The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-27

iliC4- eslSeu ueiilduu luE hlDthS, uOlNiAl-
standing that larger part Of this came
from the short interest which had begun
to manifest some eagerness 10 retire out
standing contracts. Every successive
drive from that time on appeared to be
awaited for covering. and the desire to
accomplish this Increased as the session
neared its end.
The traders professed satisfaction with
what Hartman told on the witness stand
and what he did not tell. and paid him the
questionable compliment Of being first
rate witness. IL some places it was said
that further testimony of an unpleasant
kind in regard to Alton might be elected
from Rock Island interests but the people
best informed on Rock Island affairs said
they thought this would hardly be TIE
case. As rule, il was considered that
Hartman was the star witness, and that
the testimony OF the remaining Witnesses
would not disclose anything more than
what might be considered interesting but
not very important. The real interest
from now on viii be in the steps TO make
Hartman answer questions already put 20
him which he has not answered.
The wire houses are wondering how
they viii fare if the telegraph companies
carry out the intention attributed 10 them
Of raising the charges Tor private mes
sagos - pc. cent The wire business has
not been very profitable ia the past year,
aud number of houses have retired from
this class of business turning IL over 10
others which, even with the augmented
number Of customers, have not been able
10 make what could at all be called hand
some profits. Brokers have kept on
hoping. and probably most Of them still
have hopes strong enough to induce them
10 keep their wires even should the ratss
De increased % the extent spoken o.
The apathy Of the public that has ben
responsible for the poor business done
by the wire houses is just as great now
as it has been al any time in recent
months. What has caused il is n subject
on which there is great variety Of opinion,
but nearly al houses agree that an im-
purtant contributing factor has been the
fact that people generally have been 80
much taken up with their own business
and have had their money so completely
employed In their own enterprises that
they have had neither the time nor the
means for stock speculation.
For this reason there is disposition IN
many places 10 regard the predictions for
a slowing down Of the cOuntry's CONNER
cial activities as not entirely Unfayorable
20
houses, aad especially Of those whose
principal business consists in executing
orders for 0ut-Of-town clients. When thu
attention Of business men is no longer
centered in their ordinary
affairs. and when they ind themselves
with money that they cannot longer
proftably employ in their business. they
are likely 10 seek opportunities for iu-
vestment in the business Of other popular
quarters. or. IN other words. % buy good
railroad and Industrial stocks that can De
purchased 90 yield large and secure diva
dcnd returns.
The reaction in Rio Tinto in the Lon
don market was. in a measure. response
bile for the weak opening in Amalga-
mated. ana the news received later that
the miners OF the Butte camp had voted
Ia favor of a demand for higher wages
gave the stock rather heavy tone, even
after "a strong rallying tendency had be-
gun t. assert Itself elsewhere in the mar
zct. According 90 the dispatches re-
,c.ved in the street. the miners denied
that the vote amounted TO Il decision TO
strike. and in this connection il was re-
l..
samated Copper with its miners have al
ways been amicsble. Thomas W Law
son once tested their loyalty at a time
when his advertised attitude toward
was the reverse of what
L is now. and the reply he received made
{ pretty clear TO him that the miners
lniOn of Butte was well satisfied with the
treatment that its members had received
rom the leading copper company.
Missouri Pacific and Colorado Fuel and
Iron. two Could stocks, suffered the
declines Of any stocks in the
BAD half hour that followed the opening
The break In Missouri Pacific was said
10 have resulted from the execution Of an
order 10 sell 1000 shares at the market,
but there was Il suspicion that the real
,ause was manipulation, and that al op-
eortunity was seized 10 mark the price
Town when there was nobody around to
end support
Immediately after the stock sold down
10 1872. "a new. low record for the year, /
support was encountered and sharp
ally occurred. the price thereafter hold /
ng firmly ut about 50 for the remainder /
IF the session. The decline in Colorado 1
Fuel was attributed 20 the death of the |
president, but there is little |
ioub; that here also the element Of bear
sh manipulation was a considerable fac
or.
As IN Missouri Pacific support was meel
With an the low level, and the price rail- /
led moderately. Admitting the great /
ibility of Mr.. Hearne it is probably too /
much 70 assume that his place cannot be /
iIed
Baltimore and Ohio. under continued
PRESSURE, dropped nearly a point below
is lowest quotation Of the previous day. |
declining indeed to a level under which /
had not often sold when on a per
ent dividend basis previous to the au-
hoTizati0u Of the increase to per cent
n the rate last summer. There was no |
cws to account for the decline beyond /
What had been current for several days
bout the possibility of an issue Of notes
nd comment on the January earnings.
Which made an unfavorable impression I
shen published a week ago.
Reading recovered wen from the ex-
RENE weakness which it displayed in the
rst hour the action of the stock con
eying the impression that the short in
crest in 1t was out of proportion 10 the
olume of the floating supply The talk
n the stock was ali bearish. for the
lost part predictions cf a break to he,