The Washington herald., 1907-10-23

Brokers on the Washington Stock Ex-
change yesterday were so distracted by
the news coming over the wires from
New York that there was not much dis
position to trade when they met at
noon. Just before coming to the ex-
change it had been rumored about Wash
ington that Secretary Cortelyou had sent
$40. 600 TO New York to aid in tiding
over the trouble. and that he was about
to go there himself for conferences with
financial men TO gain first-hand informa
ton as TO the extent of the difficulties
which beset Wall street Before going
to New York he issued a brief statement
which some Of the brokers had received
All this was reassuring. and opinion
generally settled down 10 the idea that
things would turn out ali right within a
day or two. The scare had been too
vivid during the morning hours for much
business, and trading, except in Mitchell
Mining. was Of q perfuncuOry sort The
transactions were $500 in bonds, and
2,H4 shares Of stock, Of which 2.5OO were
Mitchell Mining
Prices Remain steady.
With the exception Of this issue. prices
were not much changed. Capital Trac-
ton SIS were a little stronger, selling
at III. and the small trades patched up
among the few shares and bonds sold
were prices bid. Some Of the bank shares
came out. and two transactions in
Traders Bank shares were s. apart.
When the call reached Mitchell Mining
there was a large block Of it for sale,
and was thrown out regardless Of price,
apparently by a holder who had lost
faith and was willing TO take anything
he could get for the stock. II sold from
80 cents down 90 IS cents share.
Yesterday a call was issued for a meet
ing OF the Washington stockholders Of the
Mitchell Mining Company TO be held in
Guide Hall tonight at o'clock, when
the plan for the reorganization Of the
company viii be considered Inasmuch as
the controlling shares Of the company
are held in Washington this will be an
important meeting, and will probably be
largely attended President Cassidy Of
the company is expected 10 be present,
and 10 make a statement
Reorganization Piun in Brief.
The plan Of reorganization is, briefly
stated, reissue of stock on the basis
Of s. a share. each OF the old holders
20 receive one share for the one now
held. The corresponding shares Will be
taken by a syndicate which, IL is un-
derstood. is ready 10 finance the rail
road scheme in Mexico and place the
company in position to work its prop
erty at a proht. The facts viii be pre-
sented at to-nights meeting. Il is un-
derstood. also that the Washington
shareholders Will be given an oppor-
tunity 20 vote upon the acceptance Of
the plan Of reorganization.
There was some speculation yesterday
whether any Washingtonians would be
affected by the suspension OF the trust
company in New York. Inquiry developed
the fact that none would be- one man
had note fall due in one Of the local
banks, and the day before had given a
check on the Knickerbocker Trust Com
pany 10 pay it, He was given a good
scare yesterday morning when he heard
OF the suspension, but during the after
noon was enabled. through the courtesy
Of the local bank, 10 arrange the pay
ment OF his note, so that nobody will
suffer
The situation, as summed up last night
by local brokers having New York con-
nections- was that the air would most
likely clear up this morning A local
broker was asked what. il any, effect
the trouble in Wall street would have
on the local securities. He replied that
he did not see that II would have any
effect. He expressed the view that the
local banks were in most excellent
shape, and that no trouble would be ex-
perienced here, whatever may happen in
New York