The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-20

professional and continues irregular
/ Dizziness may continue. in view OF the
approaching holiday. Stocks are a pur-
chase on the declines"
G. Bowie Chapman, Of Z. r. Chapman
q Co.-'"To-day's first prices showed loss.
and almost Immediately pressure was re-
sumed throughout the general list. Onion
/ Pacific. St Paul Southern Pacific, New
York Central Reading. and some Of the
/ indusTials were particularly weak the
selling and slamming tactics being cspe-
cialy noticeable in Union Pacific Dur
ing the middle Of the day the market was
7 dun. bat rather steady az the low level.
About half past two came the announce
mcnt that the Pennsylvania Railroad had
F.. sold 10 Kuhn. Loeb 4 Co S51. 9U1. 600 short
time notes and the announcement that
this was all the financing that company
would do this year The market rallied
sharply reacted again, and closed fairly
steady The leaders, however, still were
considerably below last night Just sucn
iTTegulaTity viii probably continue for a
day or TWO. particularly in view of pend
ing legislation in Congress and the APP
preaching resumption Of the sessions Of
the Interstate Commerce Commission in
this city next Monday. II is expected.
though. that the market viii show more
strength the latter part Of the week
Benjamin Woodruff, Of Post & FlagE-
The market was subject 10 heavy selling
pressure and it looks 10 me as 81 great
deal OF this was the result Of operations
by the bears. Business was concentrated
I'M Union Pacific. which is more or less
vulnerable on account of the coming i'm
vestigati0u. and stories were current Of
a fight between Hartman and Rookie
feileT interests, also that the Equitable
Life Insurance Company would be put in
the hands of receiver while much bear
capital was made OF the reported note
issue which the Pennsylvania was eE-
Fected to announce. One Of the best in
fiUences in the last hours rally in Penn
Syivania was the official anuVunceue nt
that the note issue Of $4,000 600. which
had been purchased by Kuhn. Loeb <
Co, would be sufficient for the road
needs for the year This stimulated COW
ering Of shorts. The market rallied about
a point from the low figures on light
transactions. but closed showing substan-
tial losses from yesterday
s II. Agnew, OF Henry Clews & Co
mode, with a heavy, downward tendency.
Notwithstanding the dsnials made yester-
day regarding the Pennsylvania loan En-
Paris. il is generally believed. both in
New York and Philadelphia that the loan
has been effected. and It is known that
the company is still in the market for
funds. These numerous and repeated note
issues are responsible for the present
condition Of the market and have in
duCed many Of the largest operators 10
dispose OF holdings 10 the genera public
The immediate future of the market will
doubtless hinge on the prospects Of the
currency bill. Traders who put out lines
of stocks yesterday were the principal
buyers this morning in taking profits
The bears put forth an absurd story yes
terday that a receiver had been appointed
or would be appointed, for one of the
large insurance companies. presumably
the Equitable The story was not worthy
of a denial The trading element pre-
dominates the market, aud are very much
on top at present