The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-30
LOCAL FINANCIAL GOSSIP

- - ~ ~ a Al " A. 49, -
The hammer was out yesterday on the
Washington Stock Exchange, and the
railway shares suffered wherever there
was a disposition TO sell. Capital Trac-
tion lost mere than two points on the
bid price. one quotation lot Of It selling
lat 1904 Washington Railway common
could not be sold better than S9l4, and
the preferred shares. starting IN with
sales at S0i4. slumped away to 1884.
Some strength developed in Washington
Cas- a quotation lot Of the stock going
AT g. and options at = and 4 above that
The market as a whole was a profit
taking affair. and the day sort Of
blue Monday"
IN view Of developments last week, 81
large number Of spectators crowded TO
the exchange. but there was little ex-
element to reward them for coming.
Opinions on the New York Market.
Herbert l. Jones. of Charles G. Gates
& Co.-"The market has a strong under
tone ana an upward tendency. but on
further sharp rallies it would be the
part Of wisdom to take profits.
G. Bowie Chapman. of Z. r. Chapman &
.Co.--Although the market broadened con-
siderably. and the total volume of trans
actions increased. and although the gem
.eral list shows gains. and. IN some some
cases. considerable Improvement, it must
be admitted that it was a Union Pacific
day, that stock opening above Saturdays
.ciose of IA crept quietly upward on com
paratiyely small transactions until In the
final minutes a quick rally carried It to
l4S. It was noticeable during the last
half hour that the strength in this stock
had more effect on the balance Of the list
than during the early part Of the session.
The action Of to-day's leader. and the
stimulation received IN other quarters
from it. leave the situation tonight some
what ambiguous. Whether this time has
been chosen for starting the upward
movement In that stock. as well as in
other active stocks. or whether the whole
rally is simply the result Of spasmodic
short covering. remains TO be seen. Just
now I would prefer TO watch develop
ments q while before purchasing, although
IL might prove that the first part Of the
advance was lost by so doing; at the same
tine the risk would be much minimized. ~
Benjamin woodruff, Of Post & Flagg.-
''The market to-day has borne Out our
predictions pointing 70 improvement IN
prices. Union Pacific was the predomi-
naut influence and furnished d large pro-
portion Of the total transactions. The
stock opened half a point higher than
Saturdays close, and continued 20 gain
strength. almost without hesitation, right
up TO the close. scoring "a net gain OF 4
points There is no confirmation of ru-
nors recently circulated that there was
something doing" ia this stock Out
side Of Union Pacific. Reading was the
most active issue and evidence that the
stock is being accumulated are again re-
ported. There was more interest shown
in the better class Of investment stocks,
such as Northern Pacific. Great North
ern, &c, bat The bond division Of the
market Is st.l inactive About the only
news Of any moment during the day was
that furnished By the grain markets,
where quotations were lower on the be-
lief that the recent crop scare reports had
been exaggerated. AS / have stated,
speculation IS largely limited 10 profes-
si0nal floor traders who take advantage
OF any opportunity to mark quotations
either up or down, as suits their commit
meuts. At the moment il seems easier
20 put stocks up than down. but I can
not believe that conditions warrant any
extensive rise al this time, and would
not advise standing out too long when
one sees a profit on trades.
s. II. Agnew Of Henry Clews & Co.
The course OF the market to-day has
fulfilled my predictions. Union Pacific ana
Reading are 10 Doe the leaders in a bull
movement this week. The irreguIarity ia
London prices for American stocks indi-
cate that the sentiment abroad is unccr-
tain as regards the immediate future Of
values on this side. The foreign situa-
ton. however Is showing steady progress
toward Improvement This is indicated
by the reduction in several governmental
bank discount rates. The large arrivals
of gold from South Africa have materially
helped affairs there. To-day $500. 60 was
received, which viii enable London 10
pay its indebtedness TO France without
creating any fresh disturbance in money
matters ON this side rates Of sterling
exchange have advanced TO a point az
which there is already talk of gold ship
ments to London, and this is not unlikely
IN view of the heavy travel 10 Europe
now commencing. Not as much attention
IS being paid TO the money question now,
as 20 the growing wheat crop The market
holds its own from day 10 day, indicat-
Ing that stocks are again largely held.
and are being accumulated by large
mOleyed interests. ] sun believe the
market is going to creep up to higher
level There is not much chance Of the
Co1ey Island scent fare bin passing the
New York senate this session, therefore.
Rronklanl Ean-d Transit s1nuld be 4 NJ