The Washington herald., 1907-03-22
WALL STREET NOTES
Days Sales Smallest of Any
i'll Past Two Months.
BUYERS ARE MORE CONFIDENT
Not Much stress Laid ON Frances
Increase of Discount Rnte-sudden
Rinse Delays Proposed Extensive
Gold mportatiOns-AH Great Money
Centers Growing More Cautious.

Rinse Delays Proposed Extensive
Gold ImpOrtations-AI Great Money
Centers Growing More Cautious.
New York. March 2f.-TotsI sales to-day
were smaller than on any other day in
the last two months, and offered a very
sharp contrast 10 the heavy dealings Of
the preceding Thursday. which exceeded
2 500 coo shares. To-day they were but a
quarter as great. and. with the exception
market was little influenced by causes re-
lsuitant from the panic.
There was a little buying of small lots.
but. according to many brokers, no invest
ment buying of sufficient magnitude to
affect prices. To a greater degree than
on any other day since the panic. opera
tions were professional. and the dullness
Of the trading during most OF the day
showed that the majority Of the operators
hesitated TO commit themselves. 1t was
felt that there was a large enough short
interest and that any further drive would
induce covering and there was an ap-
probation Of the fact that there has been
no such change in the underlying condi-
tions as to indicate any prolonged ad-
vance.
Stocks were particularly dull on every
decline and sagging of the market. and
eventually, so it appeared to many OBJ
servers. the short interest became rest.Ye
and there was a mild rush TO cover. Out
standing commitments for the decline
We're estimated at 1000.0O0 shares. well dis
tributed throughout the list. and it was
to extensive covering by the shorts that
was generally attributed the activity and
advance OF the last hour. The advance
was fairly uniform. with Great Northern
as the principal element of strength and
Erie the weakest
A conviction that no stock Swas TO be
put out to iiquidate the affairs of "A house
reported 30 be in trouble may have had
much to DO with the strength of Great
Northern AS a matter of fact, there are
excellent reasons for believing that the
condition of the house has never been
serious, and that rumors regarding II
were quite as reprehensible as those cir
culated about a score of others. II was
not the truth of the matter but discern
ment of the truth. that had effect on
operations to-day. There was more con-
iident buying in Great Northern lin knOwl-
edge that the buying was not likely %
encounter large blocks of stock from
weak holders. and there was hurried
short covering because there was little
chance of a decline in the stock for the
same, reason. Great Northern's net gain
for tie day was points. to i45lk On two
previous days Of this week II had closed
at lower quotation than on the day of
the panic.
Erie second preferred stood stl, but
there were fractional losses in the COM
mon and first preferred To the troubles
Of the company with its commuters. il
/ became known. had been added trouble
from Albany, the public utility bill threat
ening the company with a severe loss, as
it does the local traction companies A
report that there was dissension among
the directors and dissatisfaction with tn,
policy OF President Underwood was ascer-
tanned, beyond question. 20 be erroneous
But the cessation OF Improvement work
on which large sums have been expended
was sufficient inducement for bear posi-
tion on the stock The common dropped
below 26 for the first time since the panic.
The action of the Bank of France in in
creasing its discount rate to 3lk per cent.
the first time since May, 1900. that such
high rate has been fixed, received much
less consideration from traders than. IN
the opinion Of foreign exchange houses, Il
deserved 1t became known in the after
noon that a large international banking
house had all bur completed arrangements
for "A large importation of gold. and the
sudden and entirely unexpected advance
In the Bank of Frances rate neeessitated
an alteration in the arrangements. The
increase may not cause an abandonment
of these arrangements, but il was consid-
cred certain 10 defer the date of the inn
pOrtation. Some international bankers
thought it an excess of prudence on the
part of Paris bankers TO keep the lid or
the French money chest so tightly nailed
down; others looked upon it simply as a
tardy realization, on the part of Paris
| bankers. of the proposition that money
rates are quite certain to continue high in
ENGLAND. Germany. this country, and
other market centers.
A well-knOwn operator yesterday said
that he always endeavOred to -ana!yze the
motive prompting the insder in giving on;
Information. Generally, he said, it was
found that the informant either wanted
10 confer a favor by way, perhaps. of put
ting some one under obligation TO himself
or else to distribute some stock held by
himself or associates. If the former ap-
pears to be the motive, il is, of course
well to buy, other conditions being pro-
pitious If the latter. the stock is almost
| invariably sure sale.
Daniel Drew was one Of the greatest in
! the history of the street in the art of dis
| tributing stock by imparting impending
confidential information. There was re-
called to-day the story of Drew's tip to
his clergyman. Drew advising the invest
ment of the elergyman's small savings in
/ the strongest terms. He even went so far
as to guarantee the clergyman against
| loss, and the latter. thinking 1t. doubtless
an unchristian spirit to keep such thing
/ from his congregation. whispered the glad
tidings to one member of the congrega-
ton after another, until the whole parish
was loaded with the stock The clergy
mans purchase. was small, but the others
bought bodily and about all of the stock
came out of Drews bag. When the stock
broke, Drew made good his guarantee 70
/ the clergyman, and WAS able TO say tc
/ Deacon Smith and Deacon Jones and the
others that he had made no guarantee to
/ them. nor had even advised them to buy