The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-21

uary /. 1856. amounting to SIS. S96, makes a
total surplus on December 81, 1896 Of
Eli5.57S.
Opinions on the New York Market.
g. Bowie Chapman. Of f. r. Chapman
& CO.-."The session opened with trading
on a very narrow scale, and prices about
last nights finals. Within a few minutes
heavy pressure was exerted on Union Pa
cific, which carried the price down TO
1uI4 and weakened the balance Of the list.
This was caused by short selling, and
when these offerings ceased the market re-
covered nearly all Of its early losses and
then became almost stagnant for the bal
ance OF the day during which time prices
ranged fractiOnally, transactions being
generally less than 500 share lots. In the
final few minutes the marked showed ac-
tivity and sold off fractionaliy In places.
the closing level being below that Of last
night. but i'm general stronger than the
low points Of the morning. The total
transactions were about % per cent
smaller than those of yesterday. To
close observer the action of prices yesteT-
day and to-day would seem 20 indicate q
policy OF encouraging and inviting short
sales and OF having the market present
an appearance of less strength than IL
really possessed. il is a qUesti0u if such
tactics are not preparatory 20 an upward
movement ia the not Tar distant future.
Benjamin Woodruff OF Post d Flagg-
Market opened with prices not much
changed from last nights closing. but
heavy selling OF Union Pacific weakened
the whole list notably Wabash preferred
and Missouri Pacific The coming in
vestigation Of Nh Hartman before the
Interstate Commerce Commission on Feb
rUary - is given as the chief reason for
the weakness Of the stock market many
people being afraid 10 hold stocks over
that time Buying orders have temporal
rily been Cancelled. which makes bear
attacks doubly successful believe that
Mr. Harriman's testimony will be- 6ene-
fetal TO Union Pacific, and will again
bring TO the attention OF the public what
an enormously valuable railroad il is
Some disappointment is also expressed at
the delay in bringing up the AldTich DilL
The above facts. combined with the con-
tinual adverse legislation started against
the railroads Ia various States, has done
much 60 Unsettle confidence during the
week.
Herbert l. Jones, Of Charles C. Gates
d Co.-"The market is "a typical holiday
affair, well adapted 10 the present season.
Well posted critics think it best to await
the passage of the Aldrich bill. the ad
journment OF Congress. +. H. IarrimaH's
testimony before the Interstate Commerce
Commission. and an awakening of public
interest When these things come 10
pass we should see more active market
and advancing prices. Until then the
market is likely to continue dull and pro-
fessional. with stocks q purchase on the
declines and a sale on substantial rallies. %
S II. Agnew. Of, Henry Clews & Co
There was heavy selling IN the market
again this morning The lowest prices Of
the day were made during the first hour
In addition to short sales a good deal OF
long stock was thrown over, which helped
the downward course of prices. Support
came about II o'clock. and during
the next hour prices advanced 10 the
highest of the day Then the market be
came purely professional 1t is now con-
ceded that professional traders are in con-
troll and with the shifting of stocks from
strong EGnuS INTO weaker Ones il is GD
easy matter TO influence prices. At pres
eut the tendarcy is still downward. The
attitude of various States in regard TO
railroad rates is disquieting. These cor
poTati0ns will have all they can do
Ia make q decent showing without being
forced TO lower passenger OF other rates.
About the only thing To cause any pro-
uouncCd rally at the present time would
be an Unwidldy short interest which might
be driven 10 cover. At present there is
fairly good demand in the loan crowd for
stocks. but not sufficient to denote
large short interest
Official announcement was made on the
New York Stock Exchange yesterday that
the holiday on Washington's birthday an
niversary would extend over Saturday
and the exchange remain closed. This
action extends 10 the Chicago Board of
Trade, the New Orleans Cotton Exchange,