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The Washington herald. [volume] (Washington, D.C.) 1906-1939, January 26, 1907, Image 10

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045433/1907-01-26/ed-1/seq-10/

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Little LitfleTrading Trading Is Done but butHeaviness butRea butlleaviiiess
Heaviness Rea villess Rules EulesPESSIMISTIC RulesPESSIMISTIC ThiilesPESSIMISTIC
Wall Street Does Not Take Kindly Kindlyio ClncU ClncUto
to Secretary Seeretnr Shaws Order Calling Callingin Cal1JngIn Caliln CalilnIn
in Special Deposit DepoldtHCnnndlnn Canadian Pa Pacific Pnclfic Pachic ¬
chic Leniltf in Slump SlumpGnlns Gains by b the theNew theXew theeY
New eY York Banks Disappointing DisappointingNew DbalJlolntlngNew
New York Jan 25 SThrou 25Throughout Throughout bout the thestock thoslock thestock
stock exchange session today prices dis displayed dlsplayed displayed ¬
played a weaker tendency which led In hithe Inthe Inthe
the late afternoon oon to a general enera1 onslaught onslaughton
on values by the professional lonal e stonaI element elementseemingly elem elementseemingly t tseemingly
seemingly very similar to that made a aweek Aweek aweek
week ago a this date The net result was wasdeclines wasdecline wasdeclinen
declines in the active stocks running runningfrom runningfrom runningfrom
from 1 to S points The weakness of the themarket themarket themarket
market N was wa differentiated from that thatwhich thatwhich thatwhich
which has recently been beel noticed by the thefact thefact thefact
fact that the declines were brought bnnlfht about aboutupon aboutUpon aboutUpon
upon comparatively light sales salesThe salesThe les lesThe
The Volume olume of o purchases and sales alee Ia was wasmuch wasmuch was3nuch
much larger than it was yesterday or has hasindeed buIndeed hasindeed
indeed averaged aver < ed throughout thr bout the present presentweek presentweek prenentweek
week out ut the activity actlvIt of the market was wasstill as asstili ustill
still decidedly decided less than it was during durln the thesharp theJiharp thesharp
sharp fall in values last we week k neither neitherwas neitherwas ne4therwas
was there any particular feature of the thedealings thedealings thedealings
dealings that can be commented on onThe onThe onThe
The first stock to show distinct dl heavi heaviness heavInea heaviness ¬
ness was wa Canadian Pacific in which whichthere whichthereWas there therewas therewas
was Was apparently a resumption of what whatspeculators whatspeculators whatspeculators
speculators for the fa f fjll ll l assert rt to be a arather arather arather
rather Ion long delayed liquidation The bos bostile boIItile hostile
tile criticism of Canadian Pacific stock stockheard stockbeard stockbeard
beard is 1 that as a mere 7 per cent divi dividendpaying dhidendpaytnl dlvidendpaytug ¬
dendpaying security its price is high as ascompared ascompared ascompared
compared with ith that of other securities of ofthe ofthe ofthe
the same rank On the other hand there thereis therejs thereIs
is no doubt that the Canadian Pacific PacificCompany PacldeCompany PachlicCompany
Company is now earning at least 2 per percent percent percent
cent above the dividend paid by it white whitea
a conservative con rvatJve estimate of the lands landsowned Iantowned handsowned
owned by the company is that they are areworth areorth areworth
worth orth M HI > per Per cent of the par value of the thecompanys thecompanyll thecompanys
companys stock From Fro the point of view viewof viewof viewof
of an investor therefore th as distin distinguished dtfItlngulbed distinguished ¬
guished from that of a a speculator the thestock thestock thestock
stock at its current price ha has strong strongclaims stronrclaims strongclahas
claims to consideration considerationXot coaakteratJonSot considerationot
Sot ot a Sulllcient Reason ReasonWhite RCRHonWhile ReasonWhile
While this selling of the Canadian Pa Pacific Pacific Paciflc ¬
cific shares In so narrow a market as the thepresent thepreHnt thepresent
present was no doubt an adverse e Influ Influence tRAunce lallu1ee ¬
ence nce of importance for sufficing < explana explanations explaaatJons explanations ¬
tions for the cause of the decline in stocks stockstoday RooDtoday stockstoday
today a species iea of hunting hunti for reasons reasonshas reaoonahaa reasonshas
has to be engaged in inPessimism in inPealmiam InPessimism
Pessimism centered in the first place placearound placearound placearound
around the statement made yesterday yesterdaythat YeMercJaythat yenterdaythat
that the Secretary S tary of the Treasury pur purposed purposed purposed ¬
posed to withdraw from the banks in the thenear the1I thenear
near 1I near r future the P00u9 OOOIOS 0 special deposits depositsof
of public money that were made there in inthe Inthe inthe
the closing < months of last year ear This Th Tha is isa isa
a matter upon which whlc there was much con confusion confusion confusion ¬
fusion of thought thou t in the financial district districtdue dtMr1ctdue districtdue
due presumably pr umably to the fact that there has hasbeen baabeen hasbeen
been of late no official declaration ema emanating emanating etnanatlug ¬
nating from the Secretary of the Trees Treasury Trea Treaury Treesiry ¬
ury as to what his policy regarding the thedeposits thed thedeposits
deposits d poaIt was to be beSo beSo beSo
So far it seems aeem Wall street has not notonly noto notonly
only o ly had lack of information on the sub subject sabjtct subject ¬
ject but has been but poorly informed informedThe Informedrrhe InformedThe
The banks now no have a special govern government governiient cern cernwent ¬
went deposit fund of 190000000 000000 that was waslift w wItft waskit
lift with them in the latter part of last lastSeptember lastSeptember lastSeptember
September the Treasury stating statln a at the thetime thetime thetime
time of the deposit that the money moneylikely was waslikely waslikely
likely to be withdrawn wU drawn in February itgj itgjAfter 1107tter 7 7After
After this time an additional additionalwas 12000WO 1OOOOUWas 12000WOwas
was deposited with Ith the banks upon the thesettled thesettled thesettled
settled condition that it should be re returned returned returned ¬
turned in equal sums on January IS I and andFebruary an anFebruary anFebruary
February 1 and these dates were lately latelychanged latelychanpd latelychanted
changed chanted to February 1 and February la laIt 1 1I leIt
It I t is understood nder tood that what the Secretary Secretaryof
of the Treasury has ha decided is I that th thlast the ttHlast thelast
last 12000000 thus deposited shall be re returned returned returned ¬
turned to the Treasury at the time as now nowfixed nowfixed nowfixed
fixed but that in view v w of o the heavy gen general general genoral ¬
eral receipts of the government govern nt at the thepresent thepre thepresent
present pre ent time no further return of govern government government government ¬
ment money will oe asked for This is isvery Isry Isvery
very ry different disposition of the matter matterfrom matterfrom matterfrom
from what what Wall TaU street today understood understoodwould understoodould understoodwould
would ould be b made madeDnnlc madeDnnL madeBank
Bank Statement Dlnnpiiolntlijff DlnnpiiolntlijffAgain DhlRJlIJOintlngAgain DlnappolntjnjAgain
Again the trading tradln element professed professeddisappointment pcoteMeddisppolntment professeddisappointment
disappointment over the small gains gainsmade plnlmade gainsmade >
made by the local banks from the sub subtreasury subtreasury nuttreasury
