The Washington herald., 1907-09-07


business Of the day being confined 60
fourteen transactions in seven securities
Bods sold were $3.50, with SO4 shares Of
stock.
Capital Traction bonds and stock We're
the most active the former selling at
fraction above 10 and the latter at 13l.
at which about forty shares changed
hands
Chesapeake and Potomac Telephone sold
twenty-five shares at 5slz and some frac-
tions at half a point below that figure
Lanston again went 10 the record at 12ls
and Greene Cananea at Z The shares
of Lanston were the biggest item in the
days trading.
The exchange will resume its Saturday
meetings to-day.
Washington brokers were in good
humor yesterday over reports to the ef-
feet that New York banks have gained
I,559000 in cash from the United States
Treasury since a week ago. a fact which
will have an important bearing upon the
bank statement to-day Il was stated at
the Treasury yesterday that the amount
of State, city, and railroad bonds put as
security. for loans 10 the national banks
Of the scountry are now in excess Of
100000. This aggregate, it was stated,
was growing rapidly daily
Bond Sale Stirs Brokers.
Brokers in Washington with New
York connections are watching with
interest the rumors and manfpulations
of the sale Of the New York City bonds.
which viii be formally put in opera
ton next Tuesday. 1t is now stated that
these bonds viii be oversubscribed
about three times II appears that sew
eral orders from London have been
filed for a part OF the issue and the
big houses in New York seem to be
tumbling over one another IN frantic
efforts 10 get on the inside and secure
a big lot Of these boDds.
Tie merry brokers of Wall street
do not sem TO be worried over the fact
that they have been trying to make
innocent persons believe for the last
three months that IL was impossible 10
float any kind Of bonds in the financial
district, because money was so tight
they could not be purchased. even if
they paid 10 per cent interest Yet
here Is the fact Of several millions in
New York municipal bonds, paying AZ
per cent interest. being taken three
times over. This would be humorous If
the direful representations OF the
past few months had been intended TO
be taken seriously
These facts seem 10 indicate that
Wall street has about made I'D its mind
that the national government is not
to he diverted by threats. cajOlery.
or created panics from its cam
paign against the corporations. and the
brokers are thinking IL is time to get
together and earn the money to pay
for expensive summer vacations and a
balance for Christmas.
Manchester Canal Pays.
Reports made at the semi-annual meet
ing Of the shareholders Of the Mancbes-
ter Canal in England show that the
profits We're E13l,o00 after paying for cur
rent expenses.
The tonnage was 2,271,5S3, compared with
2,ll2,SlS for the same period year ago.
Some of the Washington brokers who
have invested somewhat heavily for Them
selves and clients in copper stocks are
fearful that the earnings OF their com
panies may be cut down within the next
six months by the large drop in the price
of the metal. This Of course. would have
tendency to cheaper the stock. and
few Of them are watching the boards and
curb quotations. hoping for a favorable
chance TO unload their holdings Il Is a
fact, however, that most of the copper
companies have figured their earning ca
pacity on a l5-cent basis for the metal
and the present price Of about Is cents
does not seem 10 the average student of
the financial field as specially dangerous
for the investor. Copper at IS cents weuld
not bankrupt the companies that have
been organized on a sane basis or mate
rally affect the value OF their securities.
1t might decrease the output. which in the
end would have a stimulating effect on
the price of the metal