The Washington herald., 1907-06-18
LOCAL FINANCIAL GOSSIP.

LOCAL FINANCIAL GOSSIP.
Last week on the Washington Stock
Exchange ended in a blaze OF excite
ment and this week began in a slump
Of dullness. Even Washington Gas was
not sufficient TO instill life into the
transactions. Trading was small in vol
ume and generally at fractionally lower
prices The railway bonds. so much
sought after of late years. were in mod
crate demand. at the weekend quota
tions. but the preferred and common
stock Of the Washington Railway and
Electric Company seems 10 be on the
down grade.
The support given 10 these two Is
sues through the winter and spring
months is lacking. The broker who
bought all the stock offered and clam
ored for more has been absent from
his post on the exchange for more than
a month. and both stocks have seen
many days when they did not go on the
record. Many persons have asked why
the activity In these stocks so sud
denly ceased, bat no one has suffi-
cient answer Meanwhile both are grad
ually crawling down in valueand appear
to be good buys if anybody wanted
them.
On the only sale recorded yesterday
Washington Gas was pegged at So, and
no one was ready TO take the stock at a
higher price
A new national bank Is to be started
at Poolesville. Nd, with a capital stock
of $4,000, Of which Howard spurrier
will be the president. The directors
are prominent citizens and business
men OF Poolesville.
Opinions on the New York Market.
G. Bowie Chlpman. Of F. r. Chapman K
Coin volume Of trading and range Of
fluctuations to-day's market dropped
back about on a par with that Of last
Thursday. To-day's transactions are
considerably under 10000 shares. and the
greater part OF this was made up OF pur-
chases and sales between room traders.
The market sold of slightly in the early
morning, but rallied quietly. and the
finals are from y 90 ~ per cent over
Saturday. The news department was
about as dull rs the stock market. and.
beyond a few routine announcements,
unworthy of special notice T0-day's
strength gives the market a slightly more
cheerful aspect and 1t would be in order
for this rally 10 extend farther. Never
theless I consider # the best policy %
make sales on rallies"
Herbert L. Jones, OF A. o. Brown & Co. /
The market was dull and featureless
Buying was mostly by shorts and trad
ing was almost wholly professional /
While Il is believed there is some un-
easiness IN Paris over the Russian stua- /
tion, and that the demand for gold from
that city may continue for q while. there
seems 20 be no apprehension Of serious
effect on the market
Benjamin Woodru. Of Post & Fiagg /
Though duh. the market showed some I
improvement, Union Pacific. Reading. and I
Atchison being the most active. Many |
market observers were discouraged by F.
the reaction last week, after the better I
tone which was in evidence during the /
preceding one, and more or less Pessiuiism /
has developed on the floor as 20 the pos /
s.bIlity Of getting anJ maintaining any /
better prices under present conditions. /
The market is in something of q dead /
lock, having been thoroughly liquidated /
and yet having so little public support /
that rallies are not followed up and prices /
left vulnerable 20 bear attacks General /
conditions show some Improvement The /
weather IS better and the crop outlook I
improving. while the recent action Of /
Gov. Hughes in vetoinE the 2-ccnt rate /
bill In his State and the bill providing for /
extra brakemen. is likely 10 lead 90 more
courage and common sense on the part /
1f the legislature in dealing with cor
poTate matters. The main feature Of I
the situation IS the low bank reserve and /
the large amount of money still needed .
for the .nst8llments coming due on the .
various large railroad loans and stock
issues. Until money is more plentiful
and the investment market improves. il /
Is not likely that the stock market viii .
show much advance, but I think that
prevailing prices are low and are likely
10 repay purchasers
z. ". Crew, Of Henry Clews & Co..
The market is without news and with
but feature. other than the strength dis
played after the opening on few trans
actions. It IS safe to say that most oper-
ators looked for continuation Of sat
Irday's weakness to-day, but il was made
clear. after the opening, that there was
a fair demand for stocks, with no pres
sure 90 sell While there is a fair out
standing short interest in many stocks.
t is not considered unwieldy, hence the
persistent strength is rather surprising /.