The Washington herald., 1907-03-21
LOCAL FINANCIAL GOSSIP.


'Tn view OF widely circulated rumor
to the effect that the voting trustees of
the Washington Railway and Electric
company would continue their trustee or
ganization In power by passing the June
dividend on our preferred stock" said
Vice President Harries last evening, II
am authorized by the trustees and by the
president Of our companies to make OFF,
Ieia4 announcement that the regular divi-
dend on our preferred stock viii be paid
next June. and Will be paid out Of earn
ings. Where0pon the voting trust VIII
cease TO exist.
II would be difficult to hnd proper Ian
guage in which TO express my views Of
those persons, who. seeking only their
own temporary advantage viii and DO
stoop 10 such contemplate methods
The voting trustees hold high rank in
the business world; they are incapable of
even legitimate sharp practice: they are
gentlemen in every sense Of the term, and
when their period Of control expires no one
OF them will fail 10 give good account Of
his stewardship. These gentlemen have
rendered uncommon service 10 the people
OF the National Capital. and are deserving
iof commendation That they should be
insulted By unwarranted innuendo is dis
lcFedltaDie TO the community whose best
interests have been honorably and faith
fully served"
Selling OF local stocks on the Washing
ton Exchange has developed into eonsld-
leraoie OF a movement. and yesterday more
than l-.00o shares went under the hammer
almost regardless Of price. Much of the
trading was in Washington and Electric
Ieommoa, which recorded sales of 1.e0
shares, prices shading off from Ssaz TO 3s2l
the lowest level for this stock this year.
The preferred shares were little better. the
price falling away two points on moderate
sales. Capital Traction also suffered a
slump of two points from the previous
lday, and made low record for recent
months SO the game went on through
many Of the local stocks, nearly all OF
(which suffered some decline.
Lanston was an exception, so far as
falling prices were concerned, as it stood
at l2lk on sales Of le0 shares, with bids
for more at the same figure. City Bank
also was strong at IA. but only 15 shares
were sold at that figure
good volume Of trading sprung Up
after call. in which the railway shares
and bonds changed hands rapidly. with
prices in some instances lower than on
the regular call.
The dividend of s2l5 share on the stock
of the Bank OF Washington, in connection
with the merger with the Central National
Bank, was announced on the exchange.
/ A quarterly dividend on the stock Of the
American Security and Trust Company
was also announced. payable April 10. TO
stockholders of record on March 81. A
/ Idividend Of 81 a share was announced on
the stock Of the Security and Storage
| Company. payable on April 10 10 stock
holders OF record on March 81
Opinions ON the New York Market.
Herbert /. Jones. Of Charles G. Gates &
/ lCo.-''To-day's market gave evidence of
somewhat desperate efforts on the part of
the shorts to cover stocks. and It may be
a somewhat higher level viii be seen be-
/ fore another bear demonstration viii be
successful. Meantime there is little to en-
courage investors or outside spectators
/ TO enter the market, except 10 buy on
sharp breaks and sell on good rallies"
S. II. Agnew Of Henry Clews 4 Co
| THE market was feverish in the extreme.
Prices opened from a quarter to two points
up. following a higher range OF prices
from London. From the feeling at the
close on Tuesday and the higher quota
tions for Americans in London this morn
/ ing. it was realized that there was some
buying Of an imperative nature. presuma-
Ibly 10 cover short sales. This forced
prices up during the first hour. Later.
lprices began to go to pieces. and Reading
declined about . points. Union Pacific
about a. and so on all over the list.
American SmelteTs dropped ~ points dur
/ ing the day, but recovered 3 points before
/ the close The street IS flooded with ru-
imors Of impending failures. and while this
! is pronounced. II Is useless TO expect a re-
turn OF confidence, and while this is alb
sent it is an easy matter for professionals
I 10 raid prices No doubt many Of these
rumors are groundless, but while they are
I in the air the bears are afforded plenty of
ammunition to attack values. Selling on
/ good rallies would appear wise for some
/ time 10 come
/ G. Bowie Chipman. Of Z. r. Chapman
( & CO.-"FIuetuatious of to-day's market
! presented a wide range OF prices. but ut
/ the same time a firmer undertone. and in
/ places considerable support on the drives.
| 1t was an excellent trading market. one
/ in which quick turns could be made and
profits we'll taken. provided the operator
! did not hesitate when the market showed
/ signs of changing These tactics / ex-
/ pect 10 see continued and In a general
way would still advise quick turns, with
"a l-fnor Of r,roGfe an. huTaree