The Washington herald., 1907-03-23
Opinions ON the New YORK sIarI1et.

Opinions on the New York Market
Benjamin Woodrun, Of Post a. Flagg-
I'VE have had another day of declining
prices. There was heavy bear manipula-
tion and hammering, and undoubtedly
some liquidation By scared bulls. for the
fall in prices during the past few months
has been enough to Dlake any one eX-
tremeIy tinid. and when traders see the
market go or, the tendency is 10 throw
over stocks at any price rather than hold
them, as the bulls seem TO fear another
panic. We may get gradually lower
level of prices, for no one can tell what
peoples needs are. and at such times il is
not a question OF intrinsic values.
J. 3. Weed, Of Dick Bros. & Co.-"The
market opened lower and, though dull,
failed to rally 20 any extent after each
selling movement had spent itself. Weak
ness appeared in the Erie issues. which
declined sharply. the second preferred al
one time showing loss Of 10 points
from last nights hnal price. This had
an unsettling effect upon such stocks as
Southern Railway, Louisville and Nash
vile, and others OF that group. Higher
rates for call money also had some effect
upon sentiment. Canadian Pacific was
vigorously attacked by bearish traders,
who were successful in starting liQuida-
ton on long stock and the issue closed
points under last nights final price.
Indications for a favorable bank state
ment had no market influence. and stocks
again sold of in the last hour The close
was weak, with most issues near their
bottom prices for the day. losses in the
active list being from 10 per cent"
C. Bowie Chipman. OF z. r. Chapman
& Co-''The market might be termed the
weakest for some days, liquidation
breaking out in several new quarters, par
ticularly the Erie common first and second
preferred. Canadian Pacific, and once again
IN Great Northern and Northern Pacific.
Such leaders as St Paul. Union Pacific.
Reading. the Southern railways, Coppers.
and Snselters all made material losses.
The market opened down, and failed at
any time during the day 10 show more
than half-hearted and limited rallies.
The final prices were the lowest
Rumors as TO impending financial trou-
bles crystallized into the shape of more
definite and positive talk of embarrass-
ments in London, and selling which had
every appearance of being for forcing
account took place in the international
stocks Intimation is also made that
owing 10 the condition there the Bank
OF England may be Obliged within the
next week or so TO raise its rate Of dis
count Locally money continued prac-
tieally unchanged. The market is almost
entirely professional. technical. and much
manipulated with a quiet but persistent
liquidation. and 1t is market Ia wheh
deem the long side exceedingly mad
visa BILE, and for trading purposes would
rather sell the leading stocks on the
strong spots.
S. II. Agnew. of Henry Clews & Co.
Extreme weakness III all the Erie is
sues. and Canadian PaCific particularly.
were tHe features Of the trading in to-
days market The entire list was weak,
the drop in quotations ranging from to
10 points. Erie common lost AZ points,
while the second preferred fell on 10
points Canadian Pacific was also con-
spicuously weak, selling of from Il@
to l63. showing a net loss at the closing
of the days trading of Siz points The
explanation of the weakness in Canadian
is the bursting of pool which has for
a long time kept the price up. It is
said that the holdings Of the pool, 60,000
shares, have now been thrown on the
market. I have also been informed that
one OF the most important railroads in
the country, with Al credit, is soon
eANftasrAat
and that the rate of interest will be
per eent-the highest rate yet paid. The
road needs the money badly. and cannot
get it in any other way, OF any cheaper,
This condition is a fair criterion on the
values of railroad and other stocks at
the present time. Figuring on returns
prices are yet too high. If State fran
chise taxes on city corporations were
considered burdensOme last year. they
are much more so this year. The Man
haitian Railway assessment has been in
creased 3 per cent, Interborough % 1-3
per cent, and the increase on BroCk klyn
Rapid Transit IS 54.26 per cent The as
sessment on Brooklyn Rapid Transit this
year viii be about S6,000.000 which viii
cut quite a hole in the earnings. / am
still OF the opinion that stocks are sale,
especially on any decent rally"
Herbert L. Jones, of Charles C. Gates
& o.-"Further uneasiness has been
caused bV the break in Erie Railway sa-