The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-07

trade, which naturally makes the stock
vulnerable In a depressed market. OF
couse. on such a decline as we have had
lately, more or less liquidation takes
place from discouraged accounts. but un-
doubleday the chief element in the selling
has been for short account Crop condi-
lions show satisfactory progress, and
despite the strained outlook for the au-
tumn, money market conditions would be
somewhat y tier were It not for the re-
cent outbreak OF anti-corporation enthus-
i6Sm. There are those who think that
some of the recent selling has come from
standard Oil sources. from natural re-
sentiment growing out of attacks made on
the company This is merely surmise. and
is based on the theory that the short sell
ing must have been accompanied by a
fair amount OF long stock TO account for
the extreme declines scored.
E. W Crew. Of Henry Clews & CO.
The resumption Of business IN London
after two holidays shows little change
in the sentiment. as far as quotations
for American stocks are concerned. It
is hardly 10 be expected that London
should be anxious for our securities
N+ANAA tAAN JIG t1AAASii u iiOi4lG 4AAfNoADi =
is to tighten their loads to the fullest
extent The money situation is bad
enough but the drastic measures directed
against the Standard Oil and other COM
binatiOns to bring them into line are not
calculated to restore confidence IN cor
porate investments Most Of the orders
from commission houses this morning
If the ~ m no 10
sice. but liquidation has not been heavy
Room traders have helped to mark down
prices, and the usual number of stop-loss
orders have been touched Off 1t is known
that there are still large number Of the
latter which have not yet been reached.
II is this kind of liquidation that the pro-
fessional element is trying to uncover
With good chances Of success, as the buy
ing power is very limited. To prevent
generalization. inside support may be
looked for from time 10 time, which will
bring about the usual rallies"
George L. Emmons, Of A. o. Brown &
Co.-"The short interest has no doubt
been very materially increased to-day
as the lines covered at the lower figures
were apparently put out again on the
rallies. The anti-corporation attacks fur
uished the chief animus for the raiding
The steadiuess OF the market In the late
trading would seem TO indicate that the
liquidation has about run its course. and
although there may be irregularity for q
day or two, the trend of prices should be
toward Improvement"
q. Bowie Chapman. of L. r. Chapman &
Co.-"With transactions well over three
IouTths OF million shares, prices in to-
day market continued almost uniuter-
ruptedly on the down track While il is
true that there were several feverish raj
lies. particularly the one which took
place between 100 and 2.30, none Of these
carried the leaders back 10 the opening
prices. Pressure continued in the same
old quarters-Copper American Refining.
Union and Southern PaCifc-and 20 these
We're added st. Paul, AtchsOn. Reading.
the Steel stocks. General Electric. and
many of the minor industrials. To-nigbt's
closing prices find the general list any
where from 1 20 points lower. the finals
being as general thing at the lowest of
Tie day, or within "A small fraction there
OF. We fail 10 see any Indication Of az
gressive buying. We are able 20 trace.
however. considerable buying on the
scale down by interests generally
classed as good buying, and in some
quarters the expectation IS held that
around noon tomorrow the market NAV
take on decided tone for Improvement
Five hundred thousand dollars gold was
taken for export"