The Washington times., 1906-10-07
LIGHT DEALINGS
IN LOCAL STOCKS
Market of the Past Week
Mainly Confined to the
Professionals.

The condition Of the local stock mar
ket during the past fortnight has not
been of particularly satisfactory char
acter. as. although there has been no
decided weakness in any OF the stocks
on the list, with one exc option. there
has also been no evidence 4 public in
terest. and the market has been large
~ confined 10 the professional element
In the early part there was q prom
lse of some renewed activity, but the
effort which was attended by ali the
usual attempts TO create enthusiasm,
was short-lived, and The market soon
fell into the rut which has been its
history since the early summer.
The gains and losses have been about
equal, although the case Of the Union
Trust stock on the expectation of an
Increase Of capital the price jumped
up several points above current quota
tions. In Gas stock there has been
disposition TO attribute the weakness in
price TO the Vaccinations of insiders
working to secure a lower range of
values, but in this there seems 10 be
nothing more than the usual idle gOs-
sip accompanying every movement Of
a popular stock The boon" which
week was not continued the following
days and the closing figures are about
the same as prevailed AT the opening
The announced dividend on Lanston
had but little effect on the demand, al
though it can be said that the price
held firm and the few sales recorded
were al a fair figure. The Copper
stocks, mere particularly Greene, fol-
Of
same kind in the New York market,
vacillated. and this Notwithstanding the
enthusiastic reports Of the metal mar
ket and the probability Of 2J-ceut cop
per. Mitchell Mining barely held its own
0u small transactions. In bank and in
surauce stocks the changes, with the
exception Of Metropolitan bank, were
inconsiderable. and iH the case OF one
Of the bank list which has recently
been treated 10 some pronounced &C
tivity at advancing prices. the disp0si-
ti0n 20 rest quietly on the success at
talned in making a higher level was
seen ia the largely reduced dealings.
The announcement of the reduction in
dividend from S 20 6 per cent. on
the stock Of the Metropolitan bank
came very much in the nature of sur
prise and for several days no bid APP
peared. on yesterday a bid OF 800 was
promptly furnished, but repeated bids
az same figures failed to ind any more
stock seeking a market. The building
improvements necessiJaung a large OUT
Law are given -as a reason FOR the re-
ducti0n. which as stated, are expected
10 be euly temporary, and q restoration
OF the regular rate Of per cent al
next dividend period is confidently eX-
pected.
The money situation has probably been
the most decided factor in restraining
The natural desire OF brokers 10 get
busy" Bankers generally have stated
tbat local conditions are not conducive
10 promoting speculation and quiet ef-
forts have been made TO discourage any
thing along that lire. There IS suffi-
Client money for all legitimate purposes
IN the local banks and bankers are not
looking FOR any unusual stringency. The
crop-movIug period, which requires
large amount Of funds Is SIN upon as
and all the Eastern cities are drawing
upon their reserves TO provide what may
be necessary. Within the next fortnight
this drain will begin 20 stop and money
win begin TO return 10 the usual chan
nels with the consequent easing up Of
rates while this city is not directly
affected by the crop movement ii is SO
largely and intimately associated with
the great financial centers through its
correspondents that every variation ln
money rates is closely watched and 20
an extent furnishes guide for local ac-
tion. Some complaint Is heard that too
much OF the money deposited here is
sent out Of the city 10 the detriment of
local business, bu our bankers claim
that they amply provide for all neces-
sarv demands and the only complaint
can come from a speculative element
which IL IS not desirable TO encourage.
With the easing up of the money
market there is q good probability of
an active market through the coming
fan and winter.