The Washington herald., 1907-01-14
OPINIONS OF THE
NEW YORK MARKET

FROM Inc Washington Herald OF Yesterday
George L. Edmunds. of Dick Brothers
& Co.-"The action of the market
would indicate that the fear of
pronounced money stringency 10 be
created by the absorption of cash by
the Pennsylvania Railroad had decreased
materially The prospective issue would
likely come from the Pennsylvania so
gradually that its pressure on the market
would at no time be very heavy. ] in
cline to the long side of the market, at
least for the first few days of next week. %
Herbert I. Jones, of Charles G. Gates
& Co.-'The general situation seems TO
show some improvement. but the money
ma rket is still the key 70 the stock mar
ket situation. Good stocks are a puT-
chase on all declines. In my opinion the
next bull market will see new leaders IN
front"
Thomas l. Hume, president of the
Washington Stock Exchange-"In antici-
patton Of an excellent bank statement
the market displayed strength and tone
which lasted unabated to the close The
increased reserve, with an immaterial de-
crease in loans. indicated the trend of the
flow Of money to the centeTs. forcing
lower rates. The upward tendency may
moderately continue, but enthusiastic
ardOr should be suppressed, and new
commitments withheld until the existing
financial vagueness becomes more intelIi-
gently apparent"
Benjamin Woodruff, of Post & Flagg-
THE market seems to have recovered
from its disgruntled attitude. as the pur-
pose Of tne Increase of the Pennsylvania
stock is better understood. a favorable
bank statement has also been helpful to
better prices. Copper and Southern Pa
cific were leaders in the market Copper
indeed has shown consistent strength FOR
several weeks. Why Southern Pacific
should improve at this time is not 50
obvious, in view of the possibilities con-
tanned ia the Union Pacific investigation.
unless it be that the last statement of
earnings put out by the company show
such earning capacity that the stock is
bound TO work higher on its merits. The
market as a whole has shown decided
firmness in the face Of bear raids and de-
pressing Influences and has also shown
gratifying ability 10 rally on any improve
ment. | do not believe that any extend
ed advance is at ali likely at this time
but il looks as if better conditions might
prevail again the early part Of the week.
g. Bowie Chapman, Of F. R. Chapman
& Co-"Strength was shown in the mar
ket. when, under further short covering
and some increase in straight buying. the
list made substantial gains and closed
firm. The bank statement showed a large
increase in the reserve, about $500 600,
which is approximately 100000 less than
that of the same week last year. The loan
item was disappointing, showing q de-
crease of less than $1.000,000. The recov-
cry since yesterday afternoon has been
quite rapid. and while Undeniably a
more confident feeling exists, at the
same time some settling back would not
be surprising.
S. II. Agnew, of Henry Clews & Co
The feature Of the trading was good
buying of St Paul. one firm taking 1000
shares. Since the recent increase in the
capital stock Of that company. st. Paul
has been a favorite short sale, on the
theory of high money rates. and that this
condition would bring large blocks Of stock
on the market As the shares are closely
held by large interests, it is always an
easy matter To advance the stock, and
make shorts cover. The bank statement
was considered good. showing, as was ex-
pected, large increase in cash and also
in reserves. The decrease in loans, while
not as large as might have been expected,
was very gratifying. The reserves above
the legal requirements now are a little
over SS,600,000. [ think good. active stocks
will have a little upward turn next
week"