treasury during durin the week t k these th amount amountIng amountlng amountlug
lug as was estimated e from 1008 6W006 to to5009M to5OO
5009M 500 5OO and it was as prophesied that an anincrease anIncr anInereese
increase Incr of loans shown in tomorrowa tomorrowabank tomorro1bank tomorrewbank
bank return would wipe out whatever whateverbenefit whateverbeneflt htewrbeneftt
benefit the banks 1MlnuJtad md sustained from their theirgains theirgains theirgains
gains in cash cashCall cashCaJI cashCall
Call money moneyrates rates were ere a little firmer firmertoday Armertoday lirmertoday
today than they were ere yesterday most mostof mostof t tof
of the kmnstfteing Jout loeaAeing lng made at S S 14 i per cent centas centas centas
as against yesterdays rate of 2 34 per percent percent prcent
cent There was no change in time timerates Hintrates theerates
rates but borrowers in by far the greater greaterpart greaterpart greaterpart
part refused to pay more than S per r cent centfor centfor centfor
for money for any period periodMore periodMore rIod rIodMore
More or less Ie was a8 made mad of cabled rumors rumorsfrom rumoufrom rumorsfrom
from London that tlta t certain dealers in op options options options ¬
tions there upon American securities had hadhad hftd18d hadhad
had 18d some difficulty in arranging their theiraccounts they theyaccounts theI theIaccounts
accounts for the coming fortnightly set settlement settlement settlement ¬
tlement Further there was wa made public publicduring publicduring publicduring
during the afternoon a report of the theInterstate theInterstate theInterstate
Interstate Commerce Commissions stons in investigation inesUgatJon Investigatlon ¬
vestigation last year of the relations be between be between betweei ¬
tween the railway r Uway lines and the coal coalmining coalmining coalmining ¬
mining industry The report contained containedabsolutely contJ containedabsolutely ned nedabfJolutely
absolutely nothing notbln that had not long be before before belore ¬
fore been Ii matter of general knowledge knowledgebut koo1ledgebut knowledgebut
but it was seized upon nevertheless for forhelp forhelp foreIp
help eIp in depressing the market marketFear marketFear marketFear
Fear Action of Minnenotn MinnenotnMore 3hlnnenotnMore lInneliotnMore
More particularly there was a assigned assignedas aa lgned lgned8S
as a pretext for the th selling of stocks the thesuit thfsuit thesuit
suit brought by the attorney general of ofthe ofthe ofthe
the State Stf e of Minnesota to dissolve dl the thecharter thecharter tbecharter
charter of the SL St Paul Minneapolis am amManitoba and andManltoba andNanitoba
Manitoba Railroad Company mpany the so socillcd 30tlloo nochIed
cillcd parent of the th Great Northern Rail Railway nailWety Railwty ¬
way Company CompanyInformation C CompanyInformation mpany mpanyInformation
Information regarding rttng the grounds groundsthe of ofthe f fthe
the suit was as somewhat vague v as made madeknown madeknown madeknown
known during the busing b hours but it itKened ItCned itscened
Kened Cned to consist of the general eral asser assertion aerthm assertlon ¬
tion that in the t turning tur fng over of the Mani Manitoba Manitoba MnItoba ¬
toba company com to the Great Northern Com Company Company Cornpany ¬
pany an amount of stock was v issued by bythe bythe bythe
the latter company greater ter than the law lawof lawof lawo
of o Minnesota allowed allowedInterests allowedIntereete allowedInterests
Interests connected with the Great GreatNorthern Gft GftNorthern GreatNorthern
Northern Company here declared that thatthis thatthis thatthis
this proceeding even if It were successful successfulcould successfulcould ful fulcould
could in no way militate against the title titleof titleof titleof
of the Great Northern Company to its itspresent 119prt Itspresent
present prt > sent property Finally even the ten tendency tendpncy tendncy ¬
dency of the elections in Germany were wereaccounted wereaccountefl wereaccounted
accounted as a bear argument argumentThe argumentThe argumentThe
The increase of the dividend on the thestock thestoe thesteel
stoe stock of the Peoples P pIes Gaslight and Coke CokeCompany CokeCompaaT CokeCompany
Company of Chicago Chl from fro a S per cent centto centto centto
to a I per cent baste passed almost un unnoticed unnoticed unnoticed ¬
noticed noticedSir noticedSir A ASir
Sir lrnn Francis Is Henry Jlenr Bvnns Dead DeadIxmdon Den1London DeadLondon
London Jan iStr Sir Francis Henry HenryEvans HenrY HenrYEvau HenriEvans
Evans M P director of several com companies COmpanies cornpanics ¬
panies and a partner in the Arm of ofDonald ofDonak ofDonald
Donald CUrrie A Co Co managers ma elS of the theUnion the1nlon theUnion
Union Castle line of steamships is isdead Isdead Isdead
dead Acute angina pectoris was the thecause thecause thecause
cause of death Sir Francis who was wastsixtysix wastiixtysfx wasshxtyMc
tsixtysix years oM at the time tlm of His Hisdeath 111 111death hisdeath
death married J lrtM Marie Marie daughter uSOAter of o the thelate theJateSamul the1ateSamueI
late JateSamul Samtwl Stevens htAlhan ef otAlbany Albany N Y 1f Yr
Qneiatiefts funded by h Charles G 1 Gates Co Coembers Cohen Coeeber
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FUebbtMK F pM 133 133Mexican 18lenett 131Mesleas
Mexican OsUal CeBtralew CMzalNew a ja jaNew
New ew York New ew Hares and ss HarUord HaeUe El JS1 iiti iitiAericaa Iii 18SAaMrican IiiAMfrice
AaMrican Inetwwtk Tube K 1 12 12American JI4 JI4AIIteIicaft wAesericsi
American Soar M MAM 1JIiI 1JIiIAMorrieaa 334Aeseeica
AM AMorrieaa ri aa Sna Stlpr r jrfd f4 f4American MjiJ Ml MlAmerican XAIDeficaa
American Wooien roaAaericaa VI VIAesencaa 3BK 3 3American
American W Worits ote pfd nm j jDoesisios Ml MlDominkm IIDPFlllwto
Dominkm Iran Ire and Steel 5iPelEdboa Steelldtios 4 25 29 29Edison
Edison Electric then thenMitsaaehwetn SSI 221 221MMMMhnMJ
MMMMhnMJ eb Electric M 16Marsachuiette M MMaa Jt JtlalllHh1l5eUa
Maa lalllHh1l5eUa eha ett8 Electric pM 45 H 7 7MawachwwMa it itlaNaCh 74Mauadiisette
MawachwwMa laNaCh Gft3 GuCalted Ca w wtntted 81
UnHed Bnrtt 1kuItUSIIM W5 Ml MlUatted 111 111Catted
Uatted Shoe MaeMaerr Ma I ery eryUnited 61 K KUnited IiUatted
United Shoe ioe Machinery iM pt ptNorth S3 S3North 1ortb
North ortb B BMte t4 in 331AtlestM 113 113Atlantic 1 14CJaatk
Atlantic 1 trOfll M w wroiivn 4 4Copper
Copper Range K IIJe 9 9IK 9IKSU i iShannon
Shannon SU Skssm4IUtah 2H 2HUtah a2 a2U
Utah U h 7 irIz ns S SOld A isOld
Old DenrinieB DOI I ief1IriIIU1 44j WK WKTrinitjr 36 36Thult
Trinitjr Thult ThultCaIset je jeCatanet 4IM 4IMCa
Catanet Ca et and Hula HeeIXEY HI HIXBAV i iNI3W
w YoPk Ye 3 Jr LJi 011 011It e isil ldey oeend oeendii
at 3 6 per eent hialMet IaIIMet kr 4 c cfoIt mwtet 2 during 2 2Meet 2Morn
Meet of the loans 81 were at 3f 3 Thne Ths moner aqrbes31 wa waMereantiie w wII
II rbes31 rbes31MecasIiSs
Mereantiie ua piper w WM talus Ufc with aanw a aby freeaura freeauraby ffftIiIMhr
by the ontxtf OIItcIltewa town market IRIYlHIt hit the foeal lees bum bumwere bareR bareRwere buyewale
were not teeHaad to bay Hb0aHj Hate Ra 5a 5afor 591 591fOC 5 5f <
for f wrtr t 0 ninety 1I dayiT ei 1 indoned bqb bill irceiwbk irceiwbkSaC metWeiR itmhIk5s4
SaC R for ehotoe e4is f four oar to rix x mentte nagle IIIIeP nanies naniesI ati
I P for ether etherSicrUai odinSWrtiuIrket otbe otbeS4rUa
SicrUai SWrtiuIrket S4rUa market arket was quiet with rate a trMe iriS be below lie lielow beb ¬
low b yesterday mtcrdajrFINANCIAL JQtcrdlFINANGJAl yesterdayFINANCJAL
and A majority jontJ of directors of FUSSELL IC lCCUKA 1CCREA3I i iCRRAM
