The Washington herald., 1907-12-04
COMMENT ON MARkET.

George l.. Edmunds. OF Miller & Co.
The highest prices seen since the late
unpleasantness were recorded during the
threatened 10 become a runaway affair
The Presidents message fell fiat In the
early afternoon the market sold of two
points all around. but l feel that most
OF the selling was short stock and came
from quarters that are embOIdened with
distinct successes a short time since /
can see little reason to alter the View
expressed, that stocks are intrlnsically
too low to make anything but the bull
position a tenable one II is assumed
that the bear crowd put out from $4,000
10 1000 shares OF stock this afternoon:
II so. they were exceedingly We'll taken
and the afternoon market may be re-
Sarded as q distinct testimonial Of the
underlying strength OF the present trad
ing. as rejecting really the soundest
position from The standpoint OF intrinsic
value"
G. Bowie Chapman OF r r. Chapman
& CO.---Transacti0ns to-day were much
larger than at any recent session. Around
the opening prices showed hesitation. but
this was followed almost Immediately
by a general rally. and one that. in GER
tain stocks might be termed violent
The tape reflected the heaviest kind OF
selling. and by the best interests IN the
street. Naturally. this soon had its effect
Prices started down. and during the bal
ance OF the session ruled weak TO partly
steady. The finals are anywhere from
~ 70 ~ points below those of yesterday
and are, as a general thing. al or a frac-
ton above the lowest of the day Smelt-
ers was the exception, closing one
point better than last night The
drastic tactics adopted since . O'Clock
yesterday IN driving IN the short interest
and the heavy covering OF such commit
ments. has left the market in a position
technically weaker and more vulnerable
than FOR some days. The inside selling
has been heavy. and the occasion has
been seized upon 10 liquidate much stock
taken for supporting purposes lower
down. From the action Of tO-days mar
ket il would seem as though this down
ward movement must extend some fur
ther before prices reach level at which
buying viii again take place The Presi-
dents message. as Tar as fluctuations
We're concerned. was without effect"
Benjamin Woodruff. of Post & FIagg-
After opening at some concession trad
ing became more active and prices ad-
vanced until they reached a new high
level for the movement. About noon.
with the publication of the Presidents
message. reaction occurred. which
brought prices back 10 the openiag fig
ures. The copper stocks were especially
weak on account Of the reduction OF
dividend by more OF the copper producing
companies. and the report that stagna-
tiOn In the trade remains as bad as ever.
In the past week the market has shown
a substantial advance, some stocks. Ike
Reading, Smelters, and Union Pacific
showing nearly twenty points better than
the lowest level. AZ 7 have said. il is
only natural that a better range Of prices
should prevail than during the worst Of
the crisis. Financial affairs. though much
improved are FAR from normal \ dras-
tic cUrtailmeHt has taken place. and the
future in this respect. is uncertain
Under these conditions il is not 10 be ex-
pected that We can have a bun market" "