The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-10-02

When one Of the young brokers. who
had engineered the boom in gas stock, de-
clared last summer that the stock would
sell az 50 before the falling Of snow in
Washington, he made a good guess. Yes
terday, with nearly 5 points added to the
price Of the previous day. the stock sold
az 70 3-s, and apparently was saved from
going higher by Bit Of shrewd manipula-
ton 20 call out the stock
This manipulation. If such was It's In
tention. consisted in the recent chief
buyer OF gas turning seller and parting
with about 200 shares, and then turning
in at the slightly lower price and buying
about 100. Making allowance for inter-
trading, out Of the 3S3 shares recorded as
sold yesterday. about 200 represented
actual sales Of stock where IL went into
new hands
Gas was about the only thing sought
by the brokers yesterday, both before and
after call There was an eagerness 10
get il that could not be concealed, and
which, il not satisfied within the next day
or two. viii carry the stock another 10
points up which represents the rise on
the present movement
Market Gets an Impulse.
The urgent instructions given the
brokers by their clients Monday after
noon, mentioned In yesterdays Wash
ington Herald. had its effect on the mar
ket. The best price for the stock on
Monday was 74IA. Yesterday it opened
at IS and rapidly climbed a point and
more before a sale was made, which was
at the high point Of the day. Most Of
the sales were recorded at IS, and one
sale OF scraps at ISL.
This rapid rise IN price IS due solely
10 the demand for Il on the part OF
a few big buyers who want considerable
blocks OF the stock Their wants are in
excess Of the supply from which it is
TO be derived. II was learned yesterday
that each Of lnese buyers has made
efforts 20 acquire such quantities Of IL
as they desired by private dickering Of
fering individuals as high as So a share,
il several hundred shares could be fur
nished This method of purchase failed,
il is said. and the buyers are now driven
back upon the stock exchange To acquire
the shares that were called out I'm the
boom OF last summer. when several
thousand shares were parted with by
former holders and bought up by the
young brokers, who formed the so
called pool which thrived several months
ago. These brokers. for the most part
held on 10 their stock. and apparently
the or4y place to get it now is 20 pay
the demands of the present holders and
get IL in small quantities on a bull mar
ket This is about the situation as it
Is presented at this time
Motive Il n Hidden One.
AS to the motive OF the big buyers who
want the stock. that is another story
According 10 the best information at
tainable. these buyers represent two or
three insiders, or men closely affiliated
with the gas company, who. for reasons
which have not been divulged, want the
stock. Some say that these shares are
wanted 10 enable these insiders 10 par
ticipate more largely IN the forthcoming
distribution OF new stock when il is Is
sued. In the absence Of better inf0rma-
ton that viii suffice
Other interests who are after the stock
are outsiders who have no connection
with the company. but who believe the
purchase of the shares at present or
even higher figures. is a good speculation.
These interests have acquired consider
able holdings Of the stock, and are evil
IDENTIFY bent on coming IN at the division
OF the spells when the new stock is is
sued. or some other thing is done for
the benefit Of the shareholders.
Between the two, it is q merry fight.
and it would appear that the biggest
baak account viii win
Mitchell Mining yesterday remained
firm at N-25 a share, with sales Of 90
shares. No interest seemed to attach 10
the letter sent 10 the Washington stock
holders by the former president Of the
company
The total circulation OF national bank
notes increased $300S4.005 since this cate
last year, and on September 80 It aggre- /
gated $GS.sSLI4 This is decrease Of
ar during last month
The registered bonds on deposit on Sep
TENDER 81 with the Treasurer Of the
United States TO secure circulating notes
and public deposits aggregated S7740S42l1.
OF this amount the largest item was 1886
2sl $50, in 3 per cent consoIs Of 1880. and
the next largest was $500, 35I, in State.
city, and railroad bonds.