The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-21
Volume of Trade Small and
Prices Weaker.
TWO HOLIDAYS ARE COMING
New York stock Exchange VIII Be
Closed Friday and Saturday-Penn-
syIvnnia Finds Purchasers for Its
Big Issue-ROgers Forced to Pay
High Rates for Money.

feVeriSb excitement, the STOCK market
lapsed to-day into a state of what was
relatively extreme Quietness. Up TO the
last hour Of business the volume Of pur-
chases and sales OF stocks was less than
$4,000 shares as against yesterdays total
for the full day of over 100000, and the
trading in the last hour was only sufh-
cient TO bring up to the days aggregate
less than half the volume of that Of yes
terday Dealings during the day were
indeed the smallest save one of any fun
days business on the exchange thus far
in the year. If the market was dull, it
was also Enthusiastically heavy. In the
first hour il was positively weak under
resumption of yesterdays vigorous selling
movement. After this, and throughout
the remainder of the stock exchange ses-
sion. save in the last half hour, utter
stagnation prevailed. and, although the
prices of the leading stocks recovered q
portion of their early loss, they Yet closed
as a rule at net declines of point or a
little less The speculation seemed TO
be entirely in the hands of professional
operators of the smaller sort, who ap-
parently. after their preliminary attack
upon the market. did little more during
the rest of the day but buy back when d
favorable opportunity offered the stocks
previously sold by them for the decline.
At the close of the market. however. |
weakness appeared to be again develop
ing
As was the case yesterday. to-day
dealings were concentrated in a compare
lively small number of the active stocks. !
Transactions in Union Pacific, PennsyI- !
vania. Reading, St Paul, and one or two
others, constituted the bulk of the day
operations; and. save for a particularly /
violent fall in Wabash preferred shares !
shortly after the opening OF the market, |
there were no fluctuations in prices
worthy Of any special comment Wabash
preferred stock has been weak since the |
beginning of the year. having declined
nearly Z points since the first week in
January. The fall in its price to-day
was accompanied by reports that further
obstacles had been met with I'm the exc
cutiOn of plans 10 reaTrange the capital !
ization Of the Wabash Company Stories
OF this character. however. were declared
TO be baseless- II was more likely that
the weakness recently displayed by some /
OF the minor railway stocks has been
caused more than anything else. by the
difficulties particularly confronting the
companies in question OF raising money
for immediate improvements.
Pennsy Sells It's Bonds.
There was a dearth OF news to-day
affecting the market, and gossip in the
Wall street commission houses entirely
centered upon yesterdays developments.
II was announced that the PENNSYLVANIA
Railroads issue OF s50.000CC0 per cent
three-year notes had been sold at a price
netting the purchasers about 5 Il per
cent interest upon their investment More
attention was devoted, perhaps, TO the
high rate Of interest paid BY a capitalist
Of admittedly vast financial resources for
the notes issued 10 aid in the construction
Of new railway through the bituminous
region Of Virginia and West Virginia. II
IS well established fact in railway
circles that this road has been built with
the greatest care and skill. its grades be
ing said 20 be lower than those of any
other railway line in the country. 1t is |
also undoubted that the new line will tap
a section of the country where additional
railway facilities are greatly needed; so
that the success Of the enterprise seems
10 be unqUestoned. That for such a pur-
pose and with such high credit behind
il new railway organization has 10
obtain its funds at such d high price as
was paid made a deep impression upon
the financial community as illustrating
the eXigencies Of the present money situa-
ton.
Talk was again general to-day regarding
the investigation Of the Hartman lines
that will be renewed in this city by the
government next week. and the fearl
was generally expressed that the results /
OF this viii prove disquieting from the
point of view Of speculative holders %
stocks Finally a more OF less discoU-aE-
ing factor to-day. according to these same
speculative standards, was further state
ments by presidents of railway companies
putting I'm very frank words the dangers
10 the railway interests Of the country
IN the attacks now being directed against
them from so many different quarters
There We're OutgiVings of this kind of the
strongest character emanating from Pres
idents Truesdale of the Lackawanna:
Hill, of the Great Northern: Stickney. OF
the Chicago and Great Western, and
Thomas OF the Lehigh Valley. and the
emphasis with which these gentlemen
havc stated what they have to say has
been certainly not calculated for the time
being 60 induce buying Of stock 10y the
general public.
Cali Money Is Lower.
Call money here to-day was generally !
offered 1T lower rate than it was yes
terday. bank renewals being made at
a.. Der cent. Time money, on the other
hand, was again frmer The foreign |
financial markets was as a rule dispirted |
If not weak. consols declining rather
sharply on the London Stock Exchange. |
as they did yesterday. London houses
here were thought to have bought a
small quantity of stocks ON net balance. /
or routine announcements during the DAY
the only one of any Importance was that /
contained in the annual report OF the
Pressed Steel Car Company. exhibiting /
sn Increase on the net earnings for the /
year ended December 81 Of 81 100. After I
business hours the Baltimore and Ohio
January earnings statement was published
exhibiting "a decrease in gross earnings /
of $4,000 and a decrease in net earnings
OF $4,000. After the close of business. I
also, il was announced that the governors
of the stock exchange had decided to
close the exchange on the coming Satur- /
day. making a double holiday at the end
of the week.
NEW YORK MONEY