The Washington herald., 1907-09-22

The usual dullness Of Saturday char
acterized the meeting Of the Washington
Stock Exchange yesterday, so far as the
attendance was concerned and the volume
OF business. There was no recession in
prices, however. the slow and sure ad-
vance Of the past few days continuing.
with jumps in stocks in which specially
favorable news was current. The trans
actions OF the day were $3.50 in bonds
and 81 shares Of stock
Much interest was manifested in the
announced merger Of the local telephone
company with those operating in Penn
svlvania and New Jersey, and the stock
was bid up two points on the strength
of the proposed consolidation. None Of
the stock changed hands, those Offering
il holding the shares stiff at 60 rs. It l.
believed that little of the stock is held by
what spectators term the public" IN
Washington. trade in II being always IN
small quantity Several OF the brokers
yesterday declared their satisfaction with
the general plans Of the merger, and are
apparently expecting good dividends on
the new stock. with the likelihood that
it viii soon rise TO par. II was remarked
on the exchange that the stock was q
good thing 20 hold for investment
Gas Holds strong.
washington Gas sold at Il y. with tine
Offering al Il 3-S II was demonstrated
that there was none Of the stock FOL
sale. as one broker made bids on the
stock from i Up 70 =, advancing BY
eigkths, and no one was able or willing
10 take him up. He declared that he de-
sired 10 buy d good-sized block Of the
stock. but It was not Forthcoming, and
his bid was Withdrawn.
The traction shares were strong. as
were the bonds. a few Of which changed
hands. Efforts were made 10 induce
trading in Lanston. but the prices offered
are now considered too low 10 bring out
the stock in large quantity.
Mitchell Mining was a shade stronger
than on Friday There were numerous
calls for the stock. one broker asking
an Offering Of so shares one dollar and
twenty-five cents a share was not any
temptation TO holders Of the stock. and
all OF il offered was around g. Confidence
seems 70 be firm that IN the re0rga1iza-
ton of the company matters viii be
snoothed out so that better prices will
follow Il was learned thar brokers have
on their books large orders for the stock
az s. a share, If il ever falls 20 that
figure
George Mitchell. former president Of the
company, Is expected 20 arrive IN New
York next Monday, and It IS understood
that a meeting OF the board Of directors
viii be called for the middle Of the week
and steps taken Immediately to stra.ghten
out the differences between Mr.. Mitchell
and the directors. From present indica-
tiOns the company should be in position
70 make an important announcement by
the end Of next week.
Money Gets Easier.
Signs multiply OF better conditions in
the money market The New York bank
statement yesterday was regarded as
very favorable. The New York banks
appear 10 have a comfortable surplus. and
all the news from that quarter is 10 the
effect that loans are easier 70 obtain and
that the interest rate is less than a few
days ago. The result Of these conditions
in New York is being felt in Washington.
and this practically accounts for the
sunening OF prices on the local exchange
and the more hopeful feeling among local
brokers. Those talked with yesterday are
looking forward expectantly TO good bust
ness next week, with an appreciate ad-
vance in the prices Of all the active
stocks.
The turning loose Of money IS about the
only contingency upon which turns an
active season in the stock market fer
the fall Even the compression in the
copper market seems TO be about dis
counted and apparently there is moth
ing that can produce a determined
slump. except early frosts that might cut
of the late grain and cotton, a little
more summer weather through the corn
and cotton belts will place fall business
cn a strong basis, with optimism the key
note Of the situation.
This general view Of the situation is
shared by the officials OF the Treasury
Department, as well as the Washington
bankers. II is most difficult to find a
pessimist in financial or business circles
The government receipts yesterday
were From internal revenue. SS60.075:
customs, 81. .2]S, 1856, miscellaneous. SIS. .437:
expenditures. $2.6oo.00