The Washington herald., 1907-11-20
COMMENT ON MARKET.

Benjamin Woodruff, of Post & Flagg-
This was another day of disbursement
and renewed liquidation. Most Of the
heavy selling was in the bond department.
but stocks also were weak. The principal
feature was the heavy liquidation in
Rock Island As. but the steel bonds. as
well as both classes of the stock were
depressed, and many OF the gilt-edged
securities came out with continually de-
clining quotations. Fundamentally, ! be-
lieve the banking situation is gradually
righting itself, but the process is slow.
anG naturally VIII be accompanied from
time to time by spasms OF liquidation
such as was Witnessed to-day. The short
interests in the market are large and we
will. OF course, have rallies, but little
more than this can be expected for the
moment"
Z. " Crew. of Henry Clews & Co.
London processes JOY over the Treas
ury relief plan. but eabIed no orders to
buy American stocks this morning. II Is
taken for granted abroad that the fur
ther Withdrawals OF gold for this coun-
try will rot now be necessary, hence the
more cheerful feeling. As far as home
affairs are concerned. IL is believed the
crisis has been passed. especially from IA
financial standpoint. 1t is not thought.
however that the corner mas been wholly
turned with respect to the commercial
situation. as the recession in trade which
has started IN in all directions. must get
still further before conditions viii be nor
NAL again. The Importance, however. Of
the Treasury twin measures of relief can
not be overestimated in eventually re-
storing confidence. In the meantime a
slow, irregular sort of a market NAV be
xpected-sometimes up and sometimes
down"
George /. Edmunds. Of Miller & Co
Terrific bear pressure from a quarter
almost uniformly successful this year. de-
clines in Erie 10 new low levels the sell
ing Of over 100000 OF Rock Island down
70 80, pessimistic advices from Pittsburg
on the iron and steel trade. a bad break
on the curb on Standard oil stocks. and
the sharp decline in the price Of stock
of one Of the largest banks. all combined
20 cause a heavy market to-day. The
good effect Of the Treasury relief meas
ures seems 20 have passed away entirely
and liquidation. both careful and hurried
seemed alternately 20 take possession Of
the arena. II is beyond the power OF any
man 10 forecast the extreme length Of a
decline OF this character. but / see little
risk in buying into the good railroad
stocks on weak spots"
@. Bowie Chapman. of Z. r Chapman
& Co.-"During the first two hours tho
market was active and transactions OF
fairly good size. The first prices were
about unchanged 20 slightly stronger in
places. Liquidation was then resumed.
and weakness developed throughout the
entire list There WAS considerable liqui-
dation all day Of a general character iu
bonds but most particularly in the Steel
SIS. Atchis0u 5s. and Rock Island Con-
solidated As The selling OF the latter
was being accounted for on the ground
Of urgent liquidation Of loans i'm which
these bonds figured largely. The weak
ness in the steel stocks was helped by
news from Pittsburg Of the further clos
ing down and blowing out Of furnaces
Room traders sold early in the morn
Ing failing 10 show any particular dis
position TO cover their commitments
While 7 have every confidence I'm the
gradual Improvement which is taking
place I'm the situation. at the same time
! consider it best 10 cOnnne operations TO
an investment basis"