The Washington herald., 1907-03-27
LOCAL FINANCIAL GOSSIP.

Selling began briskly yesterday on the
Stock Exchange. resuming the general
movement Of last week. when liquidation
in the local railway shares and the Cop
pers was 50 apparent. Yesterday, how
ever. good support was given to all the
issues. and prices stiffened perceptibiy.
closing generally at the higher bids.
Washington Railway common was the
chief center Of interest, 500 shares. Of it
going upon the market. with two options
of 100 shares each. The price of the stock
rose a full point in the buying, closing at
se9z.
Small trading followed IN a number Of
the local securities. when renewed, interest
broke out in the bank shares. National
City Bank especially was active, one
broker taking all the stock offered at IA,
the price which had prevailed for this
stock for some weeks. Metropolitan Ma
tionai Bank was also traded In 10 the ex-
tent of thirty shares. the price rising a
point on the trading.
OpiRions on the New York Market.
s. H. Agnew, Of Henry clews & Co.
"A decided change Of feeling and action
was exhibited In the market to-day. Two
things at least contributed TO It. One is
the concentrated support OF the inside In
terests to prevent Ndtter Generalization.
and the other the action OF Secretary
ICortelyou in depositing custom-house re-
eeipts in New York banks. and antieipat-
ing interest due on April on govern
ment bonds. Secretary COrteiyOu also de-
posted SIS, 600, 900 in the national deposi-
tory banks of New York to-day. The
shorts, finding Il hard TO make an impress
sion on prices under these conditions,
were forced to cover at considerably ad-
vanced prices. The great trouble, how
ever. is that Notwithstanding the recent
severe decline, the factors which produced
this decline are still 10 be reckoned with.
Relatively. stocks are cheap enough, out
the buying power is not sufficient 10 turn
the tide to any appreciable extent. There
is little hope for permanent change until
the liquidation has run its course. This
must depend upon support from the large
moneyed interests almost entirely one
thing is certain-as prices decline ac-
counts throughout the street become
weakened There IS no use getting fur
ther panic-strici1en when stocks sell at
their lowest, but / am still OF the opinion
that advantage should be taken Of good
rallies upon which to sell Stocks sold at
to-nighFs closing prices. believe. may
be bought back much lower before the
end Of this week
G. Bowie Chipman. OF E. X. Chapman &
Co.-"In framing an opinion of the prob
able course OF to-morroW's market. more
particularly that Of the forenoon. the fur
ther progress Ia the London settlement
must be considered. and also. the fact
that there still exists in many Of the lead
ing issues, as shown by the lending rate
large short interest. which, should they
attempt 10 cover. would doubtless carry
these stocks higher and have a eorre-
spending influence on the rest Of the
list"
Herbert L. Jones, of Charles G. Gates
& Conditions were improved over
night. and the market was better to-day,
Also Secretary Cortelyou's action helped
materially. As the London settlement
passes. further cheerfuiness will be
seen. and prices viii doubtless be carried
further on short covering alone
Benjamin Woodruff. Of Post q Flagg-
AT yesterdays close the market had
again reached state Of hysteria. Stocks
were being thrown over at any price.
while bonds and other gilt-edged invest
ment securities were practically unsal-
able. The action Of the Treasury Depart
ment has done considerable to improve
sentiment to-day, and necessities were so
great last night that some OF our largest
interests / believe, came to the rescue
Of the situation, and doubtless helped the
rally to-day. Prices may, and probably
WILL rally further. but We can have no
bull market, and II this advance continues
strong throughout tomorrow, l would
again advise to take profits and wait
while before making new commit
ments."
J. g. Weed Of Dick Bros. & CO.-"After
an unsettled first hour. in which many
stocks made new low records for this
movement, support seemed TO be extended
to some OF the leading issues. and, al
though at first the recovery was irregular
and slow, the Improvement gradually
gathered momentum as the advance pro-
gressed, and substantial recoveries were
scored in the active issues Although
somewhat irregular. the close was within
about per cent of the best of the day.
Call money opened 10 per cent, and grad
ually receded to 81. Rather positive as
sertions that Treasury relief would soon
be extended 10 the money market had a
favorable influence upon sentiment. I