The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-28
LOCAL FINANCIAL GOSSIP.

Business on the Washington Stock Ex-
change yesterday shifted from the rail-
road shares and bonds TO LanstOn, and
when the record closed 1900 shares had
been sold and the price had broken from
1874 10 1294 on rapid selling The throwing
over Of the stock in such quantity was a
genuine surprise. and it was only the firm
support given by a few Interested brokers
that saved the stock from a greater
slump.
After Lanston, Mitchell Mining was the
favorite with 200 shares on the record and
200 more in options at sixty days.
After call there was active demand for
some Of the railway shares to ill orders,
but little Of the stool, came out.
The directors Of the Clearing House
Association yesterday adopted "A resolu-
ton providing for the appointment Of
committee 10 revise the constitution and
report to "A future meeting to be held
probably within the next two weeks.
Griffin Halstead the T street stock
broker, is about to leave the city to visit
his parents in Cincinnati. and help them
celebrate their golden wedding.
Opinions on the New York Market.
Benjamin Woodruff, of Post & Flagg-
The day was one Of discouragement
to the bull interest, for the market closed
last night with such nice rally IN
progress that when this morning it was
learned that the Senate had passed the
Aldrich currency bill every one was hop
ing for better prices. / believe that a
good many snort contracts were covered
at or near yesterdays low figures, but
trading on this side looks 50 easy and
profits seem so sure on selling almost
anything on rallies that the bear party
arc again full Of confidence. They started
| in this morning and worked prices down
20 the low level; in fact in many instances
new low figures were scored. This state
OF affairs cannot go on forever and many
stocks are undoubtedly cheap. but senti-
ment is bearish. and the appearance OF
the market would indicate stiu lower
| figures"
/ Herbert L. Jones. Of Charles c. Gates
/ & Co.-"Stocks have sold ut a level show
ling new records FOR nearly all the active
| issues. and it would seem that a rally IS
due, even II another lower level IS 10 he
| established, but on all substantial rallies
! stocks are a sale at present
1 $. II. Agnew. Of Henry Clews & CO.
( THE downward course OF prices con-
tinues, aided by heavy liquidation. The
market exhibited marked weakness. not
/ wthstanding the passage Of the Aldrich
/ currency measure by one Of the branches
/ Of Congress. 1t was generally expected
! that the action Of the United States Sen
ate in passing this bill would inspire
/ confidence. and relieve the strain that the
I bulls have been IabOring under
I for some time. have pointed
out for months past that the insiders
We're selling stocks as the market would
take them without too seriously break
/ ing prices. Tho buyers Of these stocks
/ have been the general public The
heaviest selling in future viii come from
+ the latter. When they get through SELL
/ Ing the market will turn. but not before
Mr.. HaTriman's testimony before the
I Interstate Commerce Commission reia-
/ tive To the Chicago ana Alton syudicate's
profits is what is now hurting the market.
/ ana il is feared IL viii impair confidence
] az t-4A st9N.Ai lL-t-H t4tIA 'tfttA
C. Bowie Chapman, OF Z. r Chapman
/ & Co.-"The very first prices showed "a
/ lack Of that confidence reflected I'm yes
/ terday's rally. and from the beginning
stocks We're plendfully offered both for
/ long and short account. As the session
went on stop orders were uncovered.
short selling became more aggressive. ana
/ prices gave way more rapidly. so that
many Of the leading issues made new
/ low records. In the afternoon there was
at one time a very apprehensive feeling.
and rumOrs were plentiful, particularly as
Z 90 this or that company changing diyi-
dend rates or issuing short-time securi-
. ties. The final prices reflected some good
+ buying, apparently more for the purpose
/ of stea1ying the market than for caus-
ing q rally. II could not be denied that
in several issues prices closed firm, they
/ as well as the balance Of the list. how
ever, showing quite radical declines for
the day"