The Washington herald., 1907-02-03
LOCAL FINANCIAL GOSSIP


Dizziness oyershadowed the Washington
Stock Exchange yesterday 1t was the
end Of the week, the weather was heavy
and foggy. the news from the New York
market was not assuring, and this COM
bination of untoward circumstances
/ served TO put a break on operations. The
| brokers sat and smoked stolidly through
/ the session. giving little attention TO any
! thing except Washington Railway pre-
ferred and Washington Gas. But enthu-
siasm failed 10 get we'll started on these
issues and the prices. though not chang
ing much. sagged a little, and ended low
for the day.
The stimulating influence of the rumor
| association failed TO have any effect upon
Washington Gas yesterday. and while 1876
shares went on record rs sold. the price
siumped away TO 575s, fun point below
the high price of the week.
| The promoters and incorporates Of the
United States Trust Company viii hold a
/ dinner at Rauscher's on Monday night
] and exchange fluctuations over the sue
cess of the enterprise in getting started
| so auspiciously.
Opinions on the New York Market.
/ Benjamin Woodruff. Of Post d Flagg-
/ The market opened down, but rallied so
/ that prices at the close were about where
/ they were last night. The weak opening
was due 20 published stories of impend-
+ ing war with Japan and OF an uItimatum
I sent bH that s-ot-arrlr,7ar,- r., osrre Z H..
/ lieve these stories are circulated by the
bear party as the whole thing seems
/ preposterous. Men who are short Of
stocks have for some weeks persistentlv
( declared that first one house in Wall
street and then another was on the verge
Of failure, hut no one has yet failed. nor
Is 10 at all likely, unless things become
much more acute, that any one will fail.
II looks now as il the bear party had
turned Us efforts to other channels and
is attempting 90 promote imaginary hos
I tilites WIKI Japan. The market was
fairly steady on the decline and rallied
easily. even after the appearance Of the
bank statement which made a poor show
/ ing. This had been expected and was
/ discounted 70 a cOnsidera nle extent yes
/ terday. a good deal Of the buying was
Ion covering Of short contracts over sun
day"
G. l. EdmuEds. Of Dick Bros. & Co
After d rather sharp break at the open
ing in sympathy with London. the stock
market became quiet and rather strong
to-day, raliying steadily 10 the close. The
/ improvement was not checked by an I'M
/ favorable bank statement. which showed
an increase Of nearly Sl2090. 90 IN loans.
! The best rallies were in Union Pacific.
I Reading, and Shelters There was no
news beyond the bank statement The
/ recovery seemed 90 be due largely 70
/ covering Of shorts by professionals The
4 tone at the close was firm"
c. Bowie Chapman. OF Z. r Chapman
/ & Co.-"To-day's market opened weak.
/ the pressure being manifest in the lead
/ ing groups. After prices had been made
| representing losses from y to ~ per cent
/ the selling became less emphatic. and dur
/ ing the rest of the morning the market
/ rallied. The closing prices were Hrm.
/ with most issues slightly above last
/ nights"
s II Agnew. Of Henry Clews & Co.
After the publication Of the bank state
ment. the market had a fair rally. The
/ buying seemed to be Of better char
/ acter than any in recent declines. Never
/ theless. liquidation seems TO be the order
/ OF the day. E.arv time the market ex-
/ periences a fair rally. due to covering OF
shorts or buying OF room traders for a
turn the hope is revived among the bulls
I that the bottom has been reached There
I is not much evidence as yet that the
/ buying is of a substantial sort, and the
/ decline may go q little farther ] am in
/ clined 20 think, however. that II we have
not already seen the low prices on the
/ decline which has been going on for some
/ weeks, they are pretty near at hand,
and I 90 not now favor short sales.
+ Sales on good r 4lies are all right. as the
/ market will aCJ in Il rut for some time
/ before the continued advance sets in.
! The bank statement was about as ex-
J pected. The loss in reserves OF nearly
/ S30OG 900 and the heavy increase in loans
make a bad showing. While I do not
advocate selling on breaks, I am stin OF
the opinion that the policy Of doing so