The Washington herald., 1907-07-18
Ezdiridend
LOCAL FINANCIAL GOSSIP.


has recently marked the business Of the
Washington Stock Exchange. received
temporary setback yesterday. Though the
young brokers stood 10 their guns. the
volume of profit-taking among those who
have been drawn into operations in the
speculative way, apparently almost broke
the back Of the boom" TIE price hung
around N and fractions better, until more
than 100 shares had been gathered in
by the boomers" There was a seeming
hesitancy to advance prices. and when the
day closed there was still stock for sale
al higher figures.
\ new explanation for the upward
movement in Gas was circulated yester-
day in financial circles. 1t was that when
the new issue Of stock should be forth
coming, the old holders would be offered
four 20 one of the new stock Il was
said yesterday that the hope of the
bulls i'm Gas was chiefly centeTed in
this plan OF the company. which, il is
said, would have been carried through.
had the price remained around 20 Now.
however. should the price remain above
50 and 80 possibly 20 80. the stockholders
might be obliged TO content themselves
with three 10 one when the melon is cut.
A phenomenal rise in Capital Traction
was flashed upon the board yesterday.
the quotation price going up nearly seven
points. The explanation given for the
furry is that numerous persons are in
pinch with reference to the new issue
of bonds. and that Of late there has been
a scurrying about TO get stock with
which to increase their holdings in the
new Capital Tracucn SIS 1t is said that
this movement is likely 70 carry the stock
to still higher figures.
Opinion on the New York Market.
r. W. Crew. OF Henry ClewS & Co
London orders were not Of much ae-
count this morning, but the recent
strength of the market has convinced
some professional traders that 1t is not
wise 10 stand too heavily committed on
the short side. The advance this morn
ing. therefore was caused by the buying
from that source There is a diversity of
opinion among prominent operators re
gardng the status OF the market. There
seems TO be plausible reason for the
rise in Union Pacific. when it is taken
into consideration that the underwriters
have been saddled with more than S0,-
0000gO convertible bonds. and that the only
way TO make them look attractive and 10
distribute them IS by advancing the price
of the stock. One argument in favor of
lower values has been the fear of strin-
gent money, and while there is strong
probability of this later in the season,
during the crop-moving period, it is only
proper TO say that at the moment the
money situation, both at home and
abroad, is undergoing some improvement
The chief concern now Is regarding the
metal situation. especially copper, which
is far from being satisfactory"
Benjamin Woodruff of Post & Flagg.-I
Union Pacific was the leader in the
days transactions. running into quite a
heavy volume. No news was current re-
garding the property, other than that the
earnings for the year ended July 1 would
probably show satisfactory figures. TheI
stock has been tipped for an advance
and probably the reaction at the close
was profit taking by those who had nice
turns on the advance. The decline in
Steel common was sae infiuentia. element
in the afternoon reaction. There wasl
apparently good selling of this stock all
through the day 1t is stated that the
last quarters earnings will show the best
figures IN the history Of the company.
1t is rumored that new orders are not
coming well and that considerable cor
traction is in sight. It is this expects
ton, as evidenced also by the decline in
copper metal. that checked to-day's adj /
vance in the market Some business re
action there IS bound to be, but II viii
prove beneficial to interest rates and the
investment demand fcr bonds. so thatl
it looks as if the market would generally !
trend upward for the next few weeks"
G. Bowie Chipman. of E. R. Chapman
& Co.-"Prlces followed about the course