The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-27
LOCAL FINANCIAL GOSSIP.

Business on the Washington Stock
Exchange was reduced to the lowest
point yesterday. Four sales only were
recorded. and 225 shares of stock rep
resented the operations of the session.
The trades were in Washington Rail-
way common. Mitchell Mining, and
Columbia Title Insurance.
Through an error in the types the
deposits of the National Safe Deposit,
Savings, and Trust Company were given
yesterday as $780, 900. The amount is
81. 200, OOO and the showing of the COM
pany for the year was most excellent.
Much interest is taken in financial cir
cles with reference to the Senate amend
ment to the Bank bill. excepting brokers
having seats on the New York Stock EK
change and the international Banking
Corporation from its provisions. This will
affect about five or six local brokerage
houses and is regarded by them with
great favor.
Opinions on the New York Market.
c. Bowie Chapman of E. r. Chap
man q Co: Further liquidation and
short selling continued. During the
first hour and a half prices declined
steadily. several issues approaching
their recent low levels. The announce
ment that the Vanderbilt lines had is
sued $50 10000 notes. S25 ,0G0. 900 Of
which were by the New York Central,
was taken as discouraging and caused
a sharp break in Central stock. About
1880 some of the leaders rallied quite
rapidly. but at the close prices failed TO
hold the rally gained. The waiting
policy is doubtless the best at the
moment at the same time it does not
seem advisable 10 US to sell stocks
short at this level"
Benjamin Woodruff, of Post &
Flagg; The market closed so weak
last night that it was bound TO go
lower to-day. but at the close a
moderate rally set in. so that losses in
most of the active issues were con-
fined 10 fractions. Even the bank
statement was good, but, as I have
said before, the market around the low
level established about a week ago
seemed 10 hold rather firmly. Whether
prices viii go through this point re-
mains 10 be seen. If they do. we shall
probably see considerably lower fig
ures, but If, on the other hand, they
appear comparatively strong at that
level, every one Will feel much more
encouraged"
Herbert L. Jones. of Charles G.
Gates & Co; The market showed
fair support to-day in the face Of
further dlscouraging financial an
nouncements. Some issues. notably
United States Steel common. have made
new low records. I believe good stocks
are purchase on declines, but for the
present advantage should be taken Of
the rallies TO realize profits"
s. H. Agnew, of Henry Clews & Co:
Liquidation still continues, and is
likely to do so for some time 10 come.
As I have pointed out repeatedly, the
large operators are disposing OF their
holdings. the buyers being the general
public Stocks have, therefore gone
from strong hands into weaker ones.
The market to-day exhibited evidences
Of further liquidation. The disinClina-
tion OF stockholders to subscribe for
the new stocks and bonds recently
thrown upon the market is more fully
demonstrated by the New York Cen
trails latest move to obtain funds In
stead of Offering stock at par 10 stock
holders. II has recently sold $685. 400
three-year , per cent notes as follows.
New York Central proper. $4,000. 900,
Lake shore. So. 600. coo. and Michigan
Central. $40, 900. 600 These notes have
been underwritten, evidently at dis
count as they are now offered at par.
The bank statement is bad. Apart from
decrease Of nearly $4,000, goo In sur
plus reserves. the heavy increase Of
nearly 500 geo IN loans indicates
that there is still grab for money by
the corporations, and the money market
is likely 10 be unsettled for a long
tine to come"