The Washington herald., 1908-01-31
MARKET OPENS DULL
Slight Recovery Is Due to
Changes in Message.
STOCKS HEAVY AT THE CLOSE
President Modifies some of the Dras-
tie Features in Paper to BE Sent to
Congress TO-dny-FaIiing on in
Demand for BOnds-Bank suspen-
SiOns Were Long Expected.

New York Jan. 3B.-Oniy such interest
as attached to the operations Of stock
exchange room traders characterized the
movement OF the stock market, and spec
uation OF this kind was during the day
10 a greater extent on q decreasing scale
than at any time thus far since the be-
ginning OF the year
At first the market was heavy, under
the influence Of the overnight suspension
OF the New Amsterdam National Bank
and the Mechanics and Traders Bank
coupled also with the admitted fact that
the President of the United States was
10 send a special message 70 Congress
tomorrow urging renewed legislation in
behalf Of the labor unions.
Later on the market slowly recovered
under the purchases Of stocks by the
short interest, which was, however, con-
ducled in feeble and hesitating way.
and the advance appeared 10 be also
based upon rumor that the President
had modified some Of the more drastic
features OF his proposed outgiving.
But small hopes were entertained In the
higher banking quarters that any sub
stantiai or important change In the mes
sage had been made. Nevertheless, the
general character Of the message was the
main topic of whatever financial discus
sion there was in Wall street during
business hours.
Heavy at the Close.
At the close the market was again
heavy and the final prices Of the prin-
eipaY stocks in few instances showed
more than fractional advances or de-
clines
The really noticeable feature of the
days market was the sharp falling off
in the demand for bonds. The bond mar
ket was not weak exactly. but there was
no longer present that vigorous buying
of various issues that has been in evil
dence for several days past.
Total sales of bonds were 81. .250, 900 less
than they were yesterday, and were made
UP in large degree Of transactions in the
lnterborough Metropolitan 4 IL per cents
at very slight changes I'm price.
This disappearace of snap in bond val
ues was by many attributed to current
temCnts. which it is believed are au-
ntic that the city Of New Yora will
m appeal to the money market with
other large bond issue. probably at the
ne rate Of interest as that borne by the
ne last made.
No Surprise I'm Bank Closing.
he closing OF the Bank of New Am
Tdam and the Mechanics and Traders
nix was an event that has been con-
erred as imminent ever since the be-
ming Of the week in view Of the quiet
upon both Institutions that it was
own was going on; and interest was, Of
urse, naturally excited by the with
awals Of deposits to-day that were pub
ly in progress at the Oriental Bank
Comment concerning the affairs Of the
10 first named institutions are at this
ne almost superfluous. These banks.
we'll as the Bank Of North America.
hich closed last Monday have been
ruggling ever since last November
gainst the weight Of an adverse public
)inion created by the circumstances that
g matters of recent history, and in their
ippled condition they were in no shape
Withstand claims made by depositors
hen they were peremptorily presented
IL is a matter for congratulatiOn that
le suspension Of the banks was prevented
q time when the shutting of their doors
light have caused the feeling OF panic,
-hich was then rife. to rise entirely out
bounds