The Washington herald., 1907-03-10

tlpi'} ph the uHctI tdin hcd VI Spttuid-
ton.
Business yesterday was the smallest
for the week, being confined 20 about
twelve sales. fairly we'll scattered over
the list Prices also al the closing were
down, and things az about the lowest
ebb. So FAR as interest IN the several IS
sues Is concerned 4: was "a bear crowd
that gathered al noon and the regular
call. and after cali business was gagged
on the lower levels. There was plenty o;
bidding. but no stock forthcoming.
Opinions on the New York Market.
G. Bowie Chapman, Of Z. 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 evil
dence of support which in the final half
hour partook 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 al 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 20 new low
figures Union Pacific was weak and sold
, points below yesterdays close. Among
the railway shares new low figures were
touched by Missouri Pacinc, Louisville
and Nashville, New York Central. Atchi-
son. and Delaware and hudson. Brook
lyn Rapid Transit again broke badly on
small transactions selling OF two points
The Hil stocks and Steels were under
considerable pressure. but support was APP
parently extended 10 these issues. After
the first hour the market steadicd. and Of
ferings seemed 20 be well absorbed. After
the bank statement. which was not quite
as favorable as expected. a short covering
movement set in, and a number of issues
rallied rather sharply. closing ~ points
higher over yesterday for Reading. I d.
not look for further decline in the aver
age value Of either railway or Industrial
stocks. but would not be surprised 10 see
pronounced weakness and yet lower prices
among some of the speciaities"
Benjamin Woodruff, OF Post & Flags
The fact that the market did not again
20 TO pieces is encouraging. but the gains
are small and due mostly 20 the covering
of shorts by professionals. The bank
statement was about I'm line with what
had been expected. but seemed 10 cut
little figure in the days trading. There
must come an end 90 this liquidation
before long one would think. but there
IS no more Indication OF IL now than FOR
days past
s r. 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 10 the market at the opening.
Soon, however, 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 10 Suppose that they viii change
their position under existing conditions.
/ While railroads are advancing wages
from 10 to 10 per cent and paying more
for materials and supplies, the Federal
.
to cut down rates and revenues. In the
one Item of the transportation of United
States mails there is to be a decrease Of
$46,0000 600. 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
loans. The worst feature of the state
ment was decrease of 8. 10000 I'm cash.
| With a surplus of only S2,000 600, it will
be seen that the banks are IN no posi-
ton TO grant extended accommodations.
Next week payments Of Sl2000G10 in
Pennsylvania notes, and $250O0,00O Chi
cago and Northwestern stock win have TO
be made. Last year the banks surplus re
serve was $4,000 Stocks are still
sale on all rallies. and the person who
makes any new commitments on the
| long side, even at present low prices, will
find he has bought too soon