The Washington herald., 1907-04-13
WALL STREET NOTES
Bears Put ON Brave Front,
Making Bluff at Raid.
MANY OLD RUMORs REFLOATED
Recent Advance in Standard OF
stock Regarded with Suspicion.
Commission Houses Almost Entire
Iy Deserted-street SOt Worried
by PennsyIvania's Tax on CeaI.

Commission Houses Almost Entire
Is Deserted-Streef sOt Worried
by PennsyIvania's Tax on CoaI.
New York. April 12.-There could be no
doubt that a good deal OF the selling in
to-days market was for short account
Most Of it came through the recognized
bear channels and was so openly and
ostentatiously done as to create the ini-
preston that il meant the reopening of
the campaign for lower prices. There was
a recurrence of the familiar hluf and
buster about the amount of stock that
the sellers would be willing TO dispose of
at prevailing prices. but it looked very
much as if the purpose was to depress
quotations rather than to sell at the ex-
iating level Stories of damage to winter
wheat were industriousy circulated their
general tenor being that the condition of
the crop was not nearly so good at pres
ent as it had been when collected for the
report issued on Tuesday. The whole heap
of adverse humors of the last weeks
was worked over and every serH-
lINflt'lA NltA HA7 t'zftAA t5NAN iAttN 80 ht-At
ton after being touched up and em-
bellished to mt the occasion.
Much more was made Of the statement
Of President Earring, of the ST. Paul
road, TO the effect that his company would
probably go slow in the matter of build
ing the extension TO the Pacific Coast than
had been made of it when it first became
current in the street. The traders pro
fessed 20 see the matter in new light,
regarding, or pretending to regard. it as
having been inspired from % Broadway
where the leading members OF the Stand
ard oil party have their Offices-for some
reason. political or otherwise. which did
not promise well for the market Against
such arrangements as these the optimistic
views expressed hy II. II. Rogers in an
interview in the Manufacturers Record,
Of Baltimore, carried no weight, the
sentiment on the point being that while
Mr- Rogers no doubt expressed his real
sentiments regarding the mere matters on
which he touched in a general way, his
remarks had no bearing on the immediate
speculative position in Wall street
For the recent advance IN Standard Oil
stock the only reason given in what might
be called inspired quarters was that the
earnings were very good but traders sus-
pected that there was purpose 20 create
an impression other than the right one
as to the attitude of certain very power
ful market interests.
A Wall street paper, commenting on
the price at which Erie sold its notes,
and the price at which these were after
ward sold to the public says: This
means that the entire profits of the bank
ers and brokers ia the transaction could
only have been four-tenths Of / per cent.
There is nothing in this for stockholders
to kick about.
The amount Of bear talk on Erie in the
past day or two has been out Of all pro
portion 20 the volume Of selling Ia the
stock. The bears would apparently Ike to
see somebody else put the price down so
that they might cover.
/ Fewer customers We're seen around the
/ commission houses to-day than on any
other day for weeks past. In one such
house runner entered. banged the door,
and in other ways made himself felt 10
such an extent as 10 bring the head Of the
/ firm out from the private office. George, "
said the employer in a huff, If YOU do
that again III discharge you. You must
not excite us sir, by making a noise like
la customer"
/ Little attention was paid 10 the news
that the Pennsylvania house of repre-
+ sentauves had passed a bill 10 impose a
tax on anthracite because it was be
lieved that the producers would find a
way, in case the bill became a law. q
shift the burden Of the tax from their
own shoulders to those Of the dealers
who would In due course pass 1t on to the
customers. Furthermore, il was believed
that if II should become necessary to raise
4 prices TO Offset the imposition of tax, th'
J increase would be made large enough Il
/ provide not only for this, but for other
! contingencies.
A few houses whose opinion on the sub
ject is always worthy of respect. sait
there was good buying of the Copper
stocks but they could not go so far al
to say that the purchasers We're in tht
nature OF genuine accumulation rather
than support intended TO discourage bear
/ ish operations.
Estimates of the movements of currency
indicated a substantial increase in tn,
cash holdings of the banks. There was
however wide difference of Opinier as t'
the changes in the loan account. 4 fac
/ tor Of some Importance bearing on thii
item was the possible effect of the low
| rates for call money in inducing the tTus
companies to withdraw their funds fo
the present.
Bond houses reported a let-up IA th'
/ demand for bonds of ali classes, except
few issues listed on the exchang'
/ which have very wide market. The bes
inquiry was for notes WITH a short tim'
/ TO run where these could be had to yiel,
a better return than the rates on tim
money for an equal period