The Washington herald., 1907-04-16
LOCAL FINANCIAL GOSSIP.


Except for one enlivenlng incident, it
was Blue Monday yesterday on the
Washington Stock Exchange. Trading
sterted Of quite briskly on the local bond
issues. but when it came 30 stocks the
Washington market was a fair reflection
of that In New York, everything being
in the dumps
While the regular call was on Wash
ington Railway common. and President
Hume was trying hard TO get a little life
into the business Of the day. Thllmsn
Hendrick walked upon the floor with
hat-box under his arm and addressed the
president on a question of privilege lie
said that it was well known that me Of
the most popular members of the ex-
change had recently moved TO the coun-
try, and IL was meet that the board
should make proper recognition OF the
fact On behalf Of the personal friends
of the broker-Grifln Halstead-MF.
Hendrick then presented him the
box. Mr.. Halstead was not long in get
ting on the cover and held up 10 the view
OF all a squirming. squeaiing little pig.
The exchange was Immediately IN an up
roar, and did not settle down 10 business,
president called a bid on May pork"
Opinions on the New York Market.
s. H. Agnew. Of Henry Clews & Co.
''The market opened considerably lower,
on lower range Of prices from London.
but 1t soon became apparent that there
was good support on the buying side.
This, IL was believed, was to compel the
ff.
ket became dull on the advance. and did
not exhibit the strength which generally
accompanies genuine buying for higher
Driues. Inquiry for stocks in the loan
Icrowd showed the short interest aug
mented by last weeks operations. Pro-
fessional traders expected TO cover on
easy terms, based on crop damage talk,
the break i'm metal quotations. the weak
position Of Erie preferred, and Southern
Railway preferred The professional
character Of the market was again shown
in the afternoon; the buyers OF the morn
ing became sellers iD the latter part Of
the session. The failure Of ~. l. Stowe a
Co. while Of lltle consequence, has re-
yived rumors that there may be trouble in
other quarters I think the market is a
sale on all rallies, as the trend Of prices
is toward lower level"
Herbert L. Jones' Of Charles G. Gates
& Co---''The market is very largely pro-
fessional affair Stocks-the good dividend
payers. in which there is an active mar
ket-should be bought on the sharp de-
clines.'
Benjamin Woodruff. Of Post & Flagg-
with the exception of a brief period this
morning, when prices We're marked up
rather SHARPLY and easily, the market to-
day presented the appearance so familiar
! last week-steadiIy sagging prices on only
/ q fair volume of trading. Definite de-
velopments 10 account for the continued
weakness are once more lacking. for
aside from a small failure announced
early IN the day. 10 news has come 70
/ hand which could reasonably account for
tie pessimism which prevails in Wall
street The known existence of large
short interest in the market is the one
| factor Of strength which may, and very
/ probably viii, be available TO bring
about the overdue rally Rum0rs once
more played an important role on the
/ floor. the las; wave Of selling being ac-
compauied by reports of other failures
soon 20 be announced. The a}Oofness Of
/ the public is one of the causes referred
( 70 in financial literature for the fiattening
out OF values. Even bonds. which at one
/ time showed encouraging signs Of price
/ improvement and demand for investment
/ are again stagnant and quoted at lower
/ figures. There is no question that good
stocks are now selling at attractive fig
I ures. and the market should rally before
/ long but al the moment there is little
/ 20 encourage bull operations"
! G. Bowie Chipman, of +. r. Chapman
& Co.-"At one time it looked as though
/ proper support was 20 bee given the mar
ket when after selling Off Immediately
after the opening the leaders rallied
quickly and soon We're selling above Sat
urday's closing This proved 10 be only
I a short covering, and for the balance of
tie day the market sold on almost con-
tlnually The closings showed material
/ losses. One failure was announced and
during the late afternoon uncOnhrmed
/ rumors were plenty of pending kindred
/ announcements. The course Of prices
! bears out nay recent statements that the
] leaders show and have continued TO show
an entire absence of proper support The
market is left almost entirely in the
/ hands Of professionals and they. elated
with their recent successes, have been
and continue 10 be bearish. II looks like