The Washington herald., 1907-03-26
LOCAL FINANCIAL GOSSIP.

II "A - = "A a ~
LOCAL FINANCIAL GOSSIP.
Regular ealI on the Washington stock
Exchange lasted twenty minutes yester-
day, and netted four trades. After call
sone orders for Lanston were filed and
one broker purchased $4,000 United sttes
coupon 2s at lo5h. The market was siug-
gish IN the extreme, and prices were left
practically where they were Saturday.
What buying went on record was OF the
professional kind. and it was evident that
the bad news telegraphed froa New York
during the morning hours Induced those
who might have bought stocks TO wait for
a clearing Of the financial sky. 1t is also
evident that the selling fever Of last week
has momentarily spent itself, and cOnse-
quently business was almost at a stand
still.
Opinions on the New York Market.
Herbert L. Jones. of Charles C. Gates
Ia Co.-"Further extensive liquidation was
accompanied by tremendous sales for
short account. Naturally many new low
records We're made. notably in the Steel
issues The market is sull sale on
rallies
Benjamin Woodruff. Of Post & Flagg-
There is little TO say about a market
like this. The pressure OF selling is enor-
nous and evidently some big people e-a
IN dire straits. It is a time of panic. and
the most extraordinary feature Of the
whole situation is that we have had no
failures. Wall street seems To believe
that we must continue to have falling
prices until one or more failures are ac-
tualiy announced. Such an event is ex-
pected TO clear the atmosphere and re-
ieye' apprehension. just as d loud clap Of
thunder often clears the air aud brings
relief ia q severe storm. In the last three
minutes OF trading prices rallied with
some sharpness. doubtless on beIate6
short covering.
C. Bowie Chipman. of E. R. Chapman &
co.-"'The slight stimulation given TO our
opening prices by Londons higher range
Of values wore of within the first few
minutes, and from that time the market
presented almost continuous decline
which carried the greater part Of the list
to the lowest figures of the year. Uaion
and Southern Paoihc, Pennsylvania, and
Reading. while suffering drastic declines.
held better than their previous low points
Announcement OF gold imports. reassuring
views and interviews Of prominent fnan-
clers, action OF the Secretary OF the
Treasury in receiving a more liberal list
Of bonds against deposits. and more con
fldent returns from continental centers
IN any wise checked the decline. The
final prices in many cases represented
quick rallies from the low points, but
this was apparently on room traders COW
ering short contracts. Both time and
call money rates worked higher Whne
the leaders in tO-day's market had some
slight support apparently for steadying
purposes, these issues cannot DO materi-
ais better until the support is more en-
eTgetic. Should tomorrow pass without
any untoward announcements from Lon
don. the market is technically IL posi-
lion 20 respond with a quick rally. which
am Obliged 10 believe would prove but
temporary
5. IT. Agnew. Of Henry Clews & Co.
THE market was -errauc. with "a per
sisteat downward tendency. Rallies were
frequent. and at times extended TO sew
eral points. but were not wen sustained.
and at the higher levels stocks Were
thrown on the market I'm too large vol
ume for prices 10 hold. and consequently
they fell OF rapidly again and again as
this bidd!ng-up process was tried. The
Copper stocks exhibited great weakness.
as did nearly an the industrials. As
have frequently predicted. the railroads
are seeking a lower level St Paul fell
off points from the opening. and made
feeble rally of ! point before the close
on short covering Union Pacific lost
nearly 9 points. Brooklyn Rapid Transit
about 4, and SO on over the list The
only logical reason that has been as
signed for this slump Is the fear Of
higher money rates April / is the an
nual settling day. and the farmers and
others in nearby states have been in
strumental IN causing a vast amount of
money 10 be drawn from the New York
banks to provide for their maturing OBJ
legations. April > in London is what is
known as pay day. u IS a monthly set
tlement period. and as the money situa-
iion there is in bad way, some failures
are apprehended Hence. it won't do FOR
as, IN their present disturbed state. 10
draw gold from London and thereby az
gravate their present troubles, and it
won't be done, however much we may
need the sold. If New York and London
get over the first few days OF April with
out serious failures, then the worst viii
have been passed. Meanwhile 1 advise
caution