The Washington herald., 1907-01-17
Opinions ON the New york Market.

Benjamin Woodruff. of Post & Flagg-
Constant announcements Of new capital
needs on she part Of our railroads has
been too much for the stock market
During the last half Of last year I thought
that after we had passed the critical
period around the new year a better
market would result. and as a matter
of fact everything did look pretty well
the first week in January, but since then.
whenever the market has shown the
slightest inclination to improve. we have
had the announcement Of new demands
upon our slender banking resources, and
the speculative community has apparently
given up the idea Of bulling the market
and turned 10 sellers. II is likely that
before long the market viii become over
sold, and a rally ensue. but II our high
hnaciers are going TO continue to del
uge Us with announcements Of new capi-
tai requirements. il is impossible TO have
anything but a bear market"
Herbert L. Jones, Of Charles G. Gates
q Co-"Aside from the many rumors as
% new stock issues. and the illness Of
prominent hnanciers, &c. Il was appar-
ent to-day that the important interests
merely allowed the market 20 take care Of
, itself, ana run KS natural course for the
time being 1t was apparent also that 81
result OF this was q considerable clean
ing mp of the smaller following. the eliui-
nation Of great many orders, and mn
ter!al increase in the short interest If
the Bank Of England does not reduce
its rate. liquidation viii probably run a
little further. although q sharp rally
might easily intervene Good stocks are
"a purchase on the decline"
O. Bowie Chipman. Of f. r Chapman
x Co.-"At three different times prices
showed some strength. hrst around the
opening. then around p. m and in the
final ten minutes From about 1879 until
= O'Clock the market presented almost an
unbr0kea front short selling. liquidation
and the unCOvertng of stop orders. Again
az $50 some OF the low points We're dupli-
Gated. Almost the entire list shows
drastic declines for the days work. with
the final prices somewhat above the low
est IL would be but natural 70 expect
further Irregularities during the first part
Of tO-mOTrow's session I would not be
surprised after that To see the market
steady itself and do better"
s. II. Agnew. Of Henry CIews & Co
while il is known that sales during the
last several weeks represent liquidation. it
is also believed that certain professional
interests have been working on the short
side. Even with all favorable conditions
of low money. &c, there is a lack Of
buying power, and stocks stiH look Ike
a sale whenever prices are bid up. There
was renewed selling Of Southern Rail
ways. common and preferred. on the re-
marks made by President Finley. that
the company viii need a large amount OF
money TO meet its needs While the
whole market sold of badly. the pro-
nOunced weakness in Southern Rails and
Erie created considerable uneasiness. and
was taken as an indication that Mr. Nor
gan IS not az present in favor Of higher
prices. There was q feeble rally during
the last half hour The liquidation of
I long stocks oUtweighs the buying power
and even on this slump do not recon-
mend buying. except in few issues
Thomas L. Hume president of the
Washington Stock EXchange-'"The mar
ket suffered uninterrupted and genuine
liquidation attributable TO various vague
and inadequate rumors chief among
which was the indisp0sition Of Mr. Nor
gan Something Of more serious moment
is uRquesti0nably threatening Harass-
ing investigation and determined attacks
of reform are creating timidity among
capitalists and distrust among investgys
Conditions appear acute, and the lact OF
market commitments at this time would
be safe and desirable"