The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-05
STOCKS MOVE LITTLE
Heavy Curtailment Oh Vol
ume Of Trading.
NO DEFINITE TREND IN PRICES
Range of Fluctuations Little More
Than from Half Point Above To
Half Point Below Saturdays Last
Observation-Disclosures Pacific Weak
Feature-Fit Optimist or PesSimist.


New York. Feb. 4-There was a heavy
curtailment to-day on the volume OF
trading in securities as compared with
those Of stock exchange sessions in the
recent past. and prices moved aimlessiy
back and forth within a narrow range.
At the close of the market one Of these
small downward swings was in progress
and full prices Of stocks We're. therefore,
es q rule at declines; but as the range of
fluctuations during the day was in gen
eral little more than from half point
above to half a point below, the last quo
tations made on Saturday, it could not
be said that the days results disclosed
any definite trend in prices at all
The market was weak in the first hour
Of business. Influenced. seemingly, by
lower prices of the leading American
stocks in London; but when il was dis
covered that this depression did not
cause any liquidation worthy of the name,
the market quickly rallied. From then
throughout the day these brief rallies
the duIness of the market constantly be
came more pronounced.
Canadian Pacific Weak.
Canadian Pacific stock was as weak a
feature Of the market as anything 1t is
a security that has for several weeks
been a particular object of attack by
SPECTATORS for the fail. upon a theory
that its price was considerably above the
figure now established for per cent
dividend-paying railroad shares. It is, of
course, no less true now than it has been
at any time that the greatly increased
worth of the lands owned 10y the Canadian
Pacific Company invest the stock with
valuable equities which from "a statistical
point Of view afford a basis for a compu-
tation of the proper selling price for the
shares quite apart from that Of its mere
current dividend yield; but such consid-
erations are for those 10 which specula-
tors in Wall street pay little heed.
I'm the final dealings there was some
selling of the Reading, Erie and Penn
sylvania, ana other stocks having more
or less intimate relations with the coal
carrying trade upon the presumption that
the Reading earnings statement for De
cember. TO be published LATER i'm Inc day.
would make an unfavorable showing.
The days market as a whole, however,
merely represented tho hesitating opera
lions of the professional trading element
The course of the market was naturally
quite susceptible of either a pessimistic
or an optimistic Interpretation. according
TO the varying views OF those having
commitments either for the rise or the
fan IN stocks. The spectators now at
work for q decline i'm prices. and whose
ventures on this side, according 10 all
trustworthy accounts. have reached an
enormous total. maintained that the fail
ure of the market 20 exhibit greater re-
sistancc after its prolonged fall was an
evidence Of its inherent weakness.
On the other hand, il was the consensus
OF more dispassiOHate and conservative
observers that the undertone of the
market was firmer to-day than it has
been for "A long period. and that selling
of stocks was decidedly of what Wall
street calls a Door character. The
market gave repeated indications which
may OF may not be falsihed by the event
of being in a state where such liquidation
as was going on was of a merely desultory
sort
Gold Bought in London.
II was announced early in the day that
S1e0Go0 in gold had been bought for our
account in the open London market. in
addition to the $4,000 similarly taken on
Saturday The significance of this move
ment was not lost. 1t had its origin un-
quesuonably in the very large purchases
made by foreign houses OF the short
time notes Of our railway companies
brought out during the month of Janu-
airy. The volume of foreign takings Of
these obligations cannot at the moment
be accurately estimated. but there are
substantial reasons for believing that they
reach over $50 100000 The interesting
comparison is. of course, that similar
sales Of notes abroad in the year 1903
marked the end OF the financial depres-
sion here that had been in progress for
eight months. Such a development ut the
present time viii. il seems obvious, place
the money situation, so far as the Ameri-
can market is concerned, in a much better
light
To-day assurances from high quarters
We're afforded that IL is not the inten-
ton Of the Treasury Department TO make
any further draft upon the public money
now remaining in the custody of the ma
uonal banks after the remaining half
of the $l2,c00C00 special deposit fund has
been withdrawn on February II. Both
cali and time money rates to-day re-
manned without change. and the price of
sterling stiffened a little In consequence
OF the gold import engagements. Another
announcement OF no little importance to-
day although it seemed 10 pass nnoticed
I'm Wall Street was the statement issued
by the Treasury Department Of the
amount of money circulating in the United
States on the LIST of February The funds
in circulation increased during the month
over N0G000e the entire increase being
IN gold certificates.