The Washington herald., 1907-06-15
WALL STREET NOTES
Bears Find Argument in All
Kinds of PhantOmS.
QUOTE ]. ]. HILL AND SELL
Meme IL Able to Point Out Why Rail-
road Magnate's Interview should
Depress PrIces-shadow of Paris.
Greatly Exaggerated, Falls Across
New York Exchange.

New York, June 1A-Brokers who came
down town this morning expecting a mar
ket which would he a duplicate of that of
the day before were undeceived before
business had been under way for more
than q few minutes. for there was a de-
cided increase in activity. the transactions
i'm the first hour alone exceeding the total
for she whole of Thursdays session
From the very start. there was DO doubt
as to the tendency Of prices. 1t was
everywhere downward with every trader
giving some more or less original reason
why it should be So Reasons local. rea-
sons national. reasons international, We're
given 20 account for the selling of the
industrial and the international railroad
issues IN the forenoon NJ least Hope
seemed 20 have entirely gone away from
the street. and it was only toward the
close OF the day that there appeared 20 be
any disposition 20 consider that pessl-
mism might really have run TOO far
The shadow Of Paris fell across the
New York Stock Exchange. It was not a
very black shadow. but brokers who had
already been scared almost To death by
other phantoms were hardly likely 20
gather up courage when that of alleged
trouble in tine French capital began To-
stalk around. 1t found a favorable time
% make its visit The day was dark and
depressing, and pessimisM on the floor
of the exchange was black as thunder,
as.. /. .s-asr
hour of midnight" that a phantom could
expect 90 md for a successful scare Of
the brokers. And il proved successful
Those who had stocks seemed 20 think
that the only thing that could save them
was 90 throw their securities overheard.
and these who had none thought they,
too. should sell something as an Offering.
As result. IL soon became an open qges-
tiOu which were the heaviest sellers
those who had what they sold. or those
who sold what they did not own. quite
probably the latter were largely in the
majority.
tt did not seem 10 strike the average
trader as strange that the local market
rejecting weakness in Paris should be
come the weaker Of the two, or that
prices here should drop % a relatively
/ greater extent than the prices of tine
issues that Paris was supposed 20 be
selling lu London. He was too much
scared 10 think Of anything. and as q
/ result of his fears. our market. that az
first appeared only 20 Doe acting iH SYM
pathy with the weakness I'm some OF the
European ceutars. became the weakest
/ of all
Disturbing reports were circulated as o.
/ the extent Of the trouble abroad. Tho
|rally before the close over ther. iud.-
/ Gated that the situation was not as bad
rs il had been represented. but the
/ traders might have chesred themselves
with the reflection that New York has
/ been through It's troubles and ls now In
"a position where IL can hardly he sori-
ously affected by any ordinary disturb
/ auces lu the leading cities of the world
/ With prices of good American stocks MS
/ low as they are. and with an almost
/ total absence of any speculation for the
/ rise. 1t does ot-appear that n moderate
/ decline on the Paris and Berlin bOurses
should make very much difference with
our market.
Mr.. HIS interview was. by some of
/ the traders, regarded as a reason for
selling stocks. though none Of them could
state clearly what part of it inspired
them with that feeling. The queer part
Of it was that all Of them had read the
interview on the news bulletins circulated
I'm the street ON the preceding day and
had not then regarded * rs a reason for
selling stocks. Iu explanation OF tho
added Importance which they gave 20 i-
as a bearish factor, they said that. as il
had been published throughout the length
and breadth Of the country. 10 had
brought selling orders from out Of town
but no house could be found that at.
I tributed a single selling order from any
of ifs regular out-of-t0Wn customers Z.
that cause.
Not the least interesting statement
made by NIr. Hill was that in which h,
! recalled his assertion Of last January
that the railroads would need SllC0.000C1
a year for five years TO provide faciIitie
10 move the traffic Of the country, an,
. added During the last seven or eigh
months they have raised 100000 Ha
/ it gone TO increase facilities Not at all
Most Of it went 10 pay off old bills"
Now Mr. Hills own roads took by IA
a larger part of the SSo1Wo6oo raised il
B the past seven or eight months than wa
taken away by any other system, but no
body supposcs that Mr.. Hill meant tha
his S153C0o.009 sdce went TO pay off ole
bills" It did not Il was provision 10
years Of expansion 10 come.
In the highest international banbini
quarters the belief was EXPRESSED tha