The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-23
LOCAL FINANCIAL GOSSIP.

A broker who has not been active Of
late on the Washington Stock Exchange,
appeared yesterday and within short
/ half hour put a crimp in the bear move
ment on the local railway AMI gas stocks.
/ The only reason why each OF the railways
were not marked up about a point and a
/ half on the record was that the stock
was not TO be had upon his energetic bid
/ ding. As matters ended Capital Traction
was marked up nearly point, and Rail-
way common took on fractional margin
/ on the recorded sales.
/ The advance Of railway shares was
/ felt in the bank stocks and Second Ma
tional Bank and National Safe Deposit
particularly felt the thrill The latter
/ gained a point. and Second National
Bank was stronger than for several days.
/ The chief interest Of the day centered in
Washington Railway preferred the FIRST
sale Of which was a. S5&t. aud the last
an option at SGlz. 1c0 shares going under
/ the hammer at Sc.
J Copper shares and type machine stock
were practically neglected, though there
/
I Mining at good figures.
/ Opinions on the New York Market.
q. Bowie Chapman, Of f. r Chapman
K Co.-'"The market was devoid Of
special developments. Transactions were
much lighter and no particular news items
were announced outside Of ordinary
routine matters following the leader
/ ship Of London. the market opened strong
and although several times during the
day il reacted. there seemed To be an
/ absence Of pressure and but little liquida-
ton With the exception Of Few
specialties, the general list closed within
"a fraction of the previous nights ieFel.
/ There seems to be waiting market al
most entirely IN the hands Of the probes
sional traders. and IL would not be sur
prising that in the absence Of any positive
/ Developments prices would fuctuate over
la narrow range and without much ANNA r.
I ton until later in the week.
Thomas l.. Hume. president OF the
Washington Stock Exchange-'The mar
/ ket was regular and reasonable, and dis
played none Of the violence which has
characterized IL recently. Sentiment mas
/ improved and extreme stress has disap-
penred The market IS likely 10 remain
/ duU. with narrow fluctuations, prepar9-
/ tory 10 q possible spring advance
/ Herbert l.. Jones. of Charles @. Gates &
/ Co.-"The market is gradually resolving
/ into normal conditions. Good stocks are
/ a purchase on the declines II viii pay
/ to be patient
I 5. II. Agnew. of Henry Clews d Co
/ The sharp upswing late yesterday was
caused bv the announcement that the
Southern Railway Company had placed
I Sl5.1100JO of sh0rJ-time notes. This, with
/ the expressed determination of the New
/ York Central 20 limit its expenditures
/ for improvements and betterments 10 as
small an amount as possible during the
coming year. had a beneficial effect upon
4 the market this morning II is known
that the market has already suffered from
I a surfeit OF undigcSted securities. and
there has been apprehension concerning
the creation Of new issues in the two
cases mentioned. While "A number Of bad
/ Is crippled accounts have IN a great meas
ure been liquidated. Ii Is known that there
are "A number Of others which must go
through the same process before the mar
ket will be in a really healthy condition.
!
/ il is hardly 20 be expected that there VIII
/ be any Improvement Of a permanent
character. and for this reason / am at
/ present not in favor Of new commitments
/ on the long side. excepting on severe
breaks and then only for a short turn
/ q. l.. Edmunds. of Dick Brothers & Co
There did not appear 20 be- very much
/ buying power and traders We're inclined
/ to put out shorts. Market continued IT.
! regular until about the last hour. when
\ Union Pacific and Reading sold down
/ The close was steady with moderate ac-
/ tiyity. ] am incliped 10 IA or the long
side Of the market and reiterate my belief
/ that Yesterdays break showed the bot
t tom levels for some time 10 come"
/ Benjamin Woodruff. Of Post & Flag
/ While strong most of the day. the ses-
sion was disappointing in that prices
( failed TO rally as was freely predicted
/ they would. and as seemed reasonable 10
expect. in view Of the rapid advance be
/ fore the close last night There was d
/ marked falling of in the volume OF bust
ness. and as the day wore on, quotations
showed an inclination 10 shade of. With
money continuing easy and with every
/ prospect Of reasonable rates for at least
+ two months to come. there is room at this
/ level for further Improvement, although
+ the market did not look encouraging this
afternoon