The Washington herald., 1907-07-02
LOCAL FINANCIAL GOSSIP.

Trading on the Washington Stock Ex-
change yesterday was fairly active In the
public utility bonds and Washington Rail
way and Electric preferred, but railway
common and Capital Traction were at
terIy ignored washington Gas scored
couple OF trades, one of them at eS.
There was a good demand for Mergen-
thaleF around 20511. but only one share
Of the stock was sold. One of the fea-
lures OF the day was on the regular call
Of the fire insurance stocks, when one
OF the brokers. who had not been on the
floor for several weeks. marked up the
bid price Of Franklin points
At the executive session OF the exchange
the board rejected the proposed amend
ment to the constitution that only brokers
and bankers should be elected members OF
the exchange.
According TO a well-founded rumori
Georgetown Is about 10 have a new bank
Several Washington capitalists are said
10 be behind the venture. 1t is also stated
that an effort was first made to buy out
the stock and good viii Of the Potomac
Savings Bank. This effort is said to have
failed, and the promoters are now re-
ported 10 be working along an independ-
ent line. with good prospects Of success.
Opinions on the New York Market
z. W. Crew. of Henry Clews & Co
MANY traders who bought stocks last
~ convert
the paper profits into cash this morning
and some managed 10 do So The feeling
in London continues cheerful owing TO
the large arrivals Of gold from the Cape.
There seems no doubt that a large
number Of the most important traders
believe that the market is entitled 70 a
further recovery, and as there is no
particular pressure 10 sell from any
source, they will doubtless have their
way 20 a certain extent With the 10"
bank reserves prevailing, they are not
basing their expectations on any extended
advance. especially. as outside demand Is
small. and there Is no indication that
even with the large amount Of money 70
be disbursed to-day. by corporations
there viii be any great demand for Sc
curities from the public
G. Bowie Chipman. OF f. r. Chapman
& Co.-'To-day's first prices reflected the
strength in London and were aided con
siderably by the more cheerful attitude Of
the newspapers over Sunday. During the
day the gains were improved upon. and
In the last hour the market became what
might be termed buoyant. The last prices
show advances from TO per cent, with
the demand rather urgent in Union Pa
cifc. the Hill issues. Pennsylvania, Read
INK. Smeltefs. and tho United States Steel
Issues. Many OF the gains were due 70
short covering, and careful observers Of
the market report that during the last
hour selling of long stocks was going on
by substantial interests In fact, I am so
IMPRESSED with these two items that my
advice IS on any bulge IN the morning 70
take profits on long stock and then await
Il reasonable reaction before replacing.
Herbert /. Jones, Of A. o. Brown &
Co.-"Nany investors are only awaiting
another decline on which 10 make pur-
choses The Bank Of England acquired
altogether Sb,eEtJ Eotu to-ud4s anu Us
present position warrants expectation Of
a reduction Of the discount rate not later
than next week That this was antici-
pated was indicated by the much i'm
proved demand for American securities
on the London curb to-day. Il is possible
that call money may continue rather stih
for a day or two longer, but considerable
easing of in the rate is expected before
long