The Washington herald., 1907-02-26
LOCAL FINANCIAL GOSSIP.


Business had a true ring on the Wash
lington Exchange yesterday. There was
much of it, and optimism seemed to in
spire the trading Prices started well
and were marked up higher as the bid
ding proceeded. Nothing of the gloom
of Wall street entered into the days
proceedings, and the net result OF opera
tions for the day was far above the aver
age since the turn OF the year
Activity began as soon as the bond list
was through Capital Traction was
taken in quotation lots at 142 and better,
and when all the stock in sight had been
gobbed up there WAS still call for more
at the advanced price.
Washington Railway and Electric COM
mon was even more active. Starting at
p 3-4 prices were quickly marked up 10
40. two 10O-shdre lots going at that figure
Finally ten shares offered at 30 Ii were
taken. and then one broker raised his
/ bid to 80 IL for any part Of 500 shares.
When no stock was forthcoming, this bis
was Withdrawn. and the bidding price
| registered for the day at 30.
3Iergenthaler was in good demand at
! 3J7. but no enc was ready to sell Il, ex-
| cept to the extent Of i shares.
A good deal Of noise was made over
the copper shares. everybody almost
being IN the game for bids on the stock
and for options. Only 100 shares Of each
could be had at any price, and all other
bids remained unified.
Opinions on the New York Market.
c. Bowie Chipnan, Of T. r. Chapman
/ Is Co-'ln reviewing to-day's market and
the drastic declines which took place.
il is hardly necessary 20 specify
where the particular weakness lay. for the
entire list was weak and the closing
practically without rally. Specia. pres
sure seemed 10 be on Reading. Baltimore
and Ohio. Louisville and Nashville, and
/ onion Pacific but ST. Paul. Atchson the
/ Hin stocks Canadian Pacific New York
Central and the Southern Railway issues
sold of sufficiently 70 be classed as weak.
/ Shelters and Steels gave way as did
] Copper and Anaconda. The minor in
! dustrials showed q bit more strength
/ than the railroads In the last half hour
] there seemed 10 De complete absence
/ II support from large interests. and COM
/ m!ssion-house trading was at minimum.
! All declines are peculiar 10 themselves.
but to-day's We're particularly so on ac-
count Of the large losses suffered By the
/ so-cailed standard stocks on medium or
small dealings. Outside Of the proceed
( .nss Of the Interstate Commerce Commits
sion, with hr. Hartman on the stand,
/ there was no news. but an undeuiable
/ feeling Of unrest and apprehension per
yadcd the atmosphere Of Wall street"
/ Benjamin Woodruff. Of Post & Fiagg-
/ ~rhe market was weak and dlscouraging.
The Hartman Investigation is anything
/ but a favorable factor and has brought
great encouragement 10 the bulls. many
Of whom had hoped and predicted that
( Mr.. Harrimans statements would be re-
garded in an optimistic light, and it may
/ be that. as he gets further along in his
/ testimony. q better state Of affairs viii be
shown. The difficulty IS that the inyesti-
eating committee is biased to a certain
extent, ia that the members OF il are out
/ 70 discover certain Things. aud their qUes-
ti0ns viii only follow up anything that
+ they consider is out of the ordinary line
/ OF events, and therefore viii not touch.
except casually. ca the more favorable
/ features Of che situation. Al tbe close
everybody and everything are decidedly
blue"
:. II. Agnew. Of Henry Clews & Co
Heavy and persistent selling of stocks,
almost from the opening OF the market.
which continued throughout the entire
session. was not altogether by profess
SIGNALS. although they were not backward
/ Ia Offering stocks down. II has been
known for some months that stocks were
! being freely supplied from strong boxes.
and they are stH being spilled out as the
market viii take them. There is no
question that the Interstate Commerce
/ Commission investigation OF Union Pa
/ cific has added fuel to the bear fame. al
ready well under way With the enlarged
/ powers of tbs commission. # has means
/ of probing matters 1t was never con-
tenplated would be brought to light It
/ is also said now that as soon as the
/ Union Pacific investigation is completed
] the relation of the coal producer and che
coal carrier viii be taken up by the COM
mission. Scarcity OF money, the fear of
reaction in trade generally, and the ac-
tivity of the Federal authorities are
sufficient reasons for the downward course
Of the market Judging by the heaviness
in the market Of recent note issues. the
railroads and other corporations Will find
II difficult to effect further borrowings
except on eXoTbtant terms. Practically
every note issue which has been brought
out lately is now selling below subscrip-
ton price. Time money for long periods
/ is quoted at 8 per cent"