CRRAM CUKA I COMPANY a corporation organised and andexistiw IexiltiMt adeiiitIw
existiw under the thelaus laws of the District of Columbia Cohmtbiado Columbiado
do hereby certify that the total tot l capItal stock of said saidcorporaUon satdCCIIpIn ra4I ra4IeorportIoa
corporaUon CCIIpIn OR i is twenty tWetl thousand t t 9l 44S r dollars and andttwt aoctthat andthat
that aU of mid tel stock bu ha been ieswed and has been henfully
fully paid te lit and that there are debt of the cor corponUea rpara mrporitiis
para ammmtiBg tt to four thousand IItO5 JPM IOOIt dollarx dollarxWhaewi daIlraWitness lafl laflWitae
Witness ew bide the JSOi day < of January yX yXM OOrlt 3O 3OM
M T FUSSELU F1SSELI President and Trustee TroMeeP TraIt <
P 1 MORGAN FUSSELL Tnwt TnwtI Trustee TrwweI
I Montecai MecIi > aidecai T FHK FeII Pr lrfWIcJeDt rtd < > nt of the Fimell FimellI FrnrstIha
I ha Cream Comp C Coespar ny of the DbUfct of Cohtmbja l ltI Cignes Cignesdo
do herehr amrm that the facts Mated ta the abore aboreeertMeate a ae at ye yeisrt1te
eertMeate e are tree to the best of my y k kaoai o9rled t and 1
SobscxMrad and attrmed to before me e ale 2U day dkyof
of Jwnsniy 7 IsV 116tisiiul IsVeorfalSe
tisiiul eorfalSe l SHI ClfARBS OII ltTas R It HARBAX nARB nARBJaf1 I1AR51a3 I
JaSM N etarT Hrr lIt PtthUe D a 0 04 04I
Market Shows Decline DecUne1Yheu DecUne1YheuProfittaliillg DecljiiewlienPiofittakiug When WhenProfittaking
Profittaking BeginsSEORETARY Begins BeginsV BeginsSECRETARY BeginsSECRETARY
Should Special DepoRltn Depo It Be With Withdrawn Withdrawn Uh Uhclrann ¬
drawn Stringency Would auld Follow FollowSny FolloWSay FollowSay
Say Bankers Canadian Pacific PacificShows PnclficShouI PacificShown
Shows Weakness Without Satisfac Satisfactory atlsfnc atlsfnctorT atInfnctory ¬
tory Explanation EXIJJanntlonRendlng Reading Down DoAvnNev DounNew DownNew
New York Jan 2 tFor For several days dayspast dnspasta dayspast
past pasta a great many traders have been ex expressing expressing cxpressing ¬
pressing the opinion that tl at the market marketWould markotwould marketeou1d
I would Would go up two or 01 three points more on onthe onthe onthe
the short interest and that th t on the rise riseprofits rls rlsprofits riseprofits
profits should be takon by those who were werelucky wereluck werelucky
lucky luck enough to have theln because because a big bigdecline bigdecline bigdecline
decline was sure to follow This implied impliedthat Impliedthat impliedthat
that operators who were really bearish bearishwere bearishere bearishwere
were ere for the time being committed to the thebull thebull thebull
bull side and that a very little chango in inthe Inthe inthe
the ton tone of the market would send them themwhere themhere themwhere
where here they belonged They hoped for an anopportunity anopportunity anopportunity
opportunity to get out and Instead intend they theygot theygot theygotthe
got gotthe the freeaeout freeaeoutIt
It would seem as if tho short interest interestIn
In the market has not been very er large re recently recently recently ¬
cently The shorts covered at the end of oflast oflast oflast
last or the beginning of the th present week weekon w ok okon ekon
on the general idea that the trouble scare scarehad SCtlrehad scarehad
had been rather overworked o erworked and an for the thesame tk tklame thesame
same reason rea m they turned turned to the bull side sidetemporarily sidetempollirlly sidetemporarily
temporarily in the hope of making a aquick aquick aquick
quick turn before selling again to stay stayshort stHYshort stayshort
short forever foreverBut foreverHut foreverBut
But the market did not act according to toprogramme topl1r topiramme
programme pl1r piramme mme The expected sharp rise did didnot didnot didnot
not materialize and when profit taking takingwa takingwas takingwas
wa was attempted prices eased oft until no noprofits noproft noproflts
profits proft were left It takes little in the theway theway theway
way of decline to send an operator who Is Isbullish 18buIltsh Isbullish
bullish for only a point or two over to tothe tothe tothe
the other side of the market and the thebulls thebulls thebulls
bulls find it more to their advantage advantageto
to have him where he can be forced forcedinto forcedInto forcedinto
into buying on a a rise than where wherehe wherehe wherehe
he can interfere with Ith their operations by byselling byselllnS byselling
selling on the advance advanceThe adanceThe advanceThe
The ostensible o tensfble reason for the decline in inthe Inthe inthe
the market today was the report that thatSecretary thatS thatSecretary
Secretary S retary Shaw Sha had apparently decided to towithdraw toIthdraw towithdraw
withdraw the special deposits from the thebanks theban thebanks
banks ban so that he might ml ht leave le vo a clean cleanJteet cleanfIIMet cleanhet
Jteet for his succ successor s or when whpn h h4 retired retiredfrem retiredCrH1 retiredrem
frem rem office on March 4 but the real rea reason reason yeason ¬
son could probably pr bb be found In the fact factthat fkctthat fiectthat
that the technical position p did not favor favoroperations favoroperatton favoroperations
operations on the side Ide < de of an advance advanceFew adnceFe1 advanceFew
Few bankers believe that Mr 11 Shaw will willwithdraw willwithdraw 111 111withdraw
withdraw the deposits depo if it should appear appearthat appearthat appearthat
that by doing so be would cause a recur recurrence recurrence recurrence ¬
rence of the conditions of stringency stI1 gency that thatwere thatwere thatwere
were relieved by the various measures measuresadopted meauraadopted measuresadopted
adopted by the Treasury Department In Inthe Inthe inthe
the past year The general opinion is isthat 1 1that isthat
that the withdrawal of all special de depoults de deIJOIIIta dopoe1ts
poults would oukl cause great inconvenience inconvenienceto
to put it mildly mildlyas as th the greater part of o th thmoney tM tMmoney themoney
money ha h drifted drlttedtoward toward this center and andpractically andpractically andpractically
practically the full brunt of the contrac contraction contraction contraction ¬
tion in the amount of available funds fundswould fundswould mHiswould
would have to be borne by Wall Street streotIf strootU StreetIf
If it was a3 known knov definitely that the Sec Secretary Seeretary ec ecretary ¬
retary would ould withdraw the Treasury Treasuryfunds Treasuryuntll Treasuryfunds
funds without Ithout regard to the possible con consequences C Daequen consequences ¬
sequences aequen Wall street would be filled filledwith filledIth filledwith
with Ith ifrious sfrlous tr10UII apprehensions as to the fu future future future ¬
ture of the money market but in banking bankingquarters bankingquarten bankingquarters
quarters confidence te expressed that noth nothing nothhr mathttg ¬
ing drastic wilt 111 be done and that the theTreasury thereasurywl11 theTreasury
Treasury reasurywl11 will merely pursue a policy policybased polleybaaed policybased
based upon conditions as they may shape shapethemselves shapethem shapethemselves
themselves them elves m In the future One thing te tecertain faeertal Iscertainall
certain certainall 4U all the money will m not be called calledIn calledIn calledIn
In at once onceApparently OfteeApparenttT onceApparently
Apparently London attached importance importanceto
to the reports of the alleged attitude of ofthe ortb ofthe
the Secretary of f the Treasury for it sent sentover sentoer sentover
over some rather good selling orders at atUte atthe
1 the opening of our market while blle on the theLondon theLondon theLondon
