The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-30
LOCAL FINANCIAL GOSSIP.

Trading on the washington Stock Elk
change yesterday was confined to three
issues of>bonds and one of stock The
bonds were those Of the traction COM
panies and the Potomac Electric SIS. and
the stock was all Washington Gas. The
latter sold TO shares on a descending
scale. from 751s to 70, with the closing
bid Il lower.
There was little interest manifested in
the days trading, the attendance was
small and the brokers seemed to be at
fected by the murky atmosphere of a
irainy morning.
Opinions on the New YORK market.
Benjamin Woodruff. of Post & Flagg-
1.-THE market opened with some reaction
and this tendency continued until clos
Ing. when prices hardened considerably.
Gold shipments have been resumed and
. engagements for export amounting 10
100000 have been announced. The reac-
ton in the market seems TO be chiefly
due to this renewal Of the outgo Of gold.
Copper was weak from the start on re-
ports Of the probability Of further con-
cessions in price Of the metal. which IS
quoted somewhat lower to-day on the
metal exchanges. The recent radical ac-
ton of the North Carolina authorities
on the railroad rate question has caused
much comment, and this, together with
the decision in the Haywood case I'm
Idaho. has aided in turning trading sen
timent toward reaction. Markets abroad
are heavy. with money close, SO that
with similar conditions here the recent
advance Is due TO technical conditions
rather than 10 any expectation Of al
extended or continued bull movement.
Reactions under such conditions are not
surprising"
Herbert I. Jones, Of y O. Brown &
Co.-"The Influences Of the day were
somewhat adverse. The weakness Of the
London market, and the fall in consols
20 the lowest point N about sixty years.
coupled with some vague rumors OF trou-
be al had depressing influence. The
absorption on the decline has been Of
very substantial character, and there ap-
pears to be nothing in the outlook to
cause much further depression. The short
Interest has been considerably extended
and it seems probable now that there
will be a sood rally"
C. Bowie Chapman. Of z. r. Chapman
& Co-"During the last hour the declines
became more positive and trading heavier,
Union Pacific losing per cent Steels
were weak and exerted a bad influence
IN other quarters on rumOrs, and the in
creasing conviction that at tomorrow
meeting no change will be made in the
dividend rate on the common. Entirely
unconfrmed sumors were circulated as
TO the death Of a prominent member Of
the Standard Oh party. The export Of
gold. uncertainty rs To t0-mOrrow's steel
meeting. the beaTish attitude CT room
traders. and the uncovering Of stop or
Gers seem 10 be the only cause for to-
days reaction, and il must be admitted
that the insiders failed 10 support their
favorites. except around the low levels
Unless other than the above should de-
velop I would buy the leaders on fur
Their reaction"
z. W Crew. Of Henry Clews & Co
Besides bringing over lower quotations
for American rails in London. cables also
brought some selling orders in most OF
the international stocks. the exceptions
being Steel and Southern Pacific. The for
elgn marketg are as apathetic as our own
and there is little disposition 30 make new
commitments. AS the time approaches
for the handling OF home crops. atten-
ton naturally is directed toward the weak
condition OF New York City institutions.
It goes without saying that a surplus re-
serve of a little over 100000 az this sea- /
son is small Last year the banks had
a surplus Of Sl9.OlC0, and it should be |
remembered that even this sum was in /
adequate 10 prevent stringent money In /
the fail There is no doubt that the ex- /
peCtatiOn Of an increased dividend III 4
Southern Pacific has given the market its |
recent flip. II should bee borne in mind /
that IL IS only the Southern Pacific /
stockholders, and incidentally those OF |
the Union Pacific. who viii receive any
benefit from a larger dividend"