The Washington herald., 1907-02-12
LOCAL FINANCIAL GOSSIP.

Bond investments, a strong call for
Mitchell Mining, and a small furry IN
American Bank stock we're the principal
features of the Washington Stock tx
change yesterday. Bonds to the amount
of $1,000 were taken. mostly in Gas GER
tificates at Il3 Washington Railway
and Electric As and Potomac Electric
LiSht IS were the others recording sales.
When Mitchell Mining was reached the
exchange assumed more of an air Of bus
mess than has been manifest in many
days. One broker apparently had or
ders for all the stock in sight. but he
could not be tempted above 57s. Lots OF
the stock were offered at 6. but he would
not take it. Various ruses were resorted
TO in the effort to force the price up an
eighth. but all in vain. The broker COB
bled up the stock as fast as it came TO
his price. and then offered TO take 1000
shares OF any part at the same figure.
Sixty shares of American Bank went on
record at 167. selling in ten-share lots. In
the case Of this stock also, offers were
made higher but the buyers stood TO the
one price which ruled for the day.
a tabulation has been made Of the con-
dition Of the banking institutions OF the
city, other than national banks and trust
companies. Eleven such banks are in
cluded in the list. and the statement
shows the facts at the close of business
January 26 The total resources on that
date were s., AZ III. and the total savings
held by these hanks on deposit were $,
2l.G45. On the same date the resources
OF the national banks and trust com
panies were S7,1 ,499, and the deposits.
81, $40, 800
Opinions on the New York Market.
G. Bowie Chapman. of +. r. Chapman &
Co Anaconda and Amalgamated were
the strong features Of the market, closely
followed by Reading. Union Pacific. St
Paul, and all the recent leaders. There
was much favorable news, and this com
ing upon a market bare Of stocks resulted
in Il strong and vigorous rally. which was
practically maintained up TO the close.
Secretary Shaws offer 10 purchase So
100000 Of the short government IS hal a
{
chasers. but l am inclined TO think no ma
terlal advantage will be taken Of the offer
al the price named. All things considered.
I believe further Improvement may be eX-
pected. and I do not hesitate 10 advise
the purchase Of the active securities on
any depression
S. II. Agnew. Of Henry Ciews & Co
Prices at the opening were about on a
parity with the close on Saturday, and
iu some cases a little below After the
first hour a gradual advance. well sus-
tanned. set IN. and in the closing prices
We're about the highest of the day. The
I feature Of the trading was the phenomenal
advance In Anaconda the activity in
which was accompanied by rumors that
/ the dividend on the stock IS TO be ma
/ terialIy increased in the near future
owing to the large profits now made in
mining copper. While Anaconda is
now paying p per cent per annum, fl
I is earning almost double that amount
There was also another story af0at "a
( the effect that che Amalgamated Com
I parry Is about 10 make an offer to the
minority stockholders OF Anaconda %
/ retire their shares These rumor.
/ caused q scramble 20 cover by traders
I who had the temerity 20 go short. An
other reason for the marked advance
was the announcement that Secretary
Shaw VIII purchase 81. 10000 { per cent
bonds falling due on July I at 1914
This has somewhat aHayed the appre-
he0sion concerning the immediate future
/ Of the money market I think the present
rally win be continued. and prices viii
/ seek a higher level for some time to
/ come
Herbert /. Jones. Of Charles G. Gates
( & Co.-"The market is a purchase or
/ all reactions. The metal issues again
! appear particularly attractive, espe-
cialy the coppers. A sharp upward
/ move in che Hartman issues and the
! leading granger rails also appears i'm
miuent7
/ Benjamin Woodruff. of Post & Flagg-
/ THE interesting development Of the dag
was the offer Of the Secretary of the
/ Treasury 70 buy 100000 government
/ ( per cent bonds at l0l1z. High authori
/ ties in banking circles do not think thai
\ this Will bring the bonds in as they
/ see no inducement 10 holders Of these
! securities to sell them on the basis pro
/ posed. However, the incident had a goOC
/ effect on the market. and prices rallied
well. closing about at the best for IN,
day The meeting of the committee in
/ vestigation Of the Hartman lines ha.
/ been postponed. I am told, until February
p. and ! have IL on good authority tina
the market will probably advance be
tween now and that time; but that on o.
Immediately after that date fl viii b
vel! 10 be out Of stocks"