The Washington herald., 1907-09-15

The general dullneSS OF the weeks end
on the Washington Stock Exchange yes
terday was enlIvened by the listing of the
stock Of the United States Trust Com
pany, and the establishing Of a specula-
tive price on the new security. RumOrs
have been current for several days that
this stock was very active on the curb.
Indeed. the rumors were that the original
holders Of the stock were inclined 20 un-
load it in some quantity.
Accordingly when Secretary Woodruff
read the announcement Of the company
required upon the listing Of a new stock.
the brokers began to show unwonted in
terest, and the board assumed the appear
anee OF something about TO happen.
There were no sales OF the stock, though
q number Of bids were made, one offer
being 10 take Loo shares or any part.
The stock was first offered at 1O5 in the
quotation lot OF % shares. This price was
received with marks Of derision, and the
bidding started in az g a share. The
stock was then offered down 10 par. bat
no broker was willing to take it. The
buying price came up from 50 10 g6 Is.
and It was about this time that one en-
thUsiastic broker put in his offer 70 take
1000 shares or any part at 81, which. OF
course, was not taken, and which was
duly withdrawn.
10000 shares Listed at Par.
The amount Of stock listed is 1890
shares, at 500 a share. and all transac-
tions are TO be conducted on the basis of
paid-up stock
Aside from the listing OF this stock and
the incidents enumerated. there was smsH
trading. mostly al lower prices. Opera
tons amounted TO III shares Of stock and
S2oQo worth of bonds
'One Of the curious things regarding the
purchase Of stock" said q veteran Of the
Washington stock Exchange yesterday
is that in times Ike the present men
with money win not back their best judg-
ment by going into the market and buy
ing securities which they know are bar
gains, and which they know viii rise from
i've 20 ten points within three months.
The best Of men lose opportunities TO
make money through a fear which
amounts 10 moral c0wardice There are
dozen men on this board who will be
kicking themselves good and hard that
they were not wise enough 10 know when
il was time TO buy stocks.
What Is true of this market is true Of
the New York market. 1t was at Just
such times-as this that Russell Sage made
his money He never waited until half his
Profits were gone in the hope of finding
easy money and q rising market That
grim old man always bought stocks on a
slump and sold them ut big profits when
everybody else was buying"
Causes OF Dull Market.
Most of the local brokers attribute the
present dullness Of the Washington mar
ket 20 the fall in copper. the tightness Of
money, and the fear OF business Curtau-
ment during the fall months.
The August reports of. the railroads are
all in, and show general increase Of earn
ings. Yesterday the weekly reports Of
nineteen railroads. compiled in New York.
show an increase Of : per cent in gross
earnings over the first week in September
a year ago.
The reports also show that the roads
have all they can do, and the prospects
for good business through the fall and
winter were never better. These facts
under ordinary circumstances, would set
brokers 10 buying railroad shares at
u NsGA4L prices, WIKI 4 AAtIlA certainty OF
excellent profits ore, two, or three
months hence.
All financial authorities are agreed that
the banks of New York are in the lest
possible financial condition. True. they
have been materially aided by the ac-
ton Of the Secretary Of the Treasury.
and by extensive borrowings from the in
terror but so far as the financial insti-
tutiOns OF the East are concerned they
We're probably never further from dan
ger than they are al this moment.
Copper Only Dark Spot.
This being the case. and the railroads
earning more than they did q year ago
and only the slump in copper and copper
stocks to Worry the speculative market
the signs begin 10 multiply that the way
out of the woods is not far distant.
The opinion IS also beginning 70 creep
into the cIaniums Of a few that the Wall
street m1nipulators, having exhausted
the possibilities Of the Presidents attack
on corporations. have secretly forced
break in Copper and the industriaIs 10 ex
tend the period OF speculative depression
until their bear tactics are ripe for
general sheariug of the lambs a few
weeks hence.
Meanwhile the wise man with money
viii probably buy railroad stocks and
just wait