London Stock Exchange Americans were wereheavy wereheavy wereheavy
heavy throughout the day notwithstand notwithstanding notwttbstandtn notwithatandleg ¬
leg tn that fair strength was shown in other otherdepartments otherdeplLrtments otherdepartments
departments The foreign selling was not notconlined notconltned notconfined
confined to one or two issues but was waspretty waspretty waspretty
pretty well distributed indicating that It Itwas Itwas itwas
was not caused ca by anything bearing cape especially ea eaclaJly capedaily ¬
daily on particular stocks by a circum circumstance circumstance circumstance ¬
stance that was of widespread Influence InfluenceSuch InUueneeSuch InlluenceSuch
Such the rumored intention of the Treas Treasury Treasury Tressury ¬
ury undoubtedly was an4 an while particular particularreasons particularreasons particularreasons
reasons were given in individual cases caseethe ca cat casesthe
the t best opinion was as that the whole sell selling sellIft selllug ¬
lug Ift movement was due to the distorted dl torted re reports reports reports ¬
ports of what hat the Treasury intended to do doAs doAI doAs
As a leader in the decline Canadian CanadianPacific CanadianPadllc CanadianPacific
Pacific was conspicuous eon tleUOUfJ for tha weakness weaknessin OAkn OAknIn
in this issue but no satisfactory SAtlsr elor explana explanation 8Xpla 8Xplatlon explanathin ¬
thin wag heard for although there were wereseveral wereveral wereseveral
several veral rumors none of them was en entitled entilled entitled ¬
titled to much consideration One of oftheee ort ofthese
theee t was that the traders were raiding raidingthe raidingthe raidingthe
the stock another that at the London Londonsettlement LondontUement Londonsettlement
settlement next week steps might be betaken betaken hetaken
taken to discourage the speculation that thathas thathas thathas
has been carried on in Canadians through throughthat throughthat throughthat
that city by b New ew York speculators while whilea hfle hfleIt
a third said that the operators who whocaused wbocauHd whocaused
caused the decline in Reading on Monday Mondaylast londayI Mondaylest
last Ja t by which they forced out a weak weakbull weakbull
I bull account of o some proportions had hadbegun hadbegun I
begun a similar campaign in Canadian CanadianPacific CanadianPaelftc CanadianPacific
Pacific with a similar purpose purposeHad purposeHAd purposeHad
Had the selling of Canadian C nadtan Pacific oc occurred occurred cccurred ¬
curred a day dtor or two ago it might have havebeen haobeen havebeen
been explained In part as the result of ofpreparations of ofpreparatIoN ofpreparations
preparations to make the final payment paymenton PAm nt nton
on the new stock offers to stockholders stockholderslast stockholderslut stockholderslast
last year but as stock sold s s91d ld today t dftr will willnot v1lInot willnot
not be paid for until tomorrow such an anexplanation anexpbuNL a aexplanation
expbuNL explanation lon will not hold under present presentcircumstances presentcircumstances presentcircumatanceL
circumstances circumstancesLiquidation circumstancesLIQuidation circumatanceLLiquidation
Liquidation by tired holders ho ho1dersas ders flpis the ex explanation explanation cxpianation ¬
planation of the weakness lit In Reading that thatseemed thatemed thatseemed
seemed emed to meet with popular acceptance acceptancebut
but if holders get tired when they see an anadvance anadce anadvance
advance within a week of about 4 points pointsfrom pointsfrom pointsfrom
from the low level they the can hardly lie tieconsidered liec liec
considered c c n tdered desirable company on the bull bullside bullside bullside
side For a it successful successfui bull movement movementit movementIt
it is necessary nacesr to have holders who stick stickand stickand stickand
and very few of the other oth r kind At the thestart thestart thestart
start of the rise In Reading there was too toomuch toomuch toomuch
much of the argument that asthe stock stockhad stockhad stockhad
had often recovered r vered rapidly before it was waslikely waslikely j
likely to do so again Buying based upon uponsuch u uponsuch On Onsuch >
such an argument is the merest kind of ofgambling ofgmbltng ofgambling
gambling Those who gambled in this thisway this1ay thisway
way would just a freely freel tako the other otherside otltErsWe otherchic
side in the gamefc game and whether they the won wonor wonor WOnor
or lost could net n t be b a matter ma t r of rfcjtl l mar market mltrket market ¬
ket significance lI nftcance TI The e market mark t will willlIly probnj prooo prooobly
Wy be all the better bottorwhen when they 1lt arc ftr out outof outor outofit
of ofit ofitTo It ItTo It ItTo
To two items of news the traders at attached att atthekied ¬
tached t bed s some me importance hs bearish bearJ Itf8c Itf8ctors ° faa factors faatOrsone
tOrsone tors one tne t1 e announcement that tl tlffiC ftt the at attorney attorney t tlornlY ¬
torney general nera1 of VInnesdin 11 timcs nesOta tnbtd had begun gun a asntt it itsalt 8suit
salt to annul the charter hnrter of the ti e St StPftul StPftulMinneapolis Paul PaulMinneapolis FindMinneapolis
Minneapolis and Manitoba Manltobaroad lanl bn rood that was wasyears wasyears s sears
years ears ago merged in the Great Northern Northernand Northernand Northernand
and the other that the Interstate Com Commerce Cornmerce j jraerce
merce Commission had roWdored roltd red a report reportof rep rt rtof rtof
of its investigation 1nestJ tlon of the th bituminous bitumin us coal coaltrade cootrade coiCtrade
trade in the course of which it elicited elicitedsome eUeftcflsome elicitedsome
some Interesting facts Inst summer summerNeither summerNetther summerNeither
Neither of these announcements caused causedmuch causedmuch causedmuch
much concern in quarters where here a 8 broad broadview broadview broadview
view is taken of mtters of market nnrk t influ influence Infiuence intluonce ¬
ence enceThe enceThe onceThe
The impression h preHfon in banking circles Is ieUint IsUtat isthat
that the latest lost suit against 8gafristGr Great at North Norther NorthaPe Northii ¬
er aPe ii will not lead to any anypartlcuiilr particular prtlcuir result resultwhile rosultwttte resultwMiethe
while wMiethe the report on the thcbIttheifl0us bituminous coftl couj caft caftI
roads WitS clearly foreshadowed by the thetestimony thetestimony thetestimony
testimony several months ago go The sepa separation sepration separation ¬
ration of transportation from mining oper operations operations operations ¬
ations has been made obligatory by b the therate therate therate
rate law passed at the last session of ofCongress orCongrCH ofCongress
Congress CongressThe CongrCHThe CongressThe
The Hill stocks weakened WOAkenod on tho report reportthat roportthat reportthat
that the charter c rter of the Manitoba road roadwas roadwas roadwas
was to be attacked and though the sell selling selling selling ¬
ing was not large in volume there was an anabsence anabsence anabsence
absence of support that discouraged discouragedspeculative discouragedspeculative discouragedspeculative
speculative holders who argued that If IfInsiders ItInsiders ifinsiders
Insiders were as confident as they pro professed profeseed profeseed ¬
feseed to be they were strangely timid timidabout timidabout timidabout
about buying The heavy snowstorms that thathave tbathave thathave
have practically tied up the roads ro ds may mayhave ffiYh mnyhave
have h we been hee a factor but whatever the rea reason rooson reason ¬
