Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-03
OPINIONS OF BROKERS
WHAT is THOUGHT OF THE MAR
KET CONDITIONS.

The views of brokers in regard to the
condition OF the stock market and the out
look for the future of interest
In talking along these lines Miller q co.
expressed themselves as follows:
1.-The market for twenty active stocks has
declined since the middle Of December
about IL points. and irrespective OF the fu-
ture course of the market some rally IS
due: but we do not believe there will be any
permanency In any adVance-we believe
quite to the contrary that there Will be
lower prices in due time, which Will renect
the lessening of business as the outcome OF
decreased expenditures of railroads. which
in turn will have to curtall their ideas OF
any new construction for some time 10
come
G. b. Chapman. manager for E. X Chap
man & Co.. said yesterday:
THE market opened weak this morning,
with considerable pressure on Union Pa
cifc and Reading. although they did not
reach their low levels of two days ago. 1t
is our opinion that the market is rapidly
reaching an equilibrium. We should think
that the market will be higher next week,
as the buying in the last three days has
been of the very best character and the
rallies are becoming more FREQUENT
THE week ends with a somewhat better
feeling" is the opinion of Charles G. Gates
& Co, with liquidation by commission
houses pretty complete, and with good
fair-sized short interest existing. The bank
figures showed about as expected.
The news of the day was unimportant
We should say that with no unfavorable
news over Sunday that the rally might con-
tinue still further on Monday.
s. H. Agnew of Henry Clews & co. said:
THE market yesterday had good. sub
stantlal rally just before and after the pubii-
cation of the bank statement. Apart from
this. there is little to be said excepting
that liquidation seems to be the order or
the day. Every time the market expert
ences a rally due to covering of shorts or
buying of room traders for turn the
hope Is revived among the bulls that the
corner has at last been turned. There Is
not much evidence as yet that the present
decline has resulted in bringing in buying
of a substantial character. While l don't
advocate selling short, especially on the
breaks. l still favor the opinion that selling
on the rallies seems wise. The market has
had long and severe break, and / am of
the opinion that substantial rally is near
ut hand, unless some untoward news de-
velops between now and Monday
Wallace F. Randolph of E. c. Ran
dolph said:
There has been a combination Of condi-
lions that has forced the market to an ex-
tremey low point and one not warranted
by the earnings and the general business
outlook. The railroads had to have money
and they made a forced sale of an enor-
nous amount of securities in most disad-
vantageous market. This precpitated
liquidation of enormous masses of stocks
held by professional dealers and the at
tacks rejecting seriously on corporate in
terests and credit caused second out
burst of liquidation.
Liquidation at last appears to have run
its course. however. 1t is but natural that
we should have a nervous and irregular
market for some days to come. but the
market looks as If it had struck its low
level. Credit and speculation have received
a severe shock. but they always have re-
covered and will recover again.
w. b. Hubs & Co.: THE action of today's
market Saturday was, on the whole, en-
couraging to those who believe for the time
being the liquidation is over, and that prices
should rally from the low levels which have
been prevalent. The weak opening was due
partly to the declines in London and partly
TO the somewhat sensational article that ap-
peared in a New York paper in regard to
the relations between this county and
Japan. Since Thursday sentiment on the ex-
change has become somewhat less pessimis-
tic on account of the ability shown by prices
to rally. 1t Is. however, unlikely that any
substantial upward movement should take
situation which not only tend to deter spec
ulaton. but also have a restraining effect
upon investors.
There Is little doubt that there has been
for some time liquidation by important in
terests, and whether this has yet run its
course II Is impossible to say One thing is
certain. and that Is that the extent of the
selling for short account has been grossly
exaggerated The declines have been almost
entirely due to liquidation and operations by
the bears have cut but small figure"