The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-24
LOCAL FINANCIAL GOSSIP.


Capital Traction and Washington Gas
occupied the center Of the stage on the
Washington Stock Exchange yesterday.
The railway shares suffered a severe
slump. and Gas shares went soaring,
making a new high record for the year.
Just what is in the wind with regard to
either stock is purely a matter of con-
lecture. There are rumors in the street.
which may or may not be true. One IS
that the traction company may have
few legal tangles 10 straighten out, and
another is that the gas company IS pre-
pairing to cut a melon. though whether
1t is "a bond issue, an increase Of stock,
or some more certificates cannot now be
asserted.
Whatever the cause there was some
thing doing yesterday in both stocks.
Sales of traction stock started IN at l36
and seven shares were sold at 1877, but
from that point the stock slumped of %
1885, and the remarkable thing about the
situation was that the supposed friends
Of the securities were selling the stock.
When Gas was reached the story was a
different one. The selling started at 59lk,
the usual price for the past few days, and
gradually climbed up to 601z on quotation
lots. After call the issue was taken up
again and options freely sold al Css
There was apparently no limit 10 the ris-
ing price as long as the stock was to be
had.
Trading Ia other issues was not large
or Of specially significant character.
Opinions on the New York Market.
G. Bowie Chipma4., Of f. r Chapman
q Co.-"rhe course Of prices to-day
demonstrated the large element Of pro-
.fessionalism in the market After a
slightly higher opening and temporary
advances, the market declined quite
rapidly uAltil the leading stocks had lost
to Pr points This was caused by
profit-taking and putting out short con
tracts. aided by unfavorable weather re-
ports from the West. This drive was fol-
lowed by dizziness. TO change again in the
last half hour 10 activity and a general
recovery, so that many Of the issues to-
night show some gains over last nights
closing. l have not as yet changed my
opinion, neither do ] see any groundwork
laid for an extended advance. 70 keep
the market steady within a radius Of
few points seems 10 be ali that Is At
tempted. and until this is changed I con
slider il more advisable 10 slip out Of
stocks on the bulges, replacing them
carefully as the drives occur. and bear
ing IN mind ar ali times that profits
should be quickly taken.
FeU9.THfNs ktlgrf.frfF Of
The market gave good account Of it.
self. although for a long time IL was
practically at standstnl. The opening
was about ar last nights figures or a
trihe higher, and some issues imu1adl-
ately added 70 this Improvement to the
extent Of "a point or more. This was
followed By a determined bear attack
which brought prices down a point TO
a point and half below the opening. but
when this was accomplished trading
seemed 20 cease altogether. any trans
actions that occurred being az slowly ad-
paHciug figures. This continued tiH
about 2y0 O'Clock. when. on extremely
heavy trading in Union Pacific. prices
moved up rapidly and closed with net
gains m most Of the active issues. It
IS said that one Of the powerful cHques
In New York was testing the market 10
see how readily IL would respond 10 ef-
forts for an advance, and the result
would appear 90 be entirely satisfactory
for the experiment Undoubtedly COM
mission houses are carrying small lines
Of stocks after the cleanup In March, so
that securities have settled into strong
hands and there is little disposition shown
10 part with them AT present prices This
IL. aH.a s-r..
lacks, and it responds easily 10 any COW
ering movement The market looks as if
IL would De a good purchase on any
reaction"