son for the lack of support the effect on onthe onthe onthe
the minds of the traders has not beon baonsuch beonsuch beonsuch
such as to stir them to enthusiasm enthusiasmA
A good deal of disappointment was ex expressed cxpressed x xpressed ¬
pressed over the action of Amalgamated AmalgamatedCopper AmalgamatedCopper AmalgamatedCopper
Copper although as a mattop matte of fact the thestock thestock thestock
stock did not behave badly when it is isconsidered Isconsidered Iaconsidered
considered that the sharp rise yesterday yesterdayafternoon yosterdayafternoon osterdayafternoon
afternoon had given birth lrth to a bull ac account ac account no nocount ¬
count that of course proved an element elementof elementhI elementbf
of weakness the moment the tendency of ofthe ofthe ofthe
the market showed signs of changing changingThe changingThe changingThe
The bears however derived encourage encouragement encouragement encouragement ¬
ment from the reaction in the stock stockwhich stockwhich stockwhich
which they heralded a u confirmation of oftheir oftheir I Itheir
their argument that the distribution of ofinside ofIn ofinside
inside In tde holdings holdln was in progress This die distribution cU cUtrtbutlon dietribution ¬
tribution It was wa argued pointed to the theprobability thoprobability theProbability
probability of a break br ak In the markets for forthe forthe forthe
the metal and fantastic fanta tlc tales were told toldof toldor toldof
of how the copper markets of the world worldwere worldwere worldwere
were manipulated from Paris to give an anappearance anappearance anappearance
appearance of strength that was not notfounded notfounded notfounded
founded on substantial conditions in the thetrader thetrader thetrader
trader There seems to have been a arather arather arather
rather extended bull interest in Amalga Amalgamated AmaJgamated Amalgamated ¬
mated stock a reduction of which was wasalmost WUalmo wasalmost
almost t essential to the inauguration of a asuccessful asuece asuccessful
suece successful ful upward movement movementRumors moyementRumors movementRumors
Rumors that an announcement an ncement of a acharacter aeharacter acharacter
character favorable to Anaconda will be bemade bemade bemade
made in the near n ilf future are too vague vgu to tobe tobe tObe
be worthy of much attention attentloa One trader traderwho tnd traderwhit l lwho
who heard them expressed expll the sincere sincerewish sincerewish
wish thatthere th ther was v no intention to cut a amelon amelOft amelon
melon as he did not think of anything anythingelse anytblngelM anythingelse
else to disturb confidence conftdei ce In Inthe IntheAlmost the stock stockAlmost stockAlmost
Almost from the opening oJ entng of the market marketIt
It was evident that the rumor mill has hasresumed hasresumed hasresumed
resumed operations operati Aa on bear orders its itsfirst lUlftrst Itsfirst
first product being bein the helpto over ove of a aLondon 8London aLondon
London optiondealer OIt Oftdealer which showed that thatas thata thatas
as a a week ago foreign material could be beworked beworked beworked
worked up Just as easily e y as the domestic domesticsupply domeat domeatupply domestLIsupply
supply Afterward there was a consider considerable considerable sldu slduable ¬
able turnout of democratic material materialwhich materialwch materialwhich
which when examined exam1 was not new but butmerely butmerely butmerely
merely the working over of what the thestreet the1Itreet thestreet
street had already rejected In the best bestquarters 1 ntquarters bestquarters
quarters it was said that there was no noground noPOUftd noground
ground whatever for the revival of o the thesinister tileanl8ter thenIster
sinister nIster rumors regarding the standing < of ofcertain ofcertain ofcertain
certain houses and the protaMlity prob is that thatthere thatthere thatthere
there are fewer vulnerable e spots hi Walt Waltstreet Wallstreet r rstreet
street today than at any time re th thpast tiPs tJlltt tiPspast
past t six months monthsOperators monthsOperatora monthsOperators
Operators who a few days ago ex expteftsed exIJteMed axpreSsed
preSsed concern regarding re the resumpttoa resumpttoaof re
of the Interstate Commerce GoenmteBtoftn GoenmteBtoftninvestigation CoM CoMinveMJption Cossinlenlonsinvestigation
investigation of the liarrirojui system in inthis 1Athis inthis
this city now speak of the matter as one oneof oneor oneof
of great market consequences They say sayit sayIt sayIt
it may be resumed just as soon AS Mr MrHarriman MrHarriman r rHarrhlwt
Harriman is able to testify st1fy Cy and that thatsomething tMtJIOmethlq thatsomething
something may be brought bl out that will willdisturb 1WcIietutb willdisturb
disturb the market to a considerable ex extent extent cxtent ¬
tent The probability te however that thatthey thatthey thatthey
they are no more concerned over the mat matter mattet mattet ¬
tet now than they were a a week eek or two twoago twoaKG twoago
ago but that having sold some stock they theyare the theare theyare
are trying to make for themselves an op opI op opportunily opportunity
I portunity to get it back backPRODUCE backPRODUCE backPRODUCE
Baltimore Jan J SfcFLOCnQotet and dWtDter unebansed unebansedWinter uackaais4WInier
Winter extra nate 2Jha3M ta1 winter dear XMaXM 3lSs3 win winter wIater wisPtar ¬
ter straight 32MLM 3asa winter patent 37M1M 37M1Mpring 3711 3711dear 37k3J6sprise
pring dear 3K 3116 3H aprinc straight t I ll1dJli ll1dJliIIIIriai 35k311 35k311acting a39 a39aormg
aormg IIIIriai pat pa patist nC 4Ma4M City < ltJ Milk best patent SW SWCHr 5 5CIty 5IScity
CIty Milk WIt hfhe grade paieat 4Ji cur MHb I Mflispad hfeh hfehEade 1ItdIt
Eade pad straight 4U choice o4ce family 37S City Milk Mittiextn 11 11am Milkexta
extn 312s3i16 lMa3 iA l Rio It o extra U8a 3He4il Ky It Rye Hour JIoardt1a snr ma madtaw asdlis
dtaw U to > choice lHaXM Cora C a meal I per Ml pooad pooadLMaL3S poIIDdaUIIIlJL posadaLIPsL12
LMaL3S Buckwheat per Ml pound 2Ma2 2Ma2WHEATStock UIaWJlKTStod 2Jis14 2Jis14WU11ATStOek
WHEATStock in eleiraian deft 3K9S Me bmhete Re Reeeiptt ReeeipU 16eca
eeiptt ca of Southern wheat today were ere too notaJl to toaccurately Waccurateb toaonwststy
accurately test t the market kec a a to ntoei Only one oneamaB OMI usesasH
sasH lot waa neared which we If was not of very choice choiceqoaHty cItokwarftt choicet3r
qoaHty t3r Market arftt abent steady on graded iota with withNo witbNo withNo
No 2 red afloat aomlMBy at 78 per bushel at atthe atUte atthe
the doee Contract opened Arm Febraarjr leeQThe IS ISThe 75 75Tb
The Tb market rtwt for Western closed steady lIMIt lass January J JUf lasstry ¬
try 7iK Kebrnarr 7 T57 Ha H March 714 72 May Sl SICOJt 61CO1ttStock a aCOKXStock
COKXStock COJt od in aiccatot 4f tors U41 UIU25 B bnabeb U UabHnce J Jawee Isabeace
abHnce of reevipte of Smstberri corn today there tbensWM UtUtJIG theree
WM e no bnrineM hi this Uti CMM cses3 Market arltet quiet and andnornhMlIy aMQtaMe andsoeslisally
nornhMlIy eerier QnoM prttne lots of while aSset afloeti alMtor aSsetnoesiasily
i nominally at MK per bnahd isIsI and y 7 How at MU per perI perTract perbnd1
I bnehd Track yellow corn fa worth SUK 6157 per perbushel pethusIteI perbushel
bushel for carlota prime pm donettie deHTcnr Con Contract CoDt Custract ¬
tract opened opeMdacth aetlfe February 4fH 14 The market for forWeatern lordoled forWestern
Western doted ton Siot January 4 Miz K February February44fti FebaaI7fii
44fti fii 44 March arcbII arcbIIOA 4IH 4IHOATS 44 44MTSThe
OATS OA MTSThe Tne m IMltlet rket wax Ira Stock m ba election deratorsHI13I electionTh
