
4 narrow range. and fluctuations OF
| or points are heraldeG in financial
/ papers as something remarkable
/ The best observers of the situation
are Of the opinion that some strong
| influence is lacking. which formerly
/ has been exerted in Wall street. either
/ in support Of. or in beating down, the
market. This influence is variously
explained
Insiders seem Apathetic.
One set Of observers say the big in
side interests have simply abandoned
the market TO itself, and the profes-
siona1 traders. not caring a rap sp-
psrently what becomes of stock, the
public or the corporations This.
however, can hardly be true. as each
time the bears get their lines laid for
4 big coup just enough support is
given 20 save the market from an un-
wieldy short interest that would pre-
cipitate a selling panic. The shrewd-
est observers believe that the situa-
tiOn is a deeply-l2id Plot 10 produce
| certain effects in the business world
which Will relieve the great corpora
! tions from the so-called unjust at
tacks Of the government upon their
operations.
There Is. however another view, and
some aserlbe the missing influence in
/ Wall street TO the disgust of the public
with its operations and the withdrawal Of
money and support TO other lines OF in
vestment. and that the operators in Wall
street are beginning TO reap the whirl-
wind Of a nOnspeculatng public.
Public Is Holding Back.
There Is some proof Of this view Com
mission houses all over the country have
much smaller commitments than for
merly. Men everywhere are saving that
/ they are through with the stock game.
and some think that with the public
fairly withdrawn from the speculative
game il has nothing 20 feed upon. and the
/ professional traders are eating one an
others vitals out stacking the chips for
games into which the old victims do not
enter.
Whatever the cause. stocks and bonds
/ are getting down to levels Of their in
/ tTinsic worth. with all the water and fic-
/ titious value squeezed out The question
| Of greatest moment 10 the financial world
1 is, Are these securities to stBy there Oh
| a permanent basis and force new deal
/ in nearly all the financial enterprises Of
| the country? It is certain that If the
banks, the productive interests OF the
country, and the people generally had not
/ been in pretty sound circumstances there
would long ago have been "a panic as
/ great or greater than that Of 1893. some
are expecting it 10 come now. but there
1 IS nothing in sight 10 cause much anN-
/ iety on that score. and Wall street seems
/ 10 be gradually waking 70 the idea that
/ it has a new set of forces To deal with,
and that it must adjust itself 10 cOndi-
/ tions in the country and in the public
mind. with which it has not had 20 deal
/ formerly.