The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-21
OPINIONS OF THE
NEW YORK MARKET

From The Washington Herald Of YESTERDAY
Herbert i. Jones, of Charles G. Gates &
CO--"The market showed a somewhat
better tone to-day, although some further
heavy lines were liquidated. Bargain
hunters were in evidence II Is a market
only for those well equipped 60 protect
themselves. and this class of buyers Is ac-
tive and viii get good profits on stock
bought before many days pass
g. Bowie Chapman. of F. r. Chapman
& Co.-"Opening prices showed some sta
biity and during the first ten minutes
the market rallied quite Sharply. At this
point however. the support given was
overcome by the amount of stock offered.
liquidation was resumed, short selling be-
came more aggressive, and prices fell
away rapidly During the Two hours
number Of leaders sold points below yes
terdays lowest A slight rally took place
in the last five minutes, evidently due TO
short covering on the part of room
traders"
s. H. Agnew, of Henry Clews & Co
CAS- was expected the pressure 10 sell, so
noticeable before the close yesterday, was
resumed this morning, and the market
opened off from closing prices. The mar
has been given l. good dose of medicine,
which is working in the right direction
TO remove a severe nit of indigestion,
which has existed for a long time past
Prices had to go to the bottom before
the patient could recover. The liquida-
ton which has taken place has been OPP
perfume, and has prevented a disease that
would have been disastrous in its results.
This state of things has been fore
Swallowed by me for some time past l
am of the opinion now that the crisis
has been passed, and that the market
viii now recover its normal condition,
which means that prices viii advance
several points above where they now are.
The bank statement was exceptionally
good, and, barring any further disaster.
should be reflected in Mondays opening.
Benjamin Woodruff of Post a. FlagE-
The story of the market to-day is one Of
continued liquidation When the London
prices came this morning, with no inn
provemcnt, and even a triie off, it was
evident that our opening would be ragged,
bat il was hoped that the expected favor
able bank statement would induce some
Improvement during the course of the
day, and in this there was disappoint-
ment There is still an entire absence of
selling of stocks, but II is manifest that
some pretty long lines have been thrown
over without much reference to price.
When a market gets running strongly
one way or the other. il IS difficult TO
call the turn; so predictions for the com
ing week must be made cautiously. but it
would seem as if Monday should bring
some Improvement in prices"
Thomas /. Hume, president of the
Washington Stock Exchange vi
cious selling of yesterday was manifest
during the early trading. but finally the
market responded to support in a very
gratifying manner and closed at the high
prices for the day This rally was natu-
raj but. i'm view Of the enormous decline,
should not be regarded with TOO much
significance. No specific reason IS offered
10 explain the wave of liquidation. but il
is apparent that the hostility Of both
State and Federal authorities toward cor
DOrdte interests. and the unprecedented
demands for capital are factors III de
stroying confidence and values. Should
the gigantic transactions of Friday and
Saturday be cleared on Monday without
/ embarrassment. the market should re-
cover sharply; but the obscure conditions
are warnings for caution and cOnserva-
tism."