HI13I 131 bo bushels beb abipmenU Ihi sbissen from election 825 USek S Sria boe boed
d ek New ew islE White Xo 2 43aiW a 4345 J do No o X X4flia 3miaft 3 3tn4sO
4flia miaft do No 4 4 W Vie4 elI 1 mixed No o 2 4fHall 4fHalldo
do 4 No 0 X 3 3fH 12 No o 4 3bS8j lklB tSotnc No The abo aboqnotetkNM above aboTqaotaticJIII abovetkaa
qnotetkNM tkaa refer to domestic delivery deliveryRYBStoek delhreyYgStodc t tIt
RYBStoek It m ba serMon WSK bushels baIheIIJMIIta bushelsaesta s p pmento
mento from devatora W56 MMOel INMIeII No o 2 doweMx doweMxi doIMIUeSi
i K Si Ne N 3 Western uptown ddh delivery ry BK < 15 No o 3 3nearby IMat 3aerb
nearby Mat aerb uptown delivery KaG No 0 4 Western ra ratow np nptown aptosre
town tow delivery 101 4 No 0 4 nearby uptown delivery deUreryMaM
MaM 51 bag Jots M to quality and condHfcm coadIUoRNo watt wattNo 12 12No
No 2 Wet WNt6D ra domettic HaTl No 2 Western Westernchoice WtensCIdce WreternchoIce
choice uptown TSaTt TSaTtBtrrTBRMtrket 15aHnHTTKRIarlltt TkTlBCVrERMsrket
BtrrTBRMtrket Ira at price eices seated Crura Cruraery CruraerJ Creameel
eel fancy per pound 3Vi5l 631 i do choice 3S29 21a i iI do dogood
good MaST 53 i do do inUUikw O Dati > 94 i dc print printSftaSC IriaU IriaU38a31
SftaSC 12 do blocks bIoeb2Id1 S 16i31 O1 ladle ladleis 3a t Mar Marby MIIrDr
by rolls relJI Ma Ohio rails rei 2UH West Vireinia Vireinianrtb YlrdMareUs VirgislariSk
riSk MaM Jt storepadied Ohio hisS 1t do Wet Vk Vkginte Virginia Vieginla
ginte ICalt i Maryland arrbRd Virginia and PennsyUania PennsyUaniadairy Pennaylvauicdairy 8 8dait1
dairy prtnU Mi2l Ii renovated Jfa97 N B BAooTe BAooTelI11CMtioaI BAbecenaotatiose Abort Abortqwtatfom
qwtatfom are for whole wholesale ak Iota only aa s establMted establMtedby WillMd WillMdbr
by U ue BftlttaMc n Baiti Fruit and Prodtne 1 AJMe AeseelitienJolinr Ulee lltIH lltIHJ tie tieJobWns
JobWns J Iota sell higher hfeberEGGSMarket higherEGGSMaclet bcl bclEGGSMarket
EGGSMarket easy f Maryland Penmylrank aiMf aiMfnearby a aIleACby adt adtnearby
nearby Irate lose off o per doeen 21 Western Sees rtrsisIOM int int10M SeesIa
IOM Ia off o 94 Weet Vircjaia ir Seals Ion eg 3 SOUth Sonthera sthffJI SOUthera
era HIM ft lists low off 2UZ2 I flal jartsea Il J ISaM ISaMUVB 131114LIE
LIE POULTRrGenetal market steady a f Chick Chickem Clrickma Chickens
em old bent be heavy per t lb > U de asahi 13 13no 13o 33do
o do no old roosters nIOt rI each 2SOI i3S do young OUDC good te techoice tochoice
choice 15 ducks puddle Ie large Jar IbIS do asahi
11 11110 da miecoTy tJ and pad aengrel eegrel pel flail 113i do dralt drake 3 3k 3kM 3MII a aM
M do white pekias per Ib ISali U cecte i gecie Weetera Weeteraand Wes4ernand wn wna
and a Southern llat ntZj 1112 do Mrylat Maryland > d And Vtriofe irElittla U Udo lJd 23do
do Kent liked Kal3 turkeys young J 14 do doold doold doold
old torn 13 l1i pizipn utr pIgpni young 701 P per r pair 25 do do oH oIilWMa
31 guInea fowl loWt old N each eadt 24a d do yews g k3i k3ieW SkSlaid 3 3etd
aid Bobblcn n IJalS do young K H Abote Queta Quetatipm uota uotatipise ta tatpM
tipm are for vrhoiesk lots only OIIas as eeubHsbed b bthe br brUte bthe
the lUltteow Frttit tad Produce Asiocjatleo s atien Small Smalllets SmaHJots SnaiIota
lets Mil higher bicherCOTTON biilterCOTTON higherCOTTON
QwoUUoM tarnished f by l Dick Bra re Co mom mombow Dl0IR00n noesbutt
bow ef the New York and New Orleans Cotton ex exchanges exdMgeI oxchanges ¬
changes Hit H street northwest Thoatt main mainS4W6U1 IMIaSI main64Gill
S4W6U1 S4W6U1New SI 64GillNew Jt6t IL ILXew
New York Jan 25 sTbe The coUon market was dull dulland duliaJMl dulland
and narrow Liverpool wnt a fair set of ofwith caw eabfeswith cawwith
with fatmts about in HM with expectiiUow txpecta 08tl and andspots aaMIspots andspots
spots w 1IfidIanged ehanjrd OH sales Mo of 7100 bales There l1 t was waseonaMeraMe Wlt5comtderable unsmeisiderable
eonaMeraMe premtire on U tJ New Yerk erk market marketaiaoml IMrJretal marketsessnd
aiaoml al 111RCi the openiwa and prkt worked off 1 te tAt 5 5point 5poiats 5poInts
point poiats A rally emued which ecorcred more than thanthe tlianthe thanthe
the kx lea but the gain WM not held The a moTe moTeUImt moveneat v vwent
went ie levy 1 but has r TS ry little Jnienee on onprice onVices onpriest
price Vices The bear bears seem to be making MAtht the mo most t of ofthe ofu oftin
the lads of speculation tion The Tb i intonfght t 4ght ghl for th the wtek wtekwas wtrkvia k
was 395192 > 19 bates against iMt 477IW m bit week haste Inteit lilt liltstpt hastesight I
sight it > t for the season rag MWMO 1RtlIOlwtles bales against 118
7839 7 7536560 S Jut year The trade tlfde appears to be looking lookingfor Jo kwgfor kddugfosS
for a bearish h viriMe supply siatement U t tomonow tomonowSouthern tolMnOWsthent tomormwSusthera
Southern spat not marirete BeeeraHy r qniet Iet and an anckMiiired 11ft 11ftdllllllroII noautus1
ckMiiired Port rcveJpt were re eetttaa aMokMled ted at 4MM 4MMbales tllMlee 43445bkeagalsset
bales bkeagalsset lee against a Mt SJT2J hart Jae41i yew yewJaawry yetoNcsv
New 1i w York YorkOp
Op 0 0455 Ilia II llWi Law LawM4 Close CJMeJMtAr1 Close1snary
Jaawry 1snaryMsrdl M4 M Mw loa SJ SJhi
Msrdl hi e w M 4S 9K 9KOctober 94 r 9II 9II31ai 1 1I
31ai I i II 952 952J 93 93Jig
J Jig J 516 ft i tIS e eQcisbn 118 118o
October o Ml t tiJ MI MIKcnOrle 57 57NevOrIen
KcnOrle NevOrIenI n
I 0 Open 1I IIIi JA Low Z p p pJiusasry mt mtJIZT
JIZT 1 M3I Jt S6 > MB M MXU 145 145I1rdi 1531March
March XU ILlS 18 M21 1I t Ml7 ejf M19 M19M 1419Ii
1 Ii M 1421 v MW 1 M21 M22 M22MJl ItUSpot 1432J
J MJl 3t MJt MJtSpot 3431leIober
Spot Market MarketItMcinte MarketsIhasists Inrk tIJ tIJn
ItMcinte n SWpwtff Stock Mids 11ds Sales SGIesGwblltlea SalesGidastis
Gwblltlea 2 IiH 744 413MT 4i3 M916 SI7 SI77JIS 51iSsw 517New
New 01 O3esase ill il m9X M7K Jt i6 1500 1500SuIi j5ejJSatsusak
SuIi f 4i 17418 l3 14314 et etX 45 45Nisolk1614
X Nisolk1614 188 lUll tliltYr 15 153544
I IIU 30fJ6 m5 1 1516 + 4008 4008A
A g 151 1 1431 3 4s iiIIl 64 64US 64liastesi
liastesi US f 58 45367 14946 > 5J6 71 71S 736StLk
S StLk L6 1 SlJ g 218 T l 1li >
A gain of three points gn actual sales aIos of ofone ofone ofone
one of the local bank stocks in one day is isunusual isunusual Isunusual
unusual on the Washington Vashh1gton Stock Ex Exchange Exchange Exchange ¬
change yet et that was what took place placeyesterday placeyesterday placeyesterday
yesterday in Second National Natlon 1 stock the theselling theselling theselling
selling of quotation lot lot beginning at
160 18 and am ending with thirty shares taken takenat takenat takenat
at 153 A As the sales were six In number numberand numberand numberand
and all taken by one broker the Inference Inferencewas IneetenceW84l infe ence encewas
was that something was doing In Inquiry Inquiry Inquiry ¬
quiry elicited the Information that a con considerable considerable considerable ¬
siderable block of the stock Is I for sale in inthe Inthe inthe
the settlement of an estate estate and those in inpossession InpO inpossession
possession pO of this information came to tothe tothe tothe
the conclusion that there would be a astrong atronS astrong
strong effort to force up the price to tomake tomake tomake
make the sales a as profitable pro table as possible possibleto
to the estate estateNext estateNext estateNext
Next after Second National Bank BankWashington BankWashington DankWashington
Washington taUWfty Railway and Electric 4s at attracted attllicte attriteted ¬
tracted tllicte most attention 58000 being sold at
S6 18 and a fraction above that figure figureMitchell figureMitchell gure gure1UtcheU
