The Washington herald., 1907-03-11
OPINIONS ON THE
NEW YORK MARKET

From The Washington Herald Of Yesterday.
G. Bowie Chapman. of f. r. Chapman q
ICo.-"To-day's short session brought the
usual opening drive which carried some
issues lower than last nights finals.
Shortly, however, the market gave evi-
dence of support which in the final half
hour DaTtoOk of the nature of quite
spirited rally. Except such issues as
Union Pacific. Great Northern preferred,
Northern Pacific Missouri Pacific. and one
or two investment issues, the general list
closed at last nights level to better fig-
ures. In fact, quite a number of the leaders
made considerable gains"
J. B. Weed, Of Dick Bros. & Co.-"To-
days market showed further liquidation
of long stock during the morning, and
some issues were again forced 10 new low
figures Union Pacific was weak and sold
70 points below yesterdays close. Among
the railway shares new low figures We're
touched by Missouri Pacific. Louisville
and Nashville, New York Central. AtChi-
son, and Delaware and hudson. Brook
lyn Rapid Transit again broke badly on
small transactions, selling off two points
The Hill stocks and Steels We're under
considerable pressure, but support was ap-
parently extended to these issues. After
the first hour the market steadied. and OF
ferings seemed TO be we'll absorbed. After
the bank statement which was not quite
as favorable as expected. d short covering
movement set in. and number of issues
rallied rather sharply, closing el4 points
higher over yesterday for Reading. / do
not look for further decline in the aver
age value of either railway or industrial
stocks, but would not be surprised TO see
pronounced weakness and yet lower prices
among some OF the speCiaities.
Benjamin Woodruff, Of Post & FlasE:
-The fact that the market did not again
go to pieces IS encouraging, but the gains
are small and due mostly TO the covering
of shorts by professionals. The bank
statement was about in line with what
had been expected. but seemed 10 cut
little figure in the days trading. There
must come an end to this liquidation
before long, one would think. but there
is no more indication Of it now than for
days past"
s. Fl. Agnew, of Henry Clews * Co:
"A denial Of the rumor by the members
Of the Interstate Commerce Commission
that they are about TO bring suit to sever
the connection of the Union Pacific and
Southern Pacific impaired "a slightly bet
ter tone to thel market at the opening.
Soon, however. a renewed pressure TO
sell for liquidation set in. and prices
again broke badly. many stocks making
/ new low records. The big interests which
make the market have been getting rid
OF holdings for a long time past. and il
is idle TO suppose that they VIII change
their position under existing conditions.
I While railroads are advancing wages
/ from 10 To ID per cent and paying more
for materials and supplies, the Federal
and State authorities are compelling them
10 cut down rates and revenues In the
one item Of the transportation OF United
States mails there Is 20 be a decrease Of
S46. 600 0G0. and bills have already been
passed in several States reducing pas
/ senger rates TO > cents per mile. The
bank statement was bad in the extreme.
with the exception of the one item of
4 loans. The worst feature Of the state
ment was decrease of $4,000 in cash.
With a surplus Of only S2.U01C0e. il Will
| be seen that the banks are i'm no posi-
/ ton to grant extended accommodations
/ Next week payments Of $12,000050 in
/ Pennsylvania notes, and S25.0QJ.000 Chi
/ cagO and Northwestern stock will have to
/ be made. Last year the banks surplus re
serve was SC, 10000. Stocks are still
/ sale or all rallies. and the person who
/ makes any new commitments on the
+ long side. even a present low prices, Will
md he has bought too soon