The Washington herald., 1907-06-07
LOCAL FINANCIAL GOSSIP.

Capital Traction IS had a special field
day yesterday on the washington Stock
Exchange. The price was raised to I01z
and 110ss, and this brought out about
p 900 Of them. which We're readily taken
at the high figures. Some OF the wise
ones think the investors are paying a
pretty good premium fer the investment,
but there is "A feeling that these bonds
are going still higher. consequently the
eagerness to buy them when offered.
The rumor that the Georgetown Gas
Company is about to make application
10 the court for an increase in its capital
stock was worked yesterday as a bull
bait and the stock Of that company sold
AZ the highest figure known. Wash
ington Gas was also marked up to 81 on
regular CALL and a half point higher after
call
The local railway shares and bonds
were also in some demand and the sell
ing prices and recorded bids at high
figures.
Mitchell Mining gained a fraction on
sales OF $50 shares, while several brokers
Indicated a willingness TO take more at
the same figures
An announcement of interest to many
Washington financiers was that the
Greene-Cananea Company would begin
the payment OF dividends on its stock
about August l.
Opinions on the New York Market.
Herbert L. Jones, OF 4. o. Brown & Co.
THE belief is gaining ground that Euro
pean holdings Of American securities have
been very heavily oversold during the
past few months, and that with cessa-
ton Of legislation adverse 10 corporation
interest many Of these investments will
Doe taken back. There is probably a rather
large short interest In the market. ana
with the comparatively light floating sup
/ ply Of stocks prices could be very easily
advanced"
Benz Woodruff, Of Post & Flagg. The
market acted better to-day. and main
talned the Improvement Of the past day OF
/ two. This does not mean that the millen-
/ iam has come. but is evidence that at the
present level II is comparatively easy for
/ the market 10 become oversOld and show
/ q considerable scarcity Of stocks on any
covering movement Permanent improve
meut I'm prices must be preceded by bet
/ ter demand for investment securities. as
/ the bond market Is still fat, and standard
bonds selling at low figures. These days.
as fast as a bond syndicate is dissolved,
/ the next quotation for the securities is
about 10 points below the underwriting
price. which is by no means encoura ging
+ t1 the syndicate partcipators. There
/ must be an Improvement in this respect
/ before The stock market can hope 20 show
any decided recuperation. No further en-
/ gage Uelts We're announced to-day, but 1t
/ is probable that Saturdays steamer viii
/ take additional shipments. as exchange
/ stays AZ the export point From a tenn
+ p0rary trading standpoint, il does not
1 seem advisable yet 20 follow up 10 any
extent rallies in the market. but for the
/ long pull 70 looks as If the level Of prices
+ had reached q very attractive basis.
J F. W. Crew. Of Henry CleWs & Co
/ "The character Of trading this morning
/ indicates that shorts were principal buy
ers. There has been little more inquiry
/ for steel on report that the company has
+ booked a heavier business for May by
/ $500 tons than during the similar period
+ .n 1905 The wheat situation IS improving
. better weather is reported in all parts
f Of the country and with no further mis-
/ hap F0oN610 bushels at least ought TO be
garnersd one thing that created a little
/ more confidence to-day is the large in
/ crease in gross earnings. as shown by
many important systems. BY tomorrow
| traders with bearish proclivities ought
/ % be able 10 use the Forthcoming bank
| statement as factor iu Influencing
prices. London sent a few selling or
. ders, which were easily absorbed Boy local
/ interests, mostly for covering shorts. De-
. maud for stocks I'm the loan crowd after
/ the close yesterday Was brisk. indicating
/ that the short interest remains Of goody
/ proportions. Professional traders. while
admitting Improvement is in order. still
adhere 10 the belief that underlying con
ditions are sufficiently bad % make the
market a sale on good rallies
c. Bowie Chapman. Of L. r Chapman &
/ Co.-"IgnorinE the lower prices from
/ London, our market opened fairly active
and generally higher. and although dur
ing the day the leaders failed by consid-
cradle 10 hold their highest point. the
general average shows gains over last
night Trading was much restricted, with
practically all the transactions represent
ing professional operations. From this
do not expect much change i'm the imme-
diate future. unless the outstanding short
interest should attempt 10 cover in any
3 great volume Of stock.
NDhTN ANN pD0UTCJ0NC