The Washington herald., 1907-02-19
MARKET IS FEVERISH
Net Declines OfAbOut a Point
Are Experienced.
SHARP DROP N ANACONDA
Mining shares Lead in Downward
Observation-Disclosures on New York
Strong in Wall Street That the Al
drich Bill VIII co Through,

strong IN wall street. Ihat the Al
drich Bill VIII Go Through,
New York, Feb. lS-The stock market
to-day lived up to the reputation that it
has recently established OF being one that,
although characterized In general by firm
ness and a slowly advancing tendency.
was Yet more or less feverish and uncer-
tain in its movements from day to day.
There was to-day. without any apparent
reason. n practical disappearance OF that
strength which was so notably in evidence
in the market on the last business day Of
last week and net declines averaging
nearly a point in most instances occurred
in the majority OF the principal stocks.
The Improvement in financial sentiment
that has lately taken place in London re-
gardlng American securities was again ef-
fectlve this morning in creating a moder-
ate advance for quotations of our stocks
in London before the opening OF the stock
exchange here, and for short time in the
early part Of the day our own market
scored further rise. Then the rush Of
spectators FOR the advance TO secure the
one or two points profit that had accumu-
lated upon their ventures was once more
seen. and although for period the mar
ket resisted this. il finally succumbed and
closed at recessions During the middle
of the day the trading was almost stag
nant. and throughout the entire session
there were few if any pronounced features
of the dealings.
sharp Decline In Anaconda.
AS much of a specific cause as anything
that could be mentioned for the markets
decline was an extreme fall at one time
of So points in the Anaconda mining
shares. whose price has recently advanced
in a sensational way. In market SO mar
row as the present, an incident of this
sort is naturally conducive 10 weakness
in other quarters.
Saturdays disaster upon the Harlem
Railroad did not produce any particularly
noticeable selling of the New York Cen
tTal shares.
There was perhaps some disappointment
in speculative circles to-day over the fact
that Of the e6000 600 of new gold available
in the open London market to-day. the
agents OF bankers on this side secured no
portion There were those who had laid
more or less stress upon the possibility
that early in the present week announce
ment would be made of large imports OF
gold for our benefit. II was stated. how
ever. that our bankers did not dispute
with any vigor the efforts of the Bank OF
England 20 obtain the bullion available
for purchase to-day; and it Is very clear
what are the motives animating nigh
financial interests in this country con-
corning the matter
Those here having the best regard for
the permanent welfare not only Of the
security market. but Of general business
conditions. are more anxious that the
present cheCrfulneSs in financial senti-
ment in England should become OF an as
sUTed and substantial character than they
are TO add Immediately 10 The store OF
gold in our possession.
In other words they are more DESTROYS
of building up the Bank of England gold
reserve and of inducing a reduction in the
Bank Of Englauds minimum rate of dis
count than they are of forcing exports Of
gold TO this country which are really
needed at the present moment and which
would have the effect of renewing the
feeling of disquiet in English financial
circles. There is, Of course. not the slight
est question as 10 the power OF this mar
ket 10 draw gold IN large quantities from
England at any moment that II is con
Ceved 10 be necessary to do so: and the
rates of sterling exchange on London in
the foreign financial capitals indicate that
England, too. is in position to gain gold
from the other European nations So far
as the international movements of money
are concerned, therefore, they are all
working entirely ana surely in favor Of
security values here.
Hope for Congressional Aid.
Hope is strong, also. in the financial
district that at the present session of
Congress what is known as the Aldrich
financial bin, that is TO say, the amend
ments proposed IN the United States
Senate to the currency laws which will
have the effect of putting the relations OF
the national banks and the general
government upon a firmeT and wiser basis
than any that has heretofore existed. will
be placed in the statute books
On the other hand. rUmors actively
circulated to-day that one or two largo
railway companies were about to make
further issue of a considerable quantity
of shOrt-term notes and these stories
had reference especially TO the PennsyI-
Vania and Reading companies. A semi
official denial was made by those who are
entitled to speak authOritatively for the
Reading management that this company
did not propose 10 issue any securities
of the kin0.
In the case of the Pennsylvania however.
IL is generally considered % be not i'm
probable that a sale OF securities abroad
of much the same character as those
recently negotiated by the New York
New Haven and Hartford Railroad Com
pany may be made at some time i'm the
not far distant future although It would
seem as if the proper Interpretation OF
such transaction was one that should
initiate IN favor Of the stock market
rather than against ii.
There was also more or less talk to-day
of signs OF a reaction IN business which
were becoming as many observers thought
somewhat more pronounced Banking in
terests volunteering their opinion on this
subject declared with great uniformity
as they have for months past that
some slackening of business Throughout
the country was more desirable than
otherwise and would sooner bring about
such permanent lowering OF rates for
the use OF money as would in turn make
IL possible for corporations To obtain
money more easily for needed improve
ments and extensions