The Washington herald., 1907-04-08
OPINIONS ON THE
NEW YORK MARKET

NEW YORK MARKET
From the Washington Herald Of Yesterday.
S. H. Agnew. of Henry Clews & Co
Owing to the improved money situation.
and IN view Of the recent heavy decline.
stocks of the better class are heaoed.
even YET. for higher prices. The general
market showed a good advance in to-
days short session, which was well MAIN
tanned until after publication of the bank
statement Although the statement was
fully as good as expected. the market
acted with its usual paradoxical move
ment and sold off toward tlief close. It
was generally believed that this was
purely on profit-taking, and that good
advance is intended for the initial move
ment on Monday The bank statement
shows gross increase in reserves OF
nearly $500. 900, an Increase Of about
Sl2 100000 in cash, and an increase Of
nearly 100000 in deposits. The only
item that can be considered at all un-
favorable is the increase In the loan item
of 100000 which is not to be wondered
at, when the large amount of investment
buying which has taken place within the
past two weeks is taken into account.
Money is coming this way in large blocks,
and ali conditions are favorable for
further upward movement in prices.
There win be glut Of money and Il
dearth of stocks before the spring is over.
This condition can have but one effect,
namely, that of advancing prices"
Benjamin Woodruff, of Post & Flagg-
'To-day's market was strong. and after
having sold somewhat higher. is about at
last nights closing figures. London came
lower this morning, and foreign houses
were sellers here, but only in small
amounts. as they have few of our stocks
left. This selling was apparently on the
theory that prices had advanced rather
quickly, and that IA reaction is in order.
In this ! am inclined to agree. but, as !
have said, much depends upon how large
a short interest is still outstanding. Many
of the smaller operators have covered
theiuacouracts, but = believe the larger
bears are still heavily committed 20 the
short side of the market. or course, their
profits have been greatly reduced and
their confidence shaken, but they still be-
lieve that the tide Of prosperity has
turned and viii undoubtedly hold TO their
position tenaciously for some time II
prices continue strong on Monday, I would
advise selling stocks on the strong spots.
G. Bowie Chapman. of E. R. Chapman
& Co.-.During the first hour and Il half
of to-day's session prices continued on the
up track, and there was In several issues
what looked ike "a continuation of urgent
covering by the shorts Upon the an
nouncement OF the bank statement, which
made a better showing than expected the
reserves now standing al Sl9.J00000. as
against deficit OF $2.500.00O a year ago.
the market sold of. the closing being
generally lower than last night / am
stiH of the opinion that it will be well for
the next day or two to slip out of long
stock on the bulges and await the reac-
ton which is certainly due and 20 bring
about which many interests are working"
Herbert l.. Jones, Of Charles C. Gates
x Co" Proht-taking on bank state
ment better than anticipated explained
the casing up in prices at the close Of
the market The surplus reserve of the
banks. over legal requirements. is now
SO, ~, 225, against SS,6S2.525 two years ago.
and deficit of $3.50. TBS at this time last
year This assures continued easy money.
and both bond and investment stocks
will be in better demand. The whole mar
ket situation has undoubtedly changed
for the better.
G.. L. Edmunds. Of Dick Brothers & Co.
The market opened active and higher,
and new high prices for this movement
were scored for a number of issues.
Transactions We're active, and stocks
We're strong up TO the publishing Of the
bank statement, which was favorable and
about what was expected. when rather
general reaction set in. Active issues
were OFF from ! TO 1 l. per cent from
best prices at the close. The active sell
ing of stocks between 11.3O a. IN. and the
close had decidedly the appearance of
profit taking. / believe the market will
show further improvement on Monday /
do not believe the stock market can con-
tinue its present advance without re-
actions similar TO that Of to-day. 1t
should be bought on every dip"