The Washington herald., 1907-01-16
LOCAL FINANCIAL GOSSIP.


LOCAL FINANCIAL GOSSIP. |
Operations on the Washington Stock |
Exchange yesterday were slow in start I
ing. and the presiding officer almost |
despaired of getting any business. but /
when the fun began on the local stocks
the days record ended well. for a rainy
day. Old favorites, like Washington Gas
and the railway shares, were lively. and
the days trading compares favorably
with those that have gone before.
Washington Railway common was the
first stock on the list TO attract any at
tention, and it was traded in to the extent
Of $50 shares from 4OL for the stock to
40A for an option The preferred stock
was called for In much larger quantities
than 1t could be supplied
The friends of Washington Gas rallied
TO its support, and 325 shares went under
the hammer from 56i4 UP to 565s. Brokers
are settling down to the belief that there
will be no gas legislation at Jnis session
OF Congress, and q visible attempt is be-
ing made To force up the price from the
sluggish level it has occupied for more
than a month.
Mining shares and bank shares attracted
little attention.
After call, trading was more active and
animated than it has been for several
weeks, and only a few OF the brokers
apparently were able 10 iii the orders
they had on their books.
Notice was given Oh the exchange OF
the regular quarterly dividend OF IL per
cent on the stock Of the Washington Loan
ard Trust Company.
Opinions on the New York Market.
George T. Edmunds. Of Dick Brothers & /
Co.-'The market represented principally
the operations Of professional traders. the
volume of business being small and the
price changes very Irregular, though the
net results Of the day were generally
gains over last nights close. In early
trading Union Pacific and Southern Pa
cific Were active and strong. Among the
days news items. The announcement Of
the issue OF SJo000J Northwestern stock.
and the unofficial report Of 9. q O. note
issue were the most important. The close
was firm and inactive"
Benjamin Woodruff, OF Post & Flagg
The market was dull. but strong. On
two or three occasions in the last day OF
So the bears have made determined ef-
forts a. break prices, notably yesterday
afternoon. As I said in a former state
mant, I think We viii have quite "a sub
stantial bank reserve before long. and
time money should be obtainablc under
per cent. All this should lead 10 II better
market fer d time I am not much Of
bull for the long pull hut for the moment
think the chances are that prices Will
work higher"
;. H. Agnew. of Henry CIeWs d CO.
The market was essentially traders
affair. A large number of traders are
counting on ana Increased dividend for
Anal gamated Copper when tire COM
pany directors meet on Thursday. The
rate, however. Is not likely 20 be more
than per cent. and the present move
ment and prevailing price OF the stock
Indicate this The wonder Of the market
az present is that the rights on Northwest
are practically going begging. Time was
when II an opportunity were given T.
stockholders 20 subscribe 10 new stock
at par, the market value of which was
-lo. it would have been regarded As
privilege. and seized upon To bull the
whole market Now, the rumor that
Northwest is 10 issue = per cent OF new
stock 20 stockholders at par is not only
looked upon with disfavor. but actually
produces heavy liquidation The market
is entirely professional. and it would seem
as though selling or good rallies would
f.- frr mis-
Herbert L. Jones. Of Charles 6. Gates
< Co.-'I think the market is nearing a
turning point When it turns perma-
Hently. it will be for the better Money
conditions continue 20 work easier
throughout the world a reduction in the
minimum rate Of discount by the Bank
-0f England would not be surprising.
Good stocks are a purchase on ali de-
c-incs."
G. Bowie ChiPman. of F. r. Chapman &
Co.-"Stocks failed 90 respond 10 the inn
provemeut IN London, and very shortly
after the opening hesitaJHg and desul-
tory tactics set in. The trading for the
day was much smaller than yesterday
and with the exception of one or two
particular issues almost without feature
The leading stocks showed considerable
resistance and more or less firm foun-
datiou At the same time they seemed
TO lack snap on the rallies. About the
only piece Of news was the announce
mcHt by the Chicago and Northwestern
Railway Company of an issue of new
stock. approximatiug S25.0009C0 stock
holders having the right To subscribe TO
one-quarter OF their holdings at par. To
those in close touch with the changes /
might sly the better course 70 pursue
would He 90 take on a little stock. but
only on drives. with the idea OF housing
quick profits rather than holding for an
extended advance"
Thomas l. Hume president of the
Washington Stock Exchange-''That the
market behaved orderly to-day. without
evidence Of violence. should be construed
as favorable and encouraging. A dun
regular market lacking ConvUiSive in
clination. would lend more toward re-
establishing public confidence than sud
den and erratic advances and declines
The problem of financing the enormous
capital requirements OF our railroads is
paramount and veXatious. Yet such CO.
Iossal expenditure for construction and
equipment must certainly benefit largely
the leading indUstrials of this country
a feeble rally is not unlikely, although
a material advance would be accepted as
an opportunity for liberal distribution.
LOCAL PRODUCE MARKET.