The Washington herald., 1907-03-30
OPINIONS ON THE
NEW YORK MARKET

S. II. Agnew. Of Henry Clews & CO.
"The worst of the financial earthquake.
in my opinion, is over. Picking up the
pieces and cementing them together Is now
in order and this should be done without
much delay. A new and safer bottom viii
result for active trading, which recon-
mend The market had all the appear
ances Of the beginning Of a bull campaign.
The prospect Of to- morrOw's bank state
ntent showing large increase in the sur
plus reserves. caused heavy covering of
shorts and induced some professional
traders 10 buy for a turn. 1t is figured
that the banks have gained through the
subtreasury and from interior operations
about 1000 00e in cash since last Friday.
Outside of the material advance in prices.
there Is no doubt that the situation has
changed for the better. / consider good
l'stocks a purchase on declines.
Herbert L. Jones. Of Charles G. Gates &
Co.-''YaH street opinion generally is that
the worst is over The weekly bank
statement will make an excellent show
ing Monday may see a furry In money
rates, but conditions in that market
should ease materially within a week or
/ ten days. Stocks should be bought on
good declines. but nat on such bulges as
those of FTiday-caused entirely by pur-
/ chases to cover short contracts"
/ G Bowie Chipman. OF f. r. Chapman
! & Co.-"Although the first part of to-
days session was quiet. the prices showed
no inclination 70 sell OF. In fact, the
1 opening level was generally higher
/ About the end of the first hour the mar
! ket became more animated, which move
ment later increased 10 actual buoyancy.
/ Upon the shorts attempting to cover the
/ floating supply of stock was found 10 be
small. and consequently what might be
/ termed a stampede Of the shorts took
/ place in certain issues, Canadian Pacific
/ being the most prominent on that move
ment Inasmueh as the greater part OF
4 to-day's dealings were professional, and
J in view cf the character and manner OF
/ the buying 1 feel inclined TO attribute
/ the greater part of the advance 10 short
covering. Should the Intervening Satur-
day aud Sunday produce no bearish news
/ or should any announcements be made
/ Of a favorable character. this upward
/ movement would doubtless continue into
! Monday, but even so. we cannot advise
/ the taking on = long stocks on these up.
ward rushes The outlook for tomorrow s
/ bank statement is exceedingly favorable
I On the known movement of money the
1 banks are gamers slightly over 81. .o0o. 900 '
{ Benjamin Woodruff, Of Post & Flagg-
THE market to-day was strong and &C.
/ tive, with short covering all over the list
The advance was most extreme in Cana.
/ dian Pacific, where, it IS rumored, vir-
tual corner exists Altogether it was q
I bad day for the bears. The reason why
/ the market has acted so we'll is that
money has been working easier lately
/ and people feel that after the first or mid
/ die of April rates will be lower, and re-
main permanently so. 1 believe We have
/ seen the last of the extreme and trying
money rates. for a long time to come. fol
/ believe that general business viii faI
on, and that the mercantile community
viii soon experience little of the sans
sort of strain under which financial inter
ests have been laboring during the pas
! few weeks"