The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-18
WALL STREET NOTES
Market Sick, and Gonzales
cence May Be Slow.
DAYS RALLY NOT ARTIFICIAL
Investment buying and short Cow
ering Suffice TO Maintain Prices.
Ten Millions of Government 4s
stin Uncashed by the Holders and
Is Not Drawing Interest.

New York, Aug. 1.-THE market was
very, very sick on two or three occasions
in the week, but it did not die. and the
symptoms to-day pointed to a sure recoy-
cry unless somebody comes along and
sticks a knife into it again
II has taken on some aope. for one
thing: has had bit of faith cure, and
the belief that it will get well sometime
is a great help in its eonvalescenee.
There will be other sinking spells, perhaps,
but 1t isn't expected that they will require
such heroic remedies as were administered
Thursday. It may gasp, but the consen-
sus among the doctors is that it won't
croak. and won't need near as much
nursing.
AS the sickness has been of long dura-
ton and very distressing, the period of
convalescence Is likely 10 be long. The
Illness has been wearing and the patient
has been very weak Those who expect
it to arise. get out OF its bed and walk,
are apt 10 be disappointed.
At times it may rally rather briskly,
but. then, in all probability. it will overdo
itself. AS nothing but a blow from the
dark will kin it, so nothing short Of a
miracle viii restore it Immediately TO
complete health
To-day the market required very little
attention. It was able 10 support itself
with out medicine. a bit feverish and
causing some concern to those who were
sorrowfully watching by 1t. II neverthe-
less had strength enough TO get along
without additional doctoring. There were
some who though that a little vim was
administered hypodermically, and on the
quiet. but no one saw It done at any
rate. On Thursday. it was recalled, the
electric batteries were turned on so openly
that 1t seemed indecent.
Some people. who are bears because
that's their disposition, and are as cold
blooded as any one else in the world. say
It would be cruel 10 raid the market now
A powerful bear attack. they insist.
would be the signal for calls to the
undertaken. The lawyers who act as IN
dertakers in the financial district are
busy enough now, and much as the bears
Ike declines, they refuse TO work for
failures.
Liquidation continued on a moderate
scale to-day. London sold a bit on bal
ance. The market absorbed the liqulda-
ton without any indications Of distress.
Support was practically unnecessary and
practically none was accorded. Invest
ment buying and short covering sufficed
TO maintain an average Of prices a bit
above the low Of the week IN some
shares the quotations at times advanced
sharply between sales. giving the I'M
preston that the market was sold out
and that no remarkably large amount Of
money would be needed TO make covering
very expensive. Stocks were scarce IN
the loan crowd.
II was pointed out by a competent
financial authority that when capital
takes fright It shes at everything. It
runs away not only from stock exchange
securities. but from municipal and State
investments as well The case in point
was the failure Of the State Of New
York this week TO market 4 per cent
bonds
The issue was small. only $4,000. and it
had the entire credit Of the wealth and
State behind It. but only $500. just half tho
ordinary par value Of a single bond, was
subscribed. There was another instance
to-day in a decline in United States Steel
sinking funds SIS TO 90ll2. the lowest price
since 1904.
There are still outstanding $10,6OO.OO0 OF
the United States government IS which
matured July I, and which the govern
ment- las been anxious 10 nav since TINT