The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-08

mas Deen TRADED IN during TINS Neehs
which is considered remarkable in view Of
the enthusiastic buying of late. There
We're drops of over half a point in Wash
ington Gas, and of~nearly 10 points in
Georgetown Gas.
Mergenthaler made a two-point bound to
212, and Telephone stock. the bid price
closing at 80. Both We're equally desired
There was no disposition to sell, which
was clearly indicated by the fact that the
lowest Offering was at 50, as against sales
at 49 last week.
Being dumped freely, Mitchell Mining
dropped 10 2lz. which is the lowest with
one exception. Bidders for large and
smaller blocks were accommodated with
out trouble; the bid closing is under.
Columbia Railway per cent bonds TO
the extent OF $1,000 changed hands after
call at 100. the same as the closing bid the
day previous.
Opinions on the New York Market.
E. w. Crew. of Henry Clews & Co.
Some short covering, coupled with fair
amount Of buying orders from abroad
were responsible for the somewhat bet
ter tone OF the market during a portion
Of the forenoon There was also some
evidence that inside interests had rem
dered little more support TO their spe-
cialists, in an effort 20 prevent demorali-
cation than was the case yesterday. The
trading, however, lacks snap, and some
of the professional operators are pre-
pared 10 jump on the market on the
slightest pTOvOCatiOn. Investigation is
the order Of the day, and it is said that
the Federal inquiry into the dOings Of
Sugar Is the next move on the calendar.
Until there is some Improvement in the
underlying conditions, advantage should
be taken Of the rallies 10 sell. 1t can
be taken for granted the large operators
VIII do so.
C. Bowie Chapman, Of E. r. Chapman
& Co.-'Although to-day's market showed
some slight steadiness around the opens
ing, 1t soon became apparent that the
most drastic kind of liquidation was
yet to follow. and from that time TO
O'Clock prices faded rapidly. The early
afternoon brought a slight rally. fol-
lowed by dizziness, 70 be succeeded about
las by a food Of selling orders, worse
than before In Union Pacific the liqui-
dalton and short selling We're so urgent
that the price Of the stock broke rapidly
10 below 131. At the same time Shelters
and Copper declined with equal rapidity.
At one time these three stocks were. APP
proximately, Z, . II. and ) points below
LAST nights closing, respectively. Around
9lf
traders. attempting 70 cover, found stocks
scarce. The rally which naturally follow
ed Carried the leaders up from I 20
points. and the closing might be termed
steady at the level. All during the day
the greatest pressure, excepting, OF
course, Union Pacific and Reading was
directed against the industrials. including
Sugar. Naturally and technically, to-
days final rally should so farther to-
morrow As a general trfng when the
market turns IL rallies at least half its
last loss Nevertheless, should condi-
lions remain unchanged, We would sell
stocks on such q bulge. The Union Pa
cifc directors meeting for dividend action
Is expected about noon tomorrow.
benjamin Woodruff. Of Post and Flagg
The result Of some Of the recent efforts
in the anti-corporati0n campaign was
Witnessed IN the market again to-day.
Stocks We're under heavy pressure
throughout the entire session. and a
further fail in prices occurred. Nothing
was announced during the day to speci-
hcally cause d break in the market, bat
liquidation and short selling went on IN
checked. To make the situation more
unpleasant the money market continues
10 be almost bare OF time funds. while
just al the close Of the market can
money advanced sharply 20 per cent
This, however, merely reflects some be-
lated borrowing when the ordinary sup
plies were not present, as the renewal
rate was per cent or below. The heavy
break in the market IN the past week
may seem 10 be excessive. for the actual
developments which have occurred as the
final outcome Of the attitude of Alabama
and North Carolina, and the eventual
determination OF the Standard Oil fine.
viii be matters Of proTacted litigation
1t is the further blow 20 public confidence.
so much buffetted in the past year. that
has caused the damage as it withholds
from the market support which would
naturally come in at this level TO Offset
raids of fha slrofeSsIouaT baar marty