The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-12-30
LOCAL FINANCIAL GOSSIP.

A large number of spectators who
drifted into the Washington Stock Ex-
change yesterday got the worth Of the
time spent when the fun began on
Mitchell Mining. A broker who few
days ago bought options on about 1900
shares at 53s made up his mind TO sell out
yesterday at the advanced price or the
New York curb quotations. and there
was much tumblng and scTambling on
the part of brokers to get IN on the rise
that everybody expects in this stock. The
broker made a profit of about 5000. which
he thought was pretty fair for the trans
action
Mitchell Mining sold in all $500 shares.
mostly in l0o-share lots. and in all but
two instances at g. The local brokers are
all looking for a rise next week, princi-
pally in tn belief that President Mitchell.
Of the company will be elected a director
Of the Traders Bank, and perhaps be
made one Of the vice presidents of the
institution
Outside Of Mitchell Mining there was
little doing Washington Railway and
Electric common eliciting a degree of in
terest when several brokers sought to
force the trading, both by reducing the
price bid and by putting It up again.
The ruse brought out only seventy-fve
shares other holders OF the stock declin-
Ing. to be tempted with the present prices,
believing it also is due for a rise.
Herbert l.. Jones, of Charles G. Gates
& Co, and C. Bowie Chapman. Of f. r
Chapman & Co, are both in New York
on business in connection with their
houses. and incidentally to feel the stress
Of metropolitan life in the holiday period
Opinions on the New York Market.
Benjamin Woodruff. Of Post & Flagg-
The market behaved as well as for the
two preceding days. but showed a reac-
uonaTy tendency throughout the entire
session, declining most after the pubIica-
ton Of the bank statement. although there
was really little in it to criticise I'M
favorably. The increase in loans was
perhaps a triae more than expected but
is not extraordinary, as many corpora
lions have TO make provision In this way
for their interest and dividend payment
on the first Of the year. The reason for
the decline seems % be that there Is lit
tie public disposition TO follow up ad
vancing prices. and. consequently, the
professional element is inclined to ham
mer the market after any Improvement
In addition is the question OF carrying
charges for the next week or ten days,
and the unsettling effect Of heavy Janu-
airy disbursements is likely 20 cause
continuation OF high rates. Possibly,
also. a great deal Of the unsettled condi-
ton OF the market IS due TO rumOrs cur
rent on the floor that some house is being
helped over difficulties. bc- il has been
impossible 10 identify or verify these
rumors. The market recently has been
largely a professional matter and trading
IN light volume, so there is no special
significance 10 these swings. first IN one
direction ard then in the other. It seems
probable however. that by the middle Of
January we shall see better prices. If
the Improvement in interest rates. now
expected. occur
J. B. Weed. Of Dick Brothers & CO.
THE market opened fractionally lower
and gradually sagged of under the weak
ness shown in Reading St Paul was
also heavy and lost over 2Iz points. Penn
sylvania and Amalgamated Copper
seemed TO be well bought on all declines.
The bank statement was not as favorable
as expected and was the signal for a gen
eraI assault by bearish traders who sue
ceeded In closing the active issues at or
near the lowest Of the day. l think the
market should do much better after the
turn OF the year"
New York. Dec. &C. Bowie Chapman.
of T. r. Chapman & Co. says. THE
market opened IN a hesitadng manner,
and shortly pressure was renewed on the
Hill issues-Union Pacific and Reading.
After the publication OF the bank state
ment prices gave away more rapidly. and
the decline extended more generally 20
other issues. The closing was Fairly
steady, with the larger part of the trans
actions professional Call money loaned
at per cent. although loans on Saturday
are exceptional. The market should stiTen
under easier money conditions brought
about by January disbursements"
New York. Dec. 29.-Herbert l. Jones,
of Charles G. Gates & Co.. says: 1T IS re-
ported here that banking interests of i'm
pOrtance are making freer offer Of time
funds to responsible concerns. ! interpret
this 10 mean an easier tone in the money
market after the turn Of the year II may
be some days before any substantial rally
occurs. and meantime good stocks are
a buy on declines and a sell on sharp
advances