The Washington herald., 1907-01-19
LOCAL FINANCIAL GOSSIP.


The pressure on the Washington Rail-
way stocks eased up yesterday. and the
list was entirely neglected until after call.
Wnen there was scme trading in v Washing-
ton Railway and Electric preferred on a
declining scale. Some attention was paid
bank stocks; otherwise the business OF
the day was largely confined to Mitchell
Mining shares
At times much joking goes on while the
board is in session, and yesterday was no
exception to the rule While Washington
Gas was under call some one made a
very low bid, and member Of the board
promptly remarked: THAT must be eX-
Congress" which. judged by the general
laugh that followed. must have been con
sidered pretty good bon mot.
While Mitchell Mining was under fire the
fact leaked out that brokers had orders
on the floor 10 buy this stock. aggregating
5000 shares. az top price OF 81. None
c' il was 10 be had NJ that price. but
there were trades OF 20 at 5ss and OPP
tions Of 700 al 81.
Public Service Corporation was again
active yesterday at 116.
Opinions or the New York Market.
Thomas L. Hume, president Of the
Washington Stock Exchange-"The urgent
desire to sell stocks was renewed with
intensity. and prices sank continuously.
with an abrupt and panicHy decline at the
close That such spasm Of Liquidation
has failed to improve the complexion OF
the market Is unusual and discouraging.
and would imply that further liquidation
is inevitable The improving money con-
ditiOns appear 10 be accepted By the
strong men as the occasion % reduce their
holdings. although doubtful rumOrs in
vOlving the s0lvency Of certain stock ex-
change houses are dGered in explanation
of the decline. The market is legitimately
entitled to "a substantial rally. but the
ventures arc dangerous, and those with
out commitments are fortunate"
Herbert L Jones. Of Charles g. Gates
& Co.-"People VINO bought stocks to-
day. and those who buy them on a fur
ther decline. If one comes. will not have
long TO wait for good profits. The market
cline Is likely tomorrow running through
the first hour or so. but a sharp rally is
overdue and should ensue during the day.
Good stocks are a buy on any further
break The bank statement VIII show
large increase in the surplus reserve
item
G. J.. Edmunds Of Dick Brothers & Co
"The market showed renewed selling
pressure and the rallies We're small
Weakness appeared first in the Steel
stocks and Union Pacific Copper was
also weak In the last hous sharp
break took place in ST. Paul. which
reacted 70 1i61z or about nine points
below its high point. Union Pacific also
broke 10 "a new low record on this move.
The large gain in cash by the banks this
week would indicate a favorable bank
statement. Rumor after rumor Of the
most alarming character was circulated
in the course OF the afternoon, but con-
frmatory news Of any sort was unobtain-
able"
5. H. Agnew. Of Henry Clews & Co
Heavy liquidation continued through TO-
days session. There was considerable
pressure to sell the SteeIs IN tia earlier
hours, which seems TO demoralize the rest
Of the market ! still advise against
on the buying side until
the liquidation. which is evidently not
yet over. has spent its force. 1t pres /
ent there is only one thing in sight which /
viii cause anything Ike a substantial /.
rally, and that is an unwieldy short in
-rts-, and even We that at OF the f
y,ay, the market would. in my opinion 4
be a sale again"
G. Bowie ChiDman. OF +. r. Chapman 4
& Co.-"Transactions were on an enor-
nous scale. and entirely regardless Of val /
ues From the first few minutes OF the /
session until O'Clock liquidation Of the /
most urgent character took place The /
final ten minutes brought forth such a I
flood Of stock and such drastic selling as
have not been witnessed in Wall street /
for several years. Prices simply crum- 4
bled. and some OF the finest railway and 4
Industrial properties in the country were
thrown over regardless Of price The
closing was weak. with the declines for
the day extending from . or per cent :
10 l5. Unless some explanation is forth
coming Of the action Of prices IN to-day's 7.
market. that is. some explanation other
-nan the ordinary liquidation. the pros
Dect for Tomorrow morning is naturally
toward lower prices
Benjamin Woodruff. Of Post & FIagg-
The market has taken decided slump,
and there has been evidence Of very con
siderable liquidation. No news has de-
7eloped to account for this reaction. but
rom the opening TO the closing there
was pressure Of stock for sale. and In the
present temper in regard 10 the market
here has been little support forthcoming
o meet the offerings Of stocks As usual
n cases of this kind. there are rumors on
he floor of some one in difficulty, but it
$ without reliable details, and arises
rom the evident disposition TO iiquiGate
stocks. The general situation seems to
De that all over the world. for a year or
wo past, there has been such activity