The Washington herald., 1907-03-12

5. IT. Agnew. OF Henry Clews & Co.
Nearly all the news pertaining TO the
stock market to-day was eucoura ging,
and as result prices rallied considerably.
London sent over "a higher range Of
prices. due 10 advices that the market
here was entitled TO rally. and that the
short interest was large enough TO cause
q good advance. While this is admittedly
true the financial situation at home is
not such as 10 cause permanent improve
ment With the surplus reserves down 20
s. W,90o-the lowest held by the banks
since lgD-it Is easy 20 realize that the
city Institutions are IN no position 20 ex-
tend aceommodations 10 borrowers, and
there is danger Of stringent money rates
In tine near future Last March call
money commanded 90 per cent per annum.
This IS sufficient 20 deter extended opera
tions on the bull side. While picking up
stocks on breaks is now IN order. I still
believe II wise 10 sell on fair rallies
g. Bowie Chipman. OF f. r. Chapman
& Co.-"The market to-day showed i'm
provemeut. the general list gaining
slowly bur confidently. till al one time
practically all the issues were points
above Saturdays closing. During the
last hour The market again showed some
pressure bringing prices back 20 a level
approXiuot;ng, or slightly above. SatUr-
DAYS. Reading was the most active and
covered the widest range Of fuctUation.
Union Pacific and the HiH stocks showed
lack of proper support. although the lat
ter were but slightly changed on the day.
The final tone was rather uncertain.
Once again the market seems TO have
resolved itself into q trading affair sub
jeCt almost entirely 10 the operations Of
professional room traders
c. l. Edmunds OF Dick Brothers &
Co.-"The strength shown by the Lon
don market helped sentiment consider
ably. and our market opened with active
issues a 60 q higher; shorts were forced
TO cover in number Of active issues.
and many stocks advanced smartly dur
ing tae forenoon The greatest activity
was IN Reading. Union Pacific. and Atchi-
son. though AmalSamated. Smelters.
Pennsylvania, and Southern Pacific We're
also prominent. Around the noon hour
the market became quieter. but retained
its strong undertOne. Reading advanced
sharply. and this caused prices 10 harden,
but later irreguldrity developed, and in
the last hour a reaction took place. so
that al the close most stocks retained
only about half ~ this extreme gain OF
the day. 1t seems 70 me the market is
4 in Il conyalsscent state. I look for ir-
regularity. with gains slightly exceeding
losses. for the next few days
Benjamin Woodruff. OF Post & Flagg-
This has added another To the long list
of discoUrag.lg days; for the market,
while it acted much better in the early
part Of the session, turned weak again
liz the last hour. and wiped out the
greater part Of the improvement Every
one hoped that we would get such a rally
/ as would scare the shorts and start prices
upward quito smartly: but apparently the
bear party is still powerful and confident.
while the absorption Of stocks which has
been going on lately has not yet assumed
( sufficient proportions TO make those
operating on the short side believe that
they are selling into a trap. This must
happen before the bear market ends"