The Washington herald., 1907-08-28
WALL STREET NOTES
Market Holds It's Own With
out Forced Support.
INVESTORS ARE STILL BUYING
Brokers still Have Abundant Orders
TO BE Executed at or Around Par.
Large Mercantile Houses Report
Collections More Backward Than
for Many Months Past.

New York, Aug. 21.-The strength I'M
parted to the market by the arrange
ments for syndicate to protect the city
bond sale was great enough to advance
prices somewhat further in the morning
tCadlng to-day During this continuation
Of the rally the market became dull. and
It was evident that the number Of those
who wanted stocks ct the advanced prices
was dwindling rapidly. Under selling
pressure, then exerted, prices shaded off
until at the close.
There was little nervousness or excite
ment about the trading, only very few
transactions showed any evidence of
forced liquidation. and generally the mar
ket seemed more composed and restful
than on any preceding day of the recent
past. Some brokers considered ii a very
satisfactory approach to that condition
of ease, stability. and equilibrium. which
they hope to see attained.
In the afternoon decline no artificial in
side support appeared. but in u large
number OF shares, It was said. the bunch
ing OF odd lot investment purchases sup
piled a fair measure Of support, It was
believed in many well-informed quarters
that the aggregate Of investors looking
for chances to purchase stocks a shade
of the market, is very large, that brok-
ers have on their books a large number
of orders similar TO those executed around
par in New York Central on Monday.
Many hundreds Of people all over the
a lrOtrfrcr a hnfTau4 nd
il must be the case OF a considerable por-
ton OF these that have decided they have
missed the best opportunity. and accord
ingly put in orders to purchase at slight
recessions. For the most part, brokers
say. investment orders continue 10 be
odd-lot orders. although there is a fair
inquiry from investors Of a more sub
stanual type.
OF the specialties brought TO market
to-day. Federal Mining and Smelling at
tracted the most attention. Whoever was
impelled by circumstances TO sell 100
shares Of the common stock Of this Gug-
genheim subordinary. let 1t go at sc. or
81 a share cheaper than the price on
the last previous sale A hundred shares
Of the preferred went at Il. a loss OF II
points.
Third avenue got away down 10 46 Ia.
only 81 to per cent above the low price
at which It sold Just before the lease TO
the Metropolitan in 1900. Il closed a point
up from the low, but at a loss OF IA
points Of the day. More than 300 shares
Were put on the merket.
The market for city bonds was again
in process Of adjustment TO the AZ per
cent interest rate fixed for the forthcom-
ing subscription.
The aggregate OF transactions was
small, bit more than 10000 shares. but
the number Of transactions in Union Pa
clfle was as large as usual. more than
10000 shares. and constituting more than
3 per cent Of the days total. The stock
remains the speculative favorite. not
withstanding the extreme probability that
some persons who risked millions on II
around lS5 are not buying it AZ present
Collections in mercantile houses were
reported TO be more backward than for
many months. and il was said that many
of the largest concerns had made heavy
cuts in the amount OF goods they will
sell TO old customers on credit Where a
man had a credit Of 100000 a year ago.
II was mentioned as one instance. he
found his purchasing power on paper lin
tied 10 less than three -fourths of that
now Many of the bankers contended
that while the recession seemed to them
somewhat more acute than when in Jan
uary they began considering such move
ment desirable. nevertheless they did not
expect 10 extend much farther than that
''heaIthy recession which releases funds