The Washington herald., 1907-04-21
LOCAL FINANCIAL GOSSIP.

LOCAL FINANCIAL GOSSIP.
As predicted in this column, Capital
Traction. recovered 5 points on the quo
tstion price yesterday on the Washington
Exchange, the purpose TO beat down the
stock being entirely wanting. There was
likewise no trading.
Washington Railway and Electric COM
mon held the center Of Interest, as usual.
and booked the majority Of the trades OF
the day. Il sold al 40 and a fraction be-
low. closing at 1875 Great interest cen
ters In the activity of this stock. and sew
erai kinds Of rupors are current in re-
gard to it. Some unhind persons keep
saying that the sales, which range be-
tween 500 and 900 each day, are merely
straw trades. calculated 10 put a ficti-
tious value upon the stock. Others say
that a consolidation of the car lines and
the electric light companies on a new
basis is in prospect. Still others say that
new interests are seeking control Of the
properties represented b. the Washington
Railway and Electric Company with a
view 10 the election of new officers next
June. All these things are said seriously,
and it Is evident that many brokers be-
ieve one or more OF the stories. Mean
while, the wise are waiting developments.
knowing that if anything is really ia the
wind IL win be made known in due time.
Outside Of the railway shares il was a
mighty dun day on the exchange.
Opinions On the New York Market.
S H. Agnew. OF Henry Ciews & Co.
''Tne stock market has remained in a rut
for the past three days, out of which it
was yainIy hoped # would be lifted to-
day. Houses with foreign connections re-
ceived practically no orders. and the same
could be said Of commission house bust
ness. a number of large traders had
gone out of town and left the market 90
take care Of itself The shifting process
from out-oft town banks 10 the clearing
house banks TUNED out a bad bank state
mcut. The banks hold 100000 above
legal requirements, as against sI6.0000 10
this time last year. With this poor show
ing there is not much iuducement To buy
stocks. especially when uncertainty exists
regarding crops. Nevertheless after the
publication Of tho bank statement show
ing an Increase of nearly 5,J0001O I'm
loans, and decrease Of upward Of 5000
90 in the surplus reserves. quotations
made the first advance on opening prices,
and the market closed al the highest Of
the day. This is the usual paradoxical
action OF Wall street The advance at
the close was made on the covering Of
short contracts"
Herbert l. Jones. Of Charles g. Gates
* Indications point 10 a higher and
more active market next week"
G. Bowie Chapman. Of T.. r. Chapman <
.Co.-'With the exception OF the last ten
minutes. to-day's session was entirely I'M
interesting and hardly worthy of com
ment- After selling OF fractionaly. the
market, during the period mentioned.
showed greater activity. and many issues
recovered promptly. Some not only recov-
cred their early losses. but closed higher
than last night This was particularly
noticeable in Great Northern. Northern
Pacific Northwest Union Pacific. ard
Reading. The hRai prices throughout
were firm. The bank statement was about
as expected although speculation stiH ex-
lists as 10 the continued increases IN the
foam item
Benjamin Woodruff. of Post & Flag
AS expected. trading was in light volume.
but the market has practically repeated
this aspect Of the two preceding days The
bank statement had no effect as it appar-
entity reflected merely the shifting OF loans
from out-of-town Institutions to the local
banks. OF news developments during the
rf-Hs 8
little occurred TO influence the market
The Improvement. therefore, seems 90 be
a matter of somewhat better sentiment.
for as people look around they stiH find
general conditions of the country prosper
Gus and are beginning TO feel that per
haps the conditions of March oEerdid the
situation TO "a point where stocks can be
pretty safely taken on in q conservative
way Operations however. are unduubt-
ediy professional As have said recently
the time Of the year is against any decided
improvement in the market. and may
easily produce duliness which viii develop
some concession ia prices, bat it is difficult
not to think that many stocks viii give
q good account of themselves if purchased
around the present level"
J. E. Weed. Of Dick Bros. & Co.-"The
market o-rNeG uuli ana continued so up
10 the publishing Of the bank statement
Transactions represented scalpiug opera
tions of traders. and even these were not
numerous. The bank statement. which
showed "A heavy increase i'm the loan ac-
count, and a decrease in reserves. al
though unfavorable. had practically no in
luence upon the market. In the last half
hour short covering movement set i'm.
carrying issues IN from IL tc %. look
for a rather better market next week"
LOCAL PRODUCE MARKET.