Mitchell Mining showed a good degree degreeof
of strength in comparison eompsds with the low lowprice lowPrlce lowP11cc
price quoted on the New York curb Six
hundred shares were sold at 5 558 558Opinions 58 58I 58Opinions
I Opinions on the lie New Ne York Market MarketHerbert lUarketHerbert MarketHerbert
Herbert L Jones Jon of Charles Charl G Gates
Co CoTbe The market weakened today
largely on professional operations which whichwere whichwere whichwere
were accompanied by rumors of trouble
in connection connectio with the London settle ¬
ment meats
These are as yet unconfirmed
Good stocks stock are a purchase on these de ¬
clines clinesi clfneslJonju cit
lJonju llOflJRIthiht ln Woodrutl or Poet I Flagg
i I ltated at l in yesterdays letter that the
rany having wiped out about half of the
violent decline decli of a week or t tn n days ago go
the action ac on of the market toduy y would be betinned beaINdaUy beeapeiaJIy
aINdaUy Interesting for If the rally con
tinned ilrtMr farther there would probably b be a
stampede of th lhe tIn shorts ahorts who up to now
have been n very confident of their posi ¬
tion Today there has been considerable considerableelllnt considerableeUlna considerableselling
elllnt some of which has ha undoubtedly
been km long stock but I also believe that
there has bubeeft been a a good many abort con ¬
tracts put out If this surmise Is cor correct correet correct ¬
rect we ought to have a better market
the early part of next week eet at least leastG JeutG leastG
G Bowie CMpmau of K R R Chapman ChapmanCo ChapmanCoThe
Co CoThe The greater part of todays todayssession todays8e8IIon todayasendon
session continued uninteresting with withHmlt withItmlted withilmitod
Hmlt Itmlted d trading and that over a narrow narrowrange narrowraage narrowrange
range of fluctuations uctualto In the latter part partof partof partof
of the afternoon a a more pessimistic feel feelIng feeling feellug
Ing WAS wa noticeable and rumors of even evengreater evelKrMter evcegreeter
greater vagueness vaguen than usual caused an
Increase in the uneasiness During Durln the thehurt theJut thelst
hurt hoar toe market sold Iff oft rapidly and andclosed andcloeecI andclosed
closed with the prices for the leaders leadersconsiderably leadersD8lderably
considerably D8lderably below last nights night Just at atthe atthe atthe
the moment It looks as though forces forceswould tor foroeswould s swouhl
would work lower and If a lower level levelWM lentw levelwas
WM w established without untoward an announcements anAOUDCemeftta announcements ¬
nouncements it may be expected expect that thatfrom thatrom thatfrom
from rom that point the market will do bet better better t tter ¬
S H Agnew of Henry Clews Co CoTh CoTb CoTh
Th market bad another severe slump slumptoday alumptoday slumptoday
today especially in the afternoon hours hoursIts hou houIt hourslie
Its narrowness DarroW and unstableness are areshown areIIhowa areshown
shown by the quick change eban in sentiment sentimentFour entimentFour sentimentFour
Four per cent call money yesterday cast castanother catuaotber castanother
another shadow over er Wall street While Whilethere WhileLbere Whilethere
there is no Indication of high money in inthe inthe inthe
the Immediate future the belief prevails prevailsthat prevaUtbat prevailsthat
that it would be an 11 easy matter for city cityinstitutions citylnaUtutioM cityInstitutions
institutions to mark rates up at will The Themarket Themarket Themarket
market is running nmnln into a rut from which whichit
it can only emerge II1e e by a good break The TheStandard TheStAncIanI TheStndard
Standard Oil magnates ma tes are menaced by byinnumerable byIlUIumerabJe byInnumerable
innumerable indictments huge hu < e aggrega aggregations a aggregathan gresa gresa1Ions ¬
than of fines and pending pendtn suits suit in con connection conneellon eonsection ¬
section therewith the sickness Ime of E H HHarriman HHarriman HHarriman
Harriman who is confined to his house houseand hoUtand houseand
and no one knows when he will 111 be able to toget to8et toset
get out the Indifference lnd1 < erence of J P Morgan Morganto
to the stock tock market as evidenced by his hiscontinued hUicontinued hiscontinued
continued absence from Wall street street also alsothe aIMthe alsothe
the absence of other big 1 financial satel satellites natolIltes t l lIItea ¬
lites in Europe and elsewhere el ewMretheae these are arepoint arepoint arepoints
point which hlch weigh wet heavily against the thebull thebull thebull
bull side ide of the market at present I am amstill amIIUII amstill
still not in favor of new commUn commltxtnts nt > > nts on onthe onthe onthe
SaleeRegakr can taD it oclock odoetw neon neonWaeMDRUm es esWsIstoa
WaeMDRUm w hallway OOBDMB 81 at 4t borer IiIIQwat syey SI
51 at atw t 404 404WaaMngun 44 44Wathla6ees
WaaMngun w Kailway 1ta pU 14 at WI K 9 14 at a 31 K 11 Uat 11K 11w 11at36
at at36 at36Wi St StWeehtesten
Weehtesten w Wi iagtis Oe nu Its V at atXitdteD B BXttcheu 145 145Xitcbehl
Xttcheu MbMKC I Ml a at fffc Ml at 1 K IN at atat SK 5
Ml at S 511 Ml at Mi MiS4CIIIDd 1 1Sonmd S SSecand
Secand National Beak 1ss M at Mfft M at IS 15 15at M MWaehhmtoa IIat
at JI2 312 16 at III Jt at JI lit litTtd 116 116Waistos
Waehhmtoa Title TtdScIutIwra IN at C CM 4Sustbevs
ScIutIwra Iabtie smc oJ Oespotla ifj Jt at lU lUat 111IS
M at 114 M at IM IMAfter litUt 114After
After < esnWaeMnKton oaDW Raitewr Xsflss and Xfcetife Ie kIb 1 K
1031 Ib > at 1PiI Wi 11151 I M at 16 K UM at a i 36 M at atW4 atf001
W4 16 f001 lj > at S tM 1545 jm at 1Mi 16 Hi t 4141 at 55 h hat 71444 71444at UN UNa UNttcbftI
at a 144 1441LttehI H HMnebrfl
Mnebrfl ttcbftI Mining WO at atCapital ataphal 5 5cal
Capital Traction 3 at Ml MlDistrict HtDbtrirt 113Dstiiet
District of CohMiMa te Is M at Ha HaThe JILTIle USThe
The foDswnc are the dosing e teutieei en yes yesterdays 1r5ienlay yesterdaYa ¬
terdays local exchange
nil Asked AikedPMnpnine AskedPIiIt1e aked akedLA
PMnpnine Land LA Pnromwe I 4s NvH 345 345District
District of Colombia CeIaM X 315s h IB IBQAS t5GAS 325GAS
Wash aab GM Gt Co o 4s 4sWariL 4 4Woes 1ti 1tiWuh
Capitol Tnetten 4s 44AnasMin Mi JIItj ft M7 M7Anaeostia ItAI18ftIMk
Anaeostia and Petomae 1et ae Ss IsCUr SnCity MT MTCity
City and SHtarban SIIIIuriIDeoaabia fo Ml MlColumbia 141Cohiabia
Columbia K R 3d mertant is If aHH aHHColombia IInI00IU8IbIa i ji jiOolaaISalthtk
Colombia OolaaISalthtk R It R fc IM 1 1MefeonoiiUn In
MefeonoiiUn MetzopoltanLLSeV R It K It fc llfK 112 1 1MetrepoHtan Iii IiilIetr8llOlitaa 336Metreqaohltan
MetrepoHtan It It cert tadeU IDdftIt fc Ml MlWash 164Wah Ii IiWa
Wash Ky ty and Wet 4 4MISCBILAoSQUS is isMISCIIILAN160US
U S Eke U deb imn IMp fc MU M M 1M Mm
U Si Eke Lt Ut rt ted hwIIetMBa fc Ml MlPotomac 1 1Pettisa
Potomac Eire Lt flrst lest fci ie ieNor Ml MlNor
Nor or and Wash Steamboat fc 18Chesapeake B6 B6Chesapeake 16Chesapeake
Chesapeake and Potomac I Telephone Teh ose fc isJIt isJItath M4K M4KWash 344 1ha4
Wash ath Market Co lit fc 5 5PUBLIC Ml MlPUBLIC IIIIUBLIO
Capital Traction Traetloae Mf 14 14VMb V VWash ItsWub
Wash Railway and Stoctrie com 4 4Wash It ttK 4 4uh
Wash uh Railway and Electric pfd pfdiM pfdiMN Uft UftN 5j ng
N and W r Steamboat titcamboutlVasldiigtoss SS SSVashtegton saallbbtsi
Vashtegton R Gas loS 58H 58HG 34i 34itjaseIowa Ii IiGecMwdowa
G GecMwdowa otsetowB Gas G N NChesapeake 44chesapeake if ifChela
Chela Chesapeake and a slidpypg PotORM Tei h > n < ft ftTYPE R 59 59TYPX
MergMthaJer I Umtnte IIOCJeLIuI6teR IIsiotypetsarina JWi s K KMINING
tsarina 18111041Je
Greene Ite Cofvp COppSr r rlh M9 M9Mneheil 74 74MIOOSOH
