The Washington herald., 1907-08-13
LOCAL FINANCIAL GOSSIP.

Business on the Washington Stock Ex-
change yesterday was confined largely TO
Washington Gas and Mitchell Mining.
Tie gas shares were sold at a full point
lower than the last recorded sales, and
one and one-fourth points were marked
of on the closing quotation For a week
and more this issue has been slowly
crumbling. and while several brokers' de-
clare that It viii 90 higher, there does
not appear on the surface much TO war
rant that opinion.
Mitchell was sold freely. one u Of
1,ooo shares going az 2il. and another. Of
800, ct a fraction less. Quotation lots were
knocked down at prices between, the
business Of the day netting 1900 shares.
There was a good demand for the local
traction bonds. but few Of them could be
uncovered. even by energetic bidding.
Some Of the brokers are coming in
from their vacations, sunburned and
ruddy Tilman Hendrick and G. W.
Weber are the latest arrivals from sea-
shore resorts
Opinions on the New York Market.
E. ". Crew. Of Henry Clews & Co
There IS no help for the stock market
until the liquidation has run its course.
Judging from present indications that
point has not yet been reached. Money
con6' 'tons are bad. a-d It is evident to
close observers that there is still an alb
sence Of that kind Of buying which will
eventually swing the pendulum in the
/ right direction. Until corporate batting
ceases. big people will take as few stocks
/ as possible. I think It is dangerous IL
buy stocks at present
! G. Bowie Chipman. OF E R. Chapman
& iCo-"To-day's opening was demoral-
es, losses in the first prices running
from l to points. and the market con-
/ tinued on the down track. with tenn
/ pyrary rallies. In the early afternoon
/ came news Of the further strike OF
/ telegraphers and the consequent inter
Tuption Of the Out-of-town ticker SER
vice. The announcement Of the failure
Of the New York City bond offering OF
/ SIS. .000O 600 soon followed. Whether either
Of these items had anything to do with
t the outpourlng of stock which imme-
/ diately took place, Is. Of course, a ques.
/ ton. Values faded away, and continued
to do so until about 2:4O Around this
/ time covering movement set In, and
although the leaders rallied from to :
/ points from the lowest, the losses on the
/ day are points below recent levels. To-
days final rally I am inclined 10 at.
/ tribute TO a slightly oversold condition
among the room traders, and while it is
undoubtedly true that some support was
( extended by insiders, this, in my opin.
/ ion, was not Of sufficient strength Il
turn the market From all information
at hand I deem it advisable to sell stocks
on any rally"
George L. Edmunds. OF A O. Brown
& Co.-''The situation is so mixed thai
little attempt is made to predict ms
course Of the market for the next day
or two. The market has reached thai
level where. investment and speculative
investment have become virtually syn.
onymous terms, In that there are not
more than three or four of the dividend.
paying stocks which do not Of themselves
furnish sufficient income 10 meet all or.
binary carrying charges. For those able
to trade with broad margins, the mar.
ket has reached a point where specula.
ton, pure and simple, is eliminated, ex.
cept as to non-diyidend-paying stocks ane
the so-called Cats and Dogs"
Benl5min Woodruff, Of Post & Flagg.-
To-day has been another season of IN.
interrupted selling. and prices have mad,