The Washington herald., 1907-02-06

Market and Over Developments in
Congress, Especially on Currency.
New York. Feb. Evidences have been
ACCOMPANYING ever since the latter part
of last week that whatever adverse force
there was in conditions developed up to
the present time had already driven down
the stock market To a point beyond which
il could only be depressed with a good
deal of difficulty; and these proofs were
present to-day in greater number and in
clearer light than at any time previously
It had been noticed during the last
three or four sessions of the stock eX-
change that larger and larger sales Of
stocks were required 10 bring about lower
prices and that attacks upon the market
We're generally quickly concluded and of
a sort that warranted the suspicion that
they were made chiefly for the purpose Of
facilitating the retirement of commit
ments for the decline. i was also OBJ
served that whenever these attacks were
made they served 10 induce liquidation of
stocks by genuine holders in actually de
creasing degree.
Even during the severe break in the
market last Friday shrewd observers Of
the speculative trading were almost uni
formly of the opinion that the buying Of
stocks was what Wall street calls bet
ter than the selling. and although the
market has been confused and unsettled
since that time and has had in no way
before to-day displayed any confident
buying. IL has still unquestioEubly ex-
hibitcd a tirmness of Undertone such as
has not been before evinced during the
present year. To-day advances running
between 1 and ~ points occurred in the
principal stocks.
Higher Range in London.
Tie market at the outset was not low
or. as probably the majority of people
thought that it would be, i'm making up
their opinions concerning it at the close
or business last night a higher range
for prices for American stocks came un-
eNpectedly from London and met at first
the cynical criticism that the rise had
been artihciaIy brought about for the
purpose of making it easy 20 sell stocks
mere But although the market shortly
after the opening did recede a little and
was more or less hesilatiug in its pros
res5, up 10 midday it at no time suffered
any abatement of strength.
This was the more remarkable because
I'm the earlier part of the day il had to
encounter the effect of two decidedly de-
terreut factors, one a quite unlooked-for
outbreak of selling i'm the Great Northern
preferred shares. and the other distinct
weakness. in Pennsylvania Railroad stock
caused by recurring rUmors that labor
troubles on the Pennsylvania Railroad
system were imminent.
w med i'm the fgst-uamed case
was tiy. that there was rather
uie lted an order 10 sell at what
eva uld be obtained for ii q com
-ge block of Great Northern
lere the cheering fact de
he stock was all taken by
all lots without producing
ct fall ia the price of the
sec aat was disclosed was. in
othes words. that there was g. stronger
Investment demand for the stock than
was commonly supposed
All the morning newspapers to-day con-
tanned stories that the 10 per cent in
crease of wages granted by the Pennsyl-
Fania Railroad 10 its employees and taking
effect on December I last was not re-
gaTdcd Us sufficient advance by certain
classes OF these men or that at least. they
demanded an ''euUalized" advance rather
than any uniform percentage of increased
pay. Negotiations oyeI this matter have
been proceeding for several months. and
the best opinion i'm banking circles here
to-day concerning their probable upshot
was thar 40 strike on the PENNSYLVANIA
system because Of them was at an prob
able.
Rally Comes at Midday.
The stock market, after period Of
staguatiou around midday. resumed its
slowly hardening movement of the morn
ing. and it was not until the closing few
minutes of business that its cautious. but
persistent, upward movement was at all
FASTENED, Ina this final trading. however.
alarm on the part Of the widely-extended
ort interest i'm the market was very
Siblc
There We're present to-day. it is true.
several differences that might very well
have contributed 90 an improvement in /
speculative sentiment In the first place
optimism over general financial condi-
lions ana the American security market
was plainly on the increase iu Paris and
London and other foreign financial cen
ters- Discounts in London were easier
and. however brought about. there was
large buying of stocks in this market to-
day for European account
Call and time money rates here to-day Z
displayed a softening tendency, sterling r
exchange lost nearly all of its yesterdays /
advance. and there was as a. speculative /
factor the utterly prepostcrous Japanese /
war scare.
There were also pleasing developments /
at Washington from a financial point of /
view. it was announced that measures
were about TO be introduced IN the UpDar
House of Congress looking forward 10 |
such an amendment Of the banking and /
currency laws as would allow the ma
tional banks 10 retire their circulation at 4
the rate OF $l5,0o0000 a month instead of 4
S5,0000o0. the present limit. and authorfz- /
ing or even compelling the Secretary of !
the Treasury To place the customs /
revenues as well as receipts from Internal /
revenue taxation with the national bank
repositories. The feature Of this pro /
posed legislation was, of course. the /
character Of its sponsorship. which seem !
ingly indicates that there is a strong pos
sibility that the new measures may be-
come laws at the present session Of Con
gress-
BOSTON STOCKS.