Mneheil eIl Mtadng I Nlssic Camnany j JoS 3NATIO1AL i iNATIONAL IlK IlKNATIO
Americas 175 175c 175CeMsl
Capital CapitalCentral c r
Central CentralRational CeMslttatloast
Rational CHjr CHjrCommercial In 141oMiashit 111 111tohIatWa
tohIatWa oMiashit oMiashitCoisseictal n nC
Commercial C 1 1I 356 356Fiemers 6 6Fanners
Fanners I s and Meeksntef 3M 3MLtaeotn s sLincoln II IIr IITRUSTCO
Lincoln 135 135MetwpoUtaR 336istgsorneR
MetwpoUtaR istgsorneRitga 3H 3HRgpi
Rgpi itgaSoured 9N
Soured MH4 MH4Traders iaes iaesTnder
Traders TradersWashington r is isVaelilngIen
America AMerkR ijeeariur tr and Trot Tf1IItXaUo1 3M is isaticns1
Nattomal Safe Set Dctwatt t and a Tmeftw TmeftwUnion TrwIflOOUn Trus TrusUnion
Union Un Trust t Company OcenimnyVisbbeton VK VKWftshingten 1J1Wuhlaltett
Wftshingten Loan and a II Trott IM IMUnhw fo6 fo6CII tSUnion
Union CII Trust Warrant 31 31SAVINGS t tSA 34SAVINfIS
Home Savings SaT Dank j S3 S3UBtM SJulli 7 7Union
Union ulli Savw Sa SsIwsa iMHk 1tatIkWa a aFIRE s sVsshktcn
Wa Vsshktcn KsduI llxchaae Bask BaskFIRE 15 15FIRE
A Artiscttess J8 34Celwisbkt J5 J5CeIMIBJic1
CeIMIBJic1 it 11 11Cor iiCoieieeeck1
Cowm Cor reist 5 SCereoran 6 6COronas
COronas GiIreiwa 74 74btrcBMM iti1nMeIIa 74Frtasseisa
btrcBMM FrtasseisaFraskhn 52 52Franklia 23 23lIrakliB
Franklia 16 16GermanAmerican 16G11DI1RAmcrlC 36GersnasAenerlcan
GermanAmerican GersnasAenerlcanlistrelellesa n iM iMMetzopeNtan SlIetJOfelMaa
MetzopeNtan 9i 9iNational 9 9National 1ti 1tiXtioMl
National UirfeB n nTITLB TH THPeoples 7 7tripks
Peoples 6 6Potomac 5 5PotOmac
Potomac 28 28Riggs si siiti
Riggs iti 3 3TITLB 9 9TITLB
Coterobfa Celwn kr Title TitleIteal 3n 3nReal 5 5neat
Real Estate tale Title Sf SfWashington 100 100akl 360Waskiugtose
Southern rubbe Sfrriee Com CMJtI Corp115 MW4 MW4GraphophoBe l1C l1Ciraphotlfto 114rapbokoso
GraphophoBe e oommoti cOmtno oethmonGesvhosthonepfd 42 42GcaphophoRe U UG3
GcaphophoRe G3 Gesvhosthonepfd GesvhosthonepfdStorage pfd K KSeettritr ii iiscuritl
Seettritr Storage Cowpai Coiay y m mMarket 1 20 20floshty 3 3nealb
nealb Appraisal ICIICt ICIICtaslrlul q qWashington
Washington AK1 Market IarketFWetM 91 16Ivisidlir
FWetM Sseea OO ttllr 1l1 1l1Ifrdmd 117 117fividend
41st YEAR YEARNational YEARNational
National Safe Deposit DepositSavings DepositSavings
Savings Trust Co CoOf
Of the District of Columbia ColumbiaCor
Cor 15th St and New York Ave Aveover Av AvCapital fr frCapital
Capital 1000000 1000000Deposits 1000000Deposits
Deposits over 5200000 5200000DIRECTORS 5200000DIRECTORS 52OOOOODIRECTORS
Occupation OccupationWOODBURY OccupationVOODBURY OccupationVOODBUR
WOODBURY BLAIR Lawyer LawyerS Lawy r rS
S THOMAS BROWN BR N President Farmers and Mechanics Bank BankWILLIAM BankVILLIA BankWILLIAM
WILLIAM V COX CO X President Second National Bank BankWILLIAM BankILLIA BankWILLIAM
GEORGE W V GRAY Retired Merchant MerchantvSAMUEL MerchantSAMUEL MerchantSA
WILLIAM VILLIA I D HOOVER HOOVERTHOMAS Secpnd Se Send d Vice Pres and Trust Officer OfficerTHOMAS OfficerTHOMAS i iTHO I
MARTIN lIAR TIN FMORRIS F liORRIS MORRISJuiee Justice Court of Appeals retired retiredHENRY retiredIIENRY retired1IENRY
HENRY ORTH Patent Lawyer LawyerE LawyerVILLIA LawyerWJLUAM
E 1 FRANCIS RIGGS RIGGSHENRY RIGGSRedrd Retired Retir d Banker L2te Late of Riggs Co CoFirst Co CoHENR CoHENRY
HENRY HENR Y A WILLARD WILLARDJOHN First President of Nat N at Savings Bank BankReal BankJOIIN BankJOHN
E FRANCIS RIGGS V Pres CHAS E NYMAN N IAN Secretary SecretaryWM SecretaryM SecretaryWM
WM M D HOOVER 2 2d < i V Pres FRANK W V STONE Assistant Assistantan3 Assistantan Assistantan1
an3 an Trust Officer Treasurer TreasurerNew TreasurertNA
New Branch BranchThe BranchThe I IThe
The International Banking Corporation Corporationmain Corporationmain Corporationmain
main Washington Office 1415 G street an announces announces n ¬ i inounces
nounces the opening of a new branch establish establishment establishment establishmerit ¬
ment on Monday next the 28th instant at
1124 Connecticut Ave opposite de Sales St StThe StThe StThe
The New Branch Br nch Will Be Bein Bef
f in Charge of ofMr ofMr ofMr
Mr Murray A Cobb CobbAs CobbAs CobbAs
As Assistant Manager
lapeta s Surplus Jl300ew Jl300ewoney SlJOOMMoney LShiJWqoney
Money qoney oney Transmitted TransmittedBY
Drafts issued direct on principal principalcities principalcities prIncipalcities
cities of the world worldLetters worldLetters worldLetters
Letters of Credit issued issuedExchange issuedExchange issuedExchange
Exchange bought and sold soldInvestments soldInvestments soldInvestments
Investments Collections made madeStocks madeStocks madeStocks
Stocks Bonds bought fie sold soldNational soldRI soldRIGGS
RI RIGGS GGS National NationalBank NB NationalPa Bank BankPa kal kalPa
Pa Ave opposite U US S Treasury TreasuryBargains TreasuryBargains Treasur7Bargains
Bargains in Homes HomesWe
We lV bate tome really delightful homes homesin MRt8hi homesOn
in Ute city and te the near snbwbsthat snbwbsthatwe
we can offer O r for sale M1 on easy monthly monthlypayments IIIIIMlWrts monthlypenouts
payments ts at price that mould ou1d M M1n s deicdndbargains Jeejdad Jeejdadharaeim
bargains 1n for cash Yon Y 1Q ought not to miss missthis Ml51tit alesthic
this tit chance to become an 11 erg ownerjwwdscarcely ow ergcarceI1 owasereadscercely
scarcely feel f l the outlay ll1al Homes too WIG M Mevery iR iRe91f1 Isevery
every section to meet nearly every want wantSwartzell walKSwartzell vastSwarteI1
Swartzell Rheem RheemHensey RheemHense RheemHensey
Hensey Hense Co CoWARNER Cowucuit t tW4llElt
New York Jan 5SCATTLEU CATTLEReedplz i te 3J 3Jsieors u us 3144steers
steers lees rm to M cents hither Steer Steen JJMtM JJMtMeaen Uk UkU5
eaen 4W butt 3449 s cows cows llSklH heifers heifers4JlnfH 1teIlen3IIaI helterss
4JlnfH 3IIaI ss Calreirweliitt 9L Veak twdy > 5M ueis H HUS aLu
US is
SHBBP AND A D LAMBSReceipta LUI SR U69 sheep sheepHeady Meep3OOIlUI sheepeadi
Heady eadi 300alJ Iambs iaMbs loser fl 7inSM 7inSMCMeaBO i8IS i8ISJlOuSUHIib TNiiOdsiteeeipta
JlOuSUHIib iiOdsiteeeipta 38 3 maIb stndJ stndJCltkero teaoychicago
chicago Jan KCATTLBK 5CATIL 21CAT7LIIHivripit ltccrilMe riM 2103 Iroi esti estintated 16Uw 44 44mated
mated for w Satnidar Satorda 3M market st sMacb < wdy Prime Primebretv IritMhren Pealetwerp
twerp hren 59M4i85 S94 t85 poor to medium 4MB7S t5iii cows and andhrifen rf am ambp4fers
hrifen f 175 Us55 5S Trsars TL r 4 U 445a431 445a431MOGSRecrlpts 9a4 a4no 9a4HWiS >
HWiS no MOGSRecrlpts < snft Receipt 3030 io cstimited for Satantajt Sa Sai SaIsrkymarket SatantajtIC8
IC8 i market ttalS ct eTIts U higher Light t UlaG71 UlaG71rMIfIM GJMt7Ias e eloneiw
loneiw as tS96 415416 rnued C L4451 n4l8l sti pig pip MSotM MSotMSUBEPRecrfpto itiAi itiAiSlIREPn 4164SHREPhtceetpta
SUBEPRecrfpto SlIREPn pts tjm estimated for r Saturday Saturday3K4 ttnnlAr31i4
3K4 market t rnmK I rtae 4tIt Native shep Mt p 3SIKUI 355iL West Westn1 estr estrira at atirn
ira sheep 375a5 llWO native tlrr lambs laM 4M t 4175I 7J Western WetMrehmVis Westernlambs
lambs i35 1 Lt771 Lt771gal 770 770Ka iO iOJut
Ka Jut t Iwffate X Y Jan 25CATTLKReeelp4 25CATTLKReeelp4I 5CTILE ftetpM ftetpMW
W I Trade fair steady ftH QnMatfcma Hndwnnod HndwnnodVBVLS 1mdlllu uns20aasMVItALS I IYKL8
VItALS A AN1 I CALVKSRecctpU CALHSI MS St Attire AttireMaHc sctlre3511k ctlTei ctlTeilR15c
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JOHN J OII JOY ED50N 1050 EDSONPresident President
JOHN A SVVOlK tttlIViee Vice President
ELLIS SlKAK sixueSausal Seeend Vlee He PresUet
HARRY G XEt1IAMiHaat MEKM Assistant Tre Tnuwu Mrr
BOYD TAYLOR TAYLOJtAwt Ass4st nt Treasurer
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