The Washington herald., 1907-03-28
LOCAL FINANCIAL GOSSIP


Prices took another upward turn on
the Washington Stock Exchange yeslsr-
day. with a fairly active day Of business. II
The facts show that the support given TO
stocks this week should bring out the H
large blocks Of some securities which are
said to be for sale. They do not come.
and the natural inference is that holders Il
are determined to wait for higher prices
before parting with them.
Washington Railway and Electric Is
were in good demand. and 4.5oo OF them /
brought to the market were reaos'y taken +
az 81 up 20 S. Potomac Eiectries and I
Telephone bonds also found ready pur-
ehasers at good prices.
When the call on Washington Railway /
and Electric common was reached the /
bidding started in brisk. but only l32
shares were out for sale and these com
manded prices ranging from IS up 70 & /
with the closing bid at 81. The preferred
stock came out better. scoring a full point
on the sales
Washington Gas was also marked up q
strong traction. and the bank stocks.
such as were for sale, were greedily
taken. The tone Of the local market is
much improved from a week ago, and
most brokers are cunning for higher
prices within the next few days
opIpions on the New York Market.
Benjamin Woodruff. OF Post Flagg-
After a strong opening following Lon
don, the market worked on, mostly due
10 the same old hear tactics which started
the recent breaks This naturally has
disquieting effect on the already shattered
nerves of the holders of securities, end as
have said before, the bear, Ike the
present one, viii keep on until he finds
/ himself getting into a hole. Up 20 now
the bears have been able to get long
stocks all the way down. but there must
come an end 10 this sort OF thing. and
some day there will be merry scramble
/ TO cover. I hope and believe that we
struck bottom the other day, but il the
/ bsar party continues 10 bring out liquids
/ ton whenever It makes an assault on
prices, am wrong. Only time can tell"
Herbert L. Jones, Of Charles 6. Gates
& Co.-"Whne general conditions have
| been improved materially, considerable
liquidation is still apparently pending.
/ The market is a sale on all good rallies"
/ C. l. Edmunds. Of Dick Bros. & Co
Stocks opened with a decided bulge, fol-
loving. strong London quotations. and
shorts covered actively throughout the
first hour when the market gradually
quieted down. There were occasional out
bursts OF activity as short covering
movements took place. After the noon
hour the market became irregula: ana
/ there seemed TO be plenty Of stocks for
sale on the rallies Traders soon Tecus-
nized that the buying power was some
what exhausted, and in the afternoon
/ successfully hammered stocks. Erie
showed decided weakness. In the last
hour stocks rallied somewhat. bringing
the final prices. in most cases, about l
per cent above the low Of the day
The market from the investors stand
point Is most attractive speculative COM
mitments, however. except on broadest
marginal basis. are inadvisabie, until the
market settles on a better balanced basis -
y. n,
Ico.-"Relief from any unfavo-a5le de-
velopments in the London market, as wei
las higher prices there for American stocks,
caused our opening 10 show advances
from ! TO 3 or peg cent, and for the re-
mainder OF the day the action of the lead
ing stocks was about as expected and
certainly logical. Prices declined grad
ually. and for the general list the day S
finals are from a shade and over 10
per cent better than last nights closing.
The principal exceptions to this are Penn
sylvania and Smelters. with the Erie is
sues, the common of which. under pres
sure. made a new low record for recent
years With a large percentage of the
transactions professional. the market
seems 10 be again drifting into a trading
affair. one In which opportunities are
plenty. but one in which the purchaser OF
stocks on the drives should not hesitate
10 house his profits on rallies.
S. II. Agnew, Of Henry Clews & Co
"A better feeling abroad and here, Sec
retary Cortelyous action, and the de
termination of the large mOneyed inter
ests 10 prevent utter decentralization have
taken the panicky feeling out OF the air
This was made manifest at the openinG
OF the market, when nearly every stocl
on the list opened with a flourish o
trumpets. The advances on opening quo
3 tations were anywhere from / TO point
20 above the close Of the previous evening
=. This was calculated TO reduce the shor
interest further. But the opening prizes
were about the highest Of the day. ant
- stocks continued 70 sag until near thu
close, which in the majority Of cases
was very little, il any, above the close o
the previous day The damage done al
ready has been too great. and has gon
= too far to expect anything approaching
-- bull enthusiasm. ] see nothing as yet &
- cause any large recovery.