The Washington herald., 1907-03-14
LOCAL FINANCIAL. GOSSIP.


TIE process of liquidation, noted in this
col lmn yesterday, started in afresh at
tn, Washington Stock Exchange at the
noJn meeting. Nearly all the active
stocks were for sale, and the prices
shaded downward from a fraction 10 a
point. 1t is evident that some holders Of
these issues, while they consider them
cheap at prevailing prices. are required
to raise money from some source, and
are sacrificing their securities in the at
tempt It is characteristic of the market
that all the actual offerings are taken
up readily at prices slightly cheaper than
those of the previous day. In this re-
spect the stocks receive good support,
and there is nothing like a selling fever.
However, the process goes on. including
railway shares, gas shares, and some Of
the public utility bonds.
The general downward course Of the
market was temporarily interrupted yes
terday in the case of Capital Traction
stock. Yesterday was the date of the
meeting Of the board of directors. and
TUmOr has been active for several days
that the question Of determining an in
creased stock issue for that company TO
the account Of improvements would be
decided. Two Of the directors came upon
the exchange late. and both began bidding
for Capital Traction. taking what was
offered at an advanced price. The infer
enCe WIS that the bond issue had been
determined upon. and the stock was bid
up TO l45 in a few minutes. It was after
ward stated that nothing definite in re-
gard 10 the bond issue had been de-
termined. and the brokers bidding for
Capital Traction stock declared that their
action was without significance.
An extra dividend Of per cent has been
declared by the Riggs National Bank.
over and above the regular dividend OF
% per cent per annum. It is also stated
that the sum Of 100000 has been added
TO the surplus Of the bank.
G. Bowie Chapman, Of f. r. Chapman
& Co. is in New York I'm connection With
the business affairs of his Office.
Opinions on the New York Market.
s. II. Agnew, of Henry CIews & Co
Cables from London reported a panicky
condition Of affairs. and it is believed
there have been some failures, due To
forced liquidation. London has had 10
stand large sales from Berlin, owing 20
trouble at that center. The financial de
preston in London caused heavy selling
in that market OF American stocks. espc-
cially Canadian Pacific, Great Northern,
and Northern Pacific There was also
heavy liquidation in the HH stocks Tor
local accounts, on the belief that the de-
cisiOn lin the Minnesota suit viii Boz
against the company. Heavy selling OF
Amalgamated Copper was due 20 a bad
break in London in Rio Tintos. The
break which / have predicted has now
commenced. The money situation IS
threatening, and viii continue until after
+ the April / settlements. The President
viii not surrender on his policy, but vii
I insist upon obedience 10 the interstat,
commerce law. as applied 90 railroads and
/ trusts. The pressure TO sell stocks had
/ its effect on the money market. and
forced rates FOR call loans up 20 Is pei
cent. other than buying on good breaks
+ for quick turns there is little 10 recon-
mend purchases, and I would stiu take
advantage Of rallies 10 sell for larger
I profits"
/ Herbert L. Jones. OF Charles G. Gates
/ & Co.-"The market was panicks
/ throughout the day and no real expla
nation has been given as yet. While Fl
/ Is apparent that for the present stocks are
la sale on the rallies, it is also evident
;nat az this level on scale by thost
equipped 20 protect them should show
substantial profits soon
/ C. Bowie Chapman. Of f. r. Chapman
I & Co.-'Stocks opened weak in sympathy
with the London market This was fol
lowed by three hours Of terrific selling
during which many Of the lowest record.
OF the year and. in some cases of years
/ mere made. The decline was much helpeC
/ by bearish tactics. rumors of fnancia
/ troubles abroad, and a rise in call money
rates to Is per cent the renewing rate
being per cent During the fourth hGu
the market rallied. anywhere from / t'
3 or points. only 20 meet selling orders
which in the last hour carried the gen
eral list of approNmating the lowest
1t would be Idle 10 hazard any opinion
as 20 the probable course OF tomorrow
/ market In the absence Of some TcasSUT
ling news from Washington, from Lon
don. or the assurance by the proper inter
ests in New York Of a concerted sup
Iporting action. the food Of selling order.
in the first hour tomorrow viii be euor
nous At the same time, to-Gay's de
clines were so drastic that. should relie
come from any Of the three sources men
toned, a rapid recovery, partial though
il might be. would not be Improbable
Benjamin Woodruff. Of Post & Flagg
"Of all the recent DAYS OF decline th
was the worst. the climax apparently be
ling reached. One-pOint declines have beeI
as nothing. and, III fact, conditions hav
been panicky, money high, and stock
hard to sell. particularly toward the en-,
of the session. A condition like the pres
ent must run its course and when thi
has happened Il VIII mark the end of tn
long decline in prices AMI the atmos
phore viii be Ereatb cleared. In IN
meantime. persons whO have stock
should hold them. if they possibly can
and anyone VINO has money can buy
wcr protected. with the practical Ger
tainty of big profits 10 result"
nDhTN EFADKETC