The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-12-28
LOCAL FINANCIAL GOSSIP.

Mitchell Mining was the center of in
terest on the Washington Stock Exchange
yesterday, no less than ,430 shares Of the
stock going under the hammer. and two
options being sold, one FOR 500 shares, and
one for 200 The price was between
5ll and "a. even the options going at the
latter figure.
There was much bidding and some few
sales in the local railway and public
utility bonds, in some cases the quotation
bids being marked up a trihe Little in
terest was manifested in the railway and
gas shares.
Outside Of one trade in American Sc
curity and Trust, the bank shares were
passed without any business.
Opinions on the New York Market.
S. II. Agnew. of Henry Clews & Co.
THE better feeling engendeTed in Lon
don, owing to the Bank Of England's dis
count rate remaining unchanged, was re-
iected in our market Gables brought
over a good supply of buying orders. and
commission houses have also been pick
ing up stocks. The fact that only a few
days intervene before January l, and
money rates not as high as expected has
somewhat allayed apprehension concern
ing tbs money market II has also de-
yeIoped that during the last few days
quite a large short interest was created,
on the belief that very high rates for
money would prevail during the last days
/ Of the year Renewals of loans to-day
on fairly decent terms have scared a
! large number OF shorts into covering. e5-
! peciaIly in Reading This is another
reason for the advance. The United
States Treasury now has a cash balance
/ Of about $y36O)0,00O. Of which Si590DJ.U00 Is
deposited ia the national banks through
out the couatry. At this time one year
ago the Treasury balance was only $l5s.-
000.O00 The large increase in cash hold
/ ings is partly accountable for present
money conditions. For the six months
ending 1905 the Treasury deposit showed
la deficit of 10000; for the correspond
! ing period this year the surplus Is est
mated at S250oJ.O00. which clearly shows
the absorption OF money by the govern
ment from increased revenues and custom
house duties. In my opinion, stocks are
/ generally cheap. and prices should inn
prove"
Herbert /. Jones. of Charles G. Gates
& Co.-"The market continues almost
wholly professional. In the event OF a
continued strong market / am in favor OF
| selling stocks We are not yet out OF
the woods in the high money
J. b. Weed, Of Dick Brothers & Co
tone than has been evidenced in some
days Easier call money, with the an
ucipation OF a flood Of new cash into the
public pocket as the result OF large divi-
dend disbursements due around January
/ are evidently being discounted by Wal
/ street The market looks 10 be pur-
| chase Of all rCcessions, though the
time seems hardly ripe for urging a de
cided position on the long side or the in
| crease Of long lines except for the pur-
pose OF averaging the price Of specula.
tive commitments"
Benjamin Woodruff, Of Post & Flagg-
THE rapid rise in American Ice Securi
ties stock Of about Is points was th'
real feature Of the market. which alto
gather. acted very nicely during the day
The rally seemed 10 be the result of al
oversold condition. and while the mar
ket hesitated during the afternoon. / d.
not look 70: any considerable mOvemen
either way until after the first week il
the new year, when. with reasonably IA
: vorable monetary conditions, stocks shoui'
reach somewhat higher levels
G. Bowie Chapman. Of z. r Chapman
& Co.-"The higher London market CAV
our first prices support and in many is
sues the overnight gains were material
The Hill stocks showed a let-up Of Hqui
dation and shortly after the opening tn
list broadened and improved. Amos
the entire list closed considerably high
er and. although the leaders Sage
/ slightly from the high points. their fina
tone was quietly confident The OutlOO
would seem 20 point toward continue
ton Of this movement, but naturally an
sensational developments. or overly bull
! h.. ID TsaaT1