The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-11-22
COMMENT ON MARKET.

George i. Edmund. Of Miller & CO.
The day witnessed forced liquidation in
a number Of stocks. with declines, in
some cases, serious. which caused in
creased Uneasiness. Many rumors were
circulated, most Of which, according to
our tracing, were absolutely without
foundation. The selling OF additional pre-
ferred stock by the American Locomotive
Company was not liked, while the decla-
ration Of the regular dividend on lead
could be counted maTket-wIse as some
thing of an Offset. In the last half hour
a rally set in. on renewed talk OF i'm
portations Of gold direct from France.
There are periods I'm Wall street when
aetusl values are temporarily OF no con
sequence. but real merit has ultimately
regulated quotations, and l cannot be-
lleye that we are face 70 face with a
situation in which values VIII not per-
manenuy and ultimately make the real
selling prices For that reason. I am
friendly 20 the purchase of good rail-
road stocks on weak spots"
q. Bowie Chapman, Of T. r. Chapman
& Co.-"The course OF prices to-day re-
sembled that Of yesterday. The open
ing was steady with slight Improvement,
then liquidation was renewed in GER
tain issues and, influenced by the leaders.
sold off gradually and rallied slowly IN
the last hour. Particular weakness and
liquidation sales took place in the Fries.
Louisville and Nashville. Atlantic Coast
Line, and Brooklyn Rapid Transit
Many sinister rum0rs were given circula-
ton in regard 70 pending receIvership
FOR railway systems, as well as firms. No
gold :mportatiOns We're announced. TIE
premium on currency showed z dispOsi-
ton to advance Renewing rate on call
loans L per cent I am not ready to
change my advice that while I deem
many OF the issues a purchase. il is only
on cash investment
Benz. Woodruff. Of Post & Flagg-"AI-
though active stocks have not ended with
material changes from last night. many
special issues suffered severe declines.
The selling IS due 70 discrimination by
our institutions, for money is scarce.
even at the prevailing high rates, and
lenders viii only take as collateral the
most active stocks. even first mortgage
bonds, in many instances, being refused.
This renders a continuation of liquida-
ton in the second class and low priced
securities inevitable. As was the case
yesterday, the selling to-day was more
apparent in the bond division, although
Rock Island As ard the Steel Sinking
Fund bonds, which have been the prin-
cipal features Of weakness this week
were steadier. About the best that can
be said of the present situation is that
every day brings things fundamentally
nearer the end Of one OF the most Sc
rious slumps in the history Of Wall
street"
z. ". Crew, Of Henry CleWs & Co.
"On encouraging advices from this side
regarding the subscriptions to the new
per cent notes. London cabled a few
buying orders this morning. These were
more than met b. sales for home ac-
count. The most bearish news which has
yet come 10 light Is the passing or de-
ferring Of the Atlantic Coast Line divi-
dend, which carries with it the assump-
ton that there are number Of other
companies to follow suit As Louisville
and Nashville is a part Of the Coast
Line System, it is quite natural that it
should be adversely affected on the fear
that It may suffer similar treatment.
One thing is quite certain: that the time
has not Yet arrived to load up with
stocks"