Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-24
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. October 24.-There is faI
more than professional manipulation in
the present stock market. Prices have risen
to high levels, as Mr.. vanderlip admitted
in his address to the bankers in Washing
ton IN the early part Of the month. al
though they are very little higher now
than they were last spring; yet despite all
the attacks Of screechfng self-advertisers.
fierce raids by bearish operators. sub
stantial rise in money rates the world
over dawning Industrial boom that has
reduced temporarily the supplies Of CAPT.
tai available for speculative purposes, reve-
lations OF dishonest administration Of the
affairs of large fiduciary and other corpo-
ratons and a growing socialistic propa-
ganda. the strength of the securities mar
ket has been conspicuous fact.
It is explained that this only means that
securities are held in strong hands. but
this statement. II analysed. signifies that
stocks and bonds are held in the hands OF
to hold them than for letting them 60. and
are able to back their judgment. 1t Is
all very well to say that so far there mas
been no such broad speculation ana nc
such heavy investment buying as would
permit anything like an extensive dfstribu-
ton of securities, but II the strong men
thought that the balance Of reasons moved
in that direction there would be plenty VINO
would not wait for the so-called public
to come in. but would let their lines OF
securities go. =,
If, In other words. 1t seemed that 1t
would be better now or at time IN the
near future to have money rather IMAM
securities there would be real and I'M.
portant liquidation, but up to the present
there has been little selling for the last
six months that could be called important
lone Of
prospect
II
Along these lines comes a market letter
from Bartlett. Frazier & Darlington. which
Is an important contribution to current
commission house literature. II the sources
Of it's inspiration are what they may be
suspected to be. The letter says:
I'VE are in a position to know that de-
spite the present movement conservatism
still obtains among the men and fnstitu-
tons that are generally regarded as the
most potent influences In the market. We
do not mean to say that they are antagonss-
tic to the present advance. but they are not
taking an active part in 1T. They feel that
we have not yet eliminated wholly the pos
sibility Of trouble In the money market and
they are not disposed to take part in a
tremely high money rates.
They say that stringency in the money
market can result only from some 'acci-
dent and in their opinion this accident
can be avoided by the exercise of caution
temporarily"
"One of the men whose opinion We have
always relied upon, either in monetary OF
stock market affairs, told US today that he
was unqualifedly bullish on the market
that. in his opinion, the prices of stocks
would go very much higher. but that. tenn
porarily, he was disposed to maintain a
neutral position.
I'VE could not emphasize his bullishnesa
too much and his conservatism seems to
us to be merely conservatism of days
We venture to suggest. IN passing. that
We are on the eve of tremendous railroad
building, and we venture to suggest that
the news relating to the Burlington, Union
Pacific. Northern Pacific and Southern Pa
cihc, with their. allied lines. be scanned
closely. We suggest, also. that. the future
course of Pennsylvania stock and the
Southern Pacific issues will attract atten-
ton