The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-29
MARKET IS GLOOMY
Brokers Disappointed by Ac-
ton at Weeks Opening.
CLOSING PRICES ARE LOWEST
DenunciatiOn OF Standard oil in
Congress Only COntributOry
CaUse-Fear OF No Advance in steel
Trust Dividend Rate Also Bear
Argument Which Proves Effective.

Trust Dividend Rate Also IA Bear
Argument Which Proves Effective.
New York, Jan. 2S.-Those who were
hopeful at the end of last week that the
declining movement in the stock market
had ceased. met with disappointment in
the course of affairs to-day. During the
first two hours Of business the security
market was. If steady yet extremely dull
and evinced no tendency 10 rally from the
low range Of prices made on Saturday.
After that throughout the day the market
was definitely weak and receded to the
lowest point of the year
There was a resumption of the same
liquidation and Of the free selling Of
stocks by spectators for the decline that
las been familiar for so long; and an
unpleasant development was that the sup
port extended to the market appeared TO
be much less willing than that recently
given 10 it,
Closing prices were about at the lowest
OF the day. and there was no one Of the
active stocks that exhibited an exception
10 the general fan that occurred
The declines shown We're not eXtrava-
gantly large ana save in the case OF the
always variable Anaconda shares, they
r6n between one and two and half
points. Neither could it be said that
there was any one stock or group Of
stocks III the market that was particu-
larry weaker than any other
rhe selling that took place was indis-
criminately scattered, and included all
v,g-fu
and a half points that occurred in the
price of United States Steel common
shares was perhaps somewhat more than
ordinarily witnessed In this stock, even
in IN active days trading. and il was
commonly attributed 10 a prevalent be-
lief that at the meeting OF the directors
of the United States Steel Corporation.
when viii presumably be held tomorrow,
no advance will be made in the dividend
rate on the corporations common stock.
Expectations of an increase We're common
Il few weeks ago. but since then they
have disappeared. And il would seem
u bc a rather common proceeding if any
Spectator for the rise in the stock waited
until to-day to sell his stock for the rea-
son that has been described
Many Reasons Assigned.
While there were-it may be-some
general reasons operating to-day toward
a slight emphasis of that pessimistic feel
ing regarding market values that has
lately been So pronounced in specuIa-
tive circles the fail in stocks during ;he
day must Sill be credited To- sources or
reasons with which the general public is
as yet not fuIly acquainted. Spectators
fog the decline seized. nearly with JOY.
upon the UiIllHE advance in time money
rates that occurred as an element
Strengthening their position.
This rise was lao doubt produced by
tire Preparations making to pay of
PORTION Of the government deposits that
viii. IT. IS supposed. be Withdrawn from
the national banks on February l. by "a
slight slackenng la the movement Of
money hC-r from the interior of the coun-
Try. and hy the knowledge that a good
deal of shifting of money must take place
SJuH owing 90 tlc ImWiHcHCe of $50 on.
C~ bond Offering by the city of New York.
The language Of almost sensational EiO-
legce used in the deUuuCidtiOH of the
Standard Oil Company I'm the report of
IFS Investigation Of thc company sent TO
Congress to-day by the Interstate Com
mcIcc Commission WAS also Of some
force as "a bear argument under exist
ing circumstances. and there was a fur
difficulties in certain directions; these
rum1rs. however. locating the alleged diff
ucslGcs ihis time among firms in London
rather than in this country. The troubles.
10 was said. were 20 be revealed at the
London financial settlement. which begins
Tomorrow.
People here who should know best de-
cisTcd that they did not believe in these
stories. although they admitted that it
was very probable that the heavy declines
iu American stocks had caused large
losses among tho so-called option dealers
ir London
Attack Made on Coppcrs.
An attack upon the copper stocks had
for it's basis "a letter crlan1tlng from
supposititious concern known as the
Northeastern Metal Dealers Associa-
tion." addressed 90 the Attorney General of
The United States, and declaring that the
ruling high price of copper had resulted
from conspiracy to lock up copper on
a vast scale by the COuntTy's producing
interests. The authorship OF the letter
was to-day traced to an ignoble source.
and every one having the slightest knOwl-
edge of the copper trade is aware that
the allegations made in the document are
absurd.
The only tangible explanation Of the fail
I'm prices to-day was that il was brought
about by the work Of spectators VINO
have discovered, apparently, that invest
ment buying in any volume is still not In
evidence, and that the great financial in
terests 10 not seem 10 support the market
with any unanimity of purpose.
That at such low prices for standard
stocks as have been witnessed in the last
few days there is still no desire mani
tested to make purchases of securities by
people who viii pay for them outright
forms the one really disappointing factor
in the stock market at the present time.