The Washington herald., 1907-11-13
COMMENT ON MARKET.

G. Bowie Chipman Of f. R. Chapman
& Co.-"During the forepart Of tO-day's
session the general list rallied and trad
ing was quite spirited Union Pacific and
Reading We're the leaders in this move
melt which extended until about half
past eleven, then after "a duh period the
market turned weak and reactions be-
came general. Particular pressure was
eXerted against Smelters and the char
acter OF the selling looked as though Il
was the closing out OF some fair-sized
long account Copper sold off in sympa-
thy, Influenced somewhat by the passing
OF the dividend by the Parrott Silver &
Copper Co, one OF the subsidiaries of
the Amalgamated Copper Co. Much ap-
prehensiOn was caused by vague rumors
Of financial troubles in Germany. as well
as in several cities here. and It was ap-
parent during the first hour that the
insiders were quietly tightening their
lines. | deem il best 10 await further
developments, although for purposes Of
investment it seems just as well 10 make
purchases on any Of the weak spots
George T. Edmunds Of Miller & Com
pany-''The early part OF to-day's ses-
sion witnessed an upward movement.
based largely on the increased absorp-
ton IN the shape Of odd lots. Later the
market weakened on a combination OF
unfavorable factors, including the cut
ting OF the dividends on Parrott: a small
bank failure In Chicago; a more
important one at Portland. and most
specific Of all. the sharp decline
in Shelters. based on the grow
ing belief that at the next dividend
time drastic cut in distribution viii
be ordered. Gold imports go on and have
now reached the total Of S56,G00.O0 The
clearing up Of the wreckage occasioaed
py the recent crisis may be more or less
drawn out and there will doubtless b..
hours or days when the market VIII
look almost hopelessly weak. but I adj
here 70 the view that the better class OF
railroad stocks are selling far below their
intrinsic value and should be bought on
every reaction
f. ". Crew. OF Henry CIews & Co
In dun market ike the present there
IS little 10 be said Ia the way Of news.
The most encouraging feature IS the drop
IN bar sold in London at time when
this country is making such tremendous
demands for the metal. thereby indicating
a disposition abroad to render al the as
sistance possible The upward movement
in the local market is due 10 several
causes, such as easier money conditions
lnves Jment buying from al parts OF the
United States a belief that next Satu--
days bank statement viii make a much
better showing, and an over-extended
short interest which finds II difficult 10
cover; this is particularly true OF Read
Ing. While there is no disposition on the
part Of the big people % rush prices up.
II y realized that a gradual Improvement
in the stock market would do more 70 re
store confidence and keep the wheels OF
Industry moving than anything else"
Benjamin Woodruff. OF Post & FlaFr-
THE market started with buoyancy. with
a good deal OF bull feeling apparent. 4
heavy selling movement developed in
Smelters. also TO a moderate extent ia.
Copper, and this was followed by profit
taking sales. There is nothing extraordin-
airy in this and 1 advised our clients on
the recent up swing 10 sell stocks II is
impossible 10 imagine that we can have
any bull market for a long time TO come.
and II things can be htld steady for a
while il is about all that W. can reason
ably expect. The railway list. all things
considered. was not so weak to-day for
Union Pacific and some Of the other lead
Ing issues closed about where they did
last Saturday"