The Washington herald., 1907-05-22
LOCAL FINANCIAL GOSSIP.

LOCAL FINANCIAL GOSSIP.
Selling Of Capita, Traction IS down TO |
lCS and big slump in Mitchell Mining /
were the chief features of the trading on /
the Washington Stock Exchange yester-
day. Business in the new traction bonds |
was fairly active. with a tendency of
prices 90 sag within small fractions On
the whole. a good days business was re-
corded.
With a little desultory trading. after
passing the traction bonds, there was lit
tie doing until London was reached,
which came out pretty strong in volume
to rising bids. The stock sold from l5 up
to 1875. with more called for than could
be supplied.
Then came Mitchell Mining. There was
bad news from New York, to the effect
that a block Of several thousand shares
had been thrown upon the market. and it
was noised around the exchange here that
about 1000 shares of the stock would be
sacrificed during the session. 4 broker
who had been what might be termed a
"bulr' bid IL for 100 shares. This caused
a little stir, and some one offered it at
2iz, when it was eagerly taken. Then to
the tune Of 1900 shares. the mining stock
was thrown over, though the price did
not break below 2lz. After the excite
meut was over there were those who said
the lines were being laid in Boston. New
York, and Washington for the raid on the
stock just prior to big bull movement.
but possibly the wish was father to the
thought
Charles J. Bell, president OF the Ameri-
can Security and Trust Company. who
has been away from the city fer ten DAYS
on a fishing trip in the Adirondacks. was
In his place yesterday on The exchange.
Opinions on the New YORK Market.
J. 3. Weed of Dick Bros. & Co.-"In
spite OF higher London quotations, the
stock market showed weakness from the
beginning. The bears were in fun control
and were helped IN their operations 10y
increasing liquidation OF long stock by
tired holders and speculative cliques who
were forced to throw over their lines
Union Pacific. Amalgamated Copper
Smelters and the Steel issues showed
heavy pressure. but liquidation seemed TO
ue scattered throughout the whole list
the only difference being that some stocks
were sold 80 greater volume than others
The weakness IN the Steel issues was
given "a good deal Of attention. and gave
the bears courage. In the last hour liqui-
dati0n seemed 90 have spent itself s0me-
what. and a rally on short covering
brought prices up from to 1 II above
ile lowest"
Herbert L. Jones. Of a. o. Brown *
Co.-'Iu some quarters much Of the recent
selling is attributed 90 closing ont long
lines held by interests contemplating
temporary retirement from the market
Crop prospects. trade reaction, big needs
0f money and prediction uf withdrawal
of the government deposits have all been
used as Influences % deprgss prices How
ever these have been pretty well dis
counted. and unless there are new de
ve'opments Of serious nature IL appears
unlikely that the liquidation viii proceed
much farther
benjamin Woodruff. Of Post q Flagg-'
"Th- weakness which developed iu the
market yesterday continued to-day and
further substantial reactions occurred
some s8Ily toward the close afforded lit
dc alienation 20 the dispirited character
of the market. A few days ago the mar
b.t had grown so dull. and showed so
little response 20 the continued unfavor'-
bIe crop news that 10 looked as II il had
been pretty thoroughly Uquidated, and
was likely 60 drift along witb little doing
uatI perhaps some good news would give
"a better tone to affairs. but the selling
OF Yesterday and to-day shows that there
VAS stil more stock which could come
out and also demonstrated that the bear
party was capable Of fresh activity
when the opportunity presented itself
The general guess az the selling js that
it came from the final closing ont Of aC-
counts OF a firm going out of business ON
June I. but. like all Wall street guesses
r. may he wide of the mark. The truth of
. the matter seems TO boz that this constant
I issue Of new securities is coming on 90
market iu no shape 10 absorb it. and
under such circumstances IL docs not take
much 60 start a selling movement that
produces lower prices. However. We are
now getting down 10 figures which, even
from the standpoint Of the pessimist. are
uretty low. and prices before long should
prove attractive 70 even timid investors
c. Bowie Chiqman, of r. r. Chapman
/ d. Co.-"With sales well over million
shares. prices i'm t0-day's market con-
u1uo on the downward track. From the
opening until about 2.3) O'Clock the gem
eral list presented an unbroken contin-
uatlcn of the most aggressive short sell
/ ms. urgent liquidation, the uncovering
and execution Of stop orders. and al
/ though az several times during the DAY
heavy short covering took place. it was
/ at declining prices and without the neces-
sity of bidding for stocks. = review of
the days work shows that the list was
at one time from ] 10 s or points down,
during which special weakness existed iR
Smsltors. Union Pacific. Consolidated
Gas. Reading Brooklyn Rapid Transit
Z Copper and Steel common The rally
which set in in the last half hour car
ried the list from three-quarters of I per
cent to about ~ per cent up. Exchange
was strong, talk of gold exports was re-
newed, and the expectation expressed