The Washington herald., 1907-03-15
LOCAL FINANCIAL GOSSIP.


Selling securities at lower prices con-
tinued yesterday on the Washington
Stock Exchange. Capital Traction. which
had "a brief rally on Wednesday was Eek
dividend" yesterday and quoted nearly
points lower. Mergenthaler slumped
worst of any on the list, and most of the
active shares showed weakness in the
selling. The volume of business was larger
than usual, bargain hunters evidently
being on the lookout for low stocks.
Sales extended well over the list, brokers
grabbing up good stocks wherever Of
fered.
Washington. Alexandria and Mount
Vernon IS went on record yesterday with
two sales at par Washington Railway
common sold 500 shares and lost quarter
of a point on the days business Pre-
ferred sold at 81. and Graphophone COM
mon came in for some rapid selling, most
ly at e.
Griffin Halstead was again in his place
yesterday after a weeks absence in Gin
cinnat
Opinions on the New York Market.
Benjamin Woodruff, of Post & Flagg-
'.The market was the most phenomenal
| that the writer has seen in Wall street.
The net declines were larger and the
rallying power Iess-in fact. one might
say, entirely absent There is nothing in
1 the way of news TO account for existing
| conditions, and while this state OF affairs
continues. although there was good cash
! buying again to-day, it is simply
swamped in the great avalanche of liqui-
dation, and the declines go on. Prog
nostications under such conditions are
| impossible"
Herbert L. Jones' Of Charles c. Gates
& Co.-"WaI STREET has seldom or never
/ seen such conditions as those within the
/ past forty-eight hours. Opinions are
yalueless under such circumstances
! c. Bowie Chipman, Of Z. R. Chapman
& Co.-"To sketch the course Of to-day's
market is brief task In a few words.
| it opened steady. and for FIVE hours sold
of about as consistently as possible Clos
! ings IN some cases were better than the
/ lowest These transactions. however. were
not printed on the tape until some time
after the closing gong had sounded. due
| entirely to the inability Of the quotation
/ tape to keep pace with the market. The
word panic is one which ] hesitate at
/ all times 10 use, but it must be admitted
/ that at times to-day il is about the only
word which expresses the condition eX-
/ isting on the floor. My advices since yes
/ terday morning have been strongly
worded on the side Of avoidance Of any
purchase. and until I am given more
/ light on the present situation, / do not
/ feel like changing that position
/ s II. Agnew, Of Henry Clews & Co
/ Utter decentralization and panic prevailed
at to-day's session Of the stock exchange
Stocks were thrown over almost without
regard to values. some of them breaking
several points between quotations The
entire list suffered, some of the higher
stocks breaking from twenty TO twenty
six points Il was known that there were
many weak accounts ON the street. and
until many OF these had been liquidated
ii was apparent there could not be any
/ permanent Improvement in market con
/ ditions. Besides the money conditions
are bad, and will grow worse, unless
some relief is afforded by the Treasury.
what the market wants and needs most
is cash buying by investors 10 relieve the
congested condition That is the remedy
70 effect cure at the present time
/ Scarce money and high rates. both at
home and abroad. viii keep spectators in
check until money flows this way, which
will not be until the April settlements are
over The little rally at the close Was
due to short covering at big pronts. The
big people may get together tonight and
fiX up something before the opening to-
morrow morning. But after such a severe
break great recuperation need not be ex-
pected right away. Usually ia such
big breaks d rally Of two or three points
takes place, and then they sag of again.
I think this is what Is likely 70 happen
tomorrow. I do not yet advise purchases
except for a brief turn; and profits on the
long side should be taken whenever they
lappear. Stocks are still a sale on all good
rallies"