The Washington herald., 1908-01-15
COMMENT ON MARKET.

George l.. Edmunds, of Miller & Co
London sent higher quotations this
morning. largely due 10 the fact that the
buying was fer new account. Anal
gamated Copper was strong on public
alton Of short figures, showing several
thousand tons shipped from the port OF
New York since last Friday. The buying
in United States Steel common attracted
much attention and the stock held strong.
is the face of pessimstic trade advices,
showing once more that all the bad news
has been discounted and overdiscounted.
Around midday the market was heavy
and even so 1t was noticed that if there
was any pressure Of stocks they were alb
sOTbed i'm a masterful sort Of way The
market acts to nay way Of thinking
normally, with every indication of
substantial and further enhancement.
Stocks intrinsically are cheap; the none
tary situation is slowly but surely inn
proving, the general business depression.
even II IT becomes as severe as has been
predicted. has long since been discounted
in Wall street.
@. Bowie Chapman OF E. S. Hutten d
Co.-"The stock market was subject to-
day 10 about the same manipulation as
seen for several weeks past traders We're
looking for a reaction during the session
and some fair lines of shorts were un-
doubtedly put out early in the day.
this created some irregularitv. but bank
ers responsible for the present move had
their plans laid for higher prices and
after this early selling the market re-
ceiyed much stimulus on the buying OF
the standard issues, compelling the pro-
fessional element TO run 10 cover. There
was really but little news during the
session 10 explain any Of the individual
moves or even the general market The
reported selling Of New York Central
notes by Morgan & Co. 10 the extent OF
S14 coo. coo was used as a buil card on
this stock il was purely a move against
the shorts, and I'm connection with the
selling of these notes it might be said
that these securities have not passed 10
investors hands by any means but TO
the small banker here who in turn Is eT-
pected to find a market for them. Basic
conditions remain precisely the same as
heretofore and ] believe that the present
market is ore for the marketing Of large
lltlAh vi ~. III lllfe lAlII hhfl lil t..'
recent panic.
Benjamin Woodruff. of Post & Flagg-
Covering 81 the extended short interest
is still under way. The professional BUN
clique. headed by Jacob Field. is taking
hold Of first one stock and then another
and bidding them up rapidly. Thus far
in every case. they have been able to sell
out stocks taken in this way 20 belated
shorts and so be iH position To repeat
the operation in some new issues THE
magnitude Of the short interest is sur
prising every one but day 10y day it is
being materially reduced There has been
quite "a little professional bulliug Of
stocks but the larger interests continue
moderate sellers, while the banking in-
terests are openly opposed o. further
rise in prices Until the shorts are prse-
tically aU under cover and the bulls be-
come uvcreXtended. the market is apt 90
continue along the same lines. but I
believe that almost an good judges of
the situation viii admit that the ad-
vance has now been quite sufficient 20
fully discount return 10 normal con-
fifians F