Evening star., 1905-10-08

| past, but they are entitled to an inning.
They are in need OF something to onset
higher rents and Increased cost OF living.
1t Is time the pendulum swung their way.
~
The bear oracles have a sense OF satisfac-
tion In the thought that even though the
market may &C against them for the time
being. their arguments are nevertheless
sound. They have much to say about the
known effects of weight In a long race, and
say that while markets may be advanced
by manipuiative agencies they cannot be
held forever in violation of natural laws.
When they talk this way they mean the
money market conditions, and urge that
although prices may be held against the
handicap of tight money for a few days or
few weeks. this unnatural state OF az
fairs must be followed by reaction. They
have been feeling for this reaction for sew
eral weeks, and the experience has been
costly in most instances The sermonizing.
however. goes on just the same. and away
down in their hearts the bears feel that
although ''stung'' in the region of their
bank accounts they are right. To their no.
tion 1t is the markets that are wrong.
X
On the other hand, the bull contingent is
uncompromising in its faith In higher prices.
The bull leaders have no fear of reactions
between now and the end of the year. and
,
dip. The writer asked one of the big
plungers a day or two ago IL he thought
the market would have it's advance from
about this level The speculator hesitated
moment and then replied: mo, think
not. think the market will begin its great
upward swing from an average of Is to 20
points above the current range" There's
a bull for you, and radical as the view,
half jokingly expressed, 1t is no stronger
than that entertained by very live operators
whose money talks in the trading on the
exchange.
Two very lively contests for control will
be settled during the coming week - the
Wabash railroad and Republic Iron and
Steel Company. The court proceeding to
enjoin the Goulds from voting Missouri and
Iron Mountain holdings of Wabash securi-
ties may postpone the conclusion of the
fight between Gould and Ramsey, but there
Is no likelihood of delay in the finish of the
row in the big Industrial.
A director and high official in one of the
great iron and steel companies assured the
Steel Corporation had practically every
thing sold up to the middle of next year to
the full limit of its capacity.
The people who have held the religious
top of the market and vigorously contest
ing any advance find hard work reconcil-
ing that theory with the immense purchases
of gold abroad by Standard Oil banks. and
announcements from the same sources of
the probability of additional heavy import
shipments IN the near future.
The menace to the speculative position of
the cotton market seems to be the existence
of two or three strong pools, each work
ing in its own way for a rise. In such a
situation the play is likely to be run at
cross purposes, and there is ever a danger
that one or more of the cliques will unload
on the other. Each of these combinat tions
now in the field believes itself to be strong
enough to carry the entire burden, but such
may not be the case, especially with such
an adroit manipulation Theodore Price in
opposition. Foreign exchange dealers say
in this connection that Liverpool is not buy
ing cotton at these prices and that a ma
jority of the great cotton merchants abroad
seem determined to hold off in the confident
expectation of lower quotations.