Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-27
BULLS AND BEARS

NEW YORK. June N.-Considerabls con-
ndent talk IL heard to the effect that tho
big interests" or the leading financial
interests" are bullish In securities. Some
soothsayers do not 60 as Tar a. this. con-
tenting themselves with predicting only
that these interests will not oppose the
advance that has been going on and that
promises to continue. Confirmation OF
either of these views 10 rather difhcult to
obtain. except in the internal evidences
OF the market itself. although under cir
cumstances like the present representa-
tives of the interests referred to will often
give pregnant hint to a friendly communi-
cant with the outside financial and specu-
lative community.
For example. a prominent house In
market letter distributed today. speaking
as though 1t had such information says of
yesterdays buying that 1t reflected genuine
buiiishness on the part OF professional out
stders and the Important financial interests.
and continues: I'VE know for a fact ana
We assert It without qualification. that the
big interests In the financial world are
bullish. This does not mean that they look
for a runaway market nor that they will
encourage stock gamblers to manipulate
their specialtfes up to fancy prices. but 1t
does mean that they have made thorough
canvass OF the situation and that their
deduction Is that prices should work
higher" ,,. -,s-
IT Is always Of supreme Importance for
professionals who are planning a campaign
In the stock market to know as well as
they can what is likely to be the attitude
of those who control the supplies Of money
which must be forthcoming, as well as
those inside holdings Of stocks which
might seriously interfere with speculative
operations. AT the present time there Is
ron pfraf lon of that does not
mean that large quantity Is not In the
hands of the public, but signifies situa-
ton in contrast with that distribution which
is seen when commission houses are loaded
up with securities and marginal buying
power is comparatively reduced. Now the
balance of crops, business and money
market facts and proba bilities seem
to be heavily in favor of the long
side, and so far at least operators
for the advance have been unable TO
detect any signs in the stock market which
would indicate that insiders were unload
ing and the money market has developed
no unpleasant symptoms. In fact, the con-
tinued scarcity of stocks as prices have
gone up has been to many significant
feature. as has the continued ease or money.
The cynical view of the situation Is, The
big fellows have got the stocks and under
writing syndicates are tied up with I'M
digested securities Apparently they con-
slider that the outlook warrants better
market and SO We are to have one.
Apparently general conditions that go to
make markets or to help them being right,
this summer, like last summer. looks ike
good time to bull stocks. There was
heavy clearing out of speculative accounts
during the winter and early spring. ana
traders and operators. large and small.
pocketed their profits or losses and left
Wall street in considerable numbers for va
cations of greater less length Ii INSIDE
interests favor the rise, it would look as
though less real stock would have to be
taken on the advance now than later; IN
addition. there is apparently a large sleep
Ing short interest, and the tactics or last
year. when London had to buy hundreds
o. thousands of shares of stocks against
calls sold on Americans. are apparently De-
ing pursued again.
Differing from last years market, which
was largely manipula ton plus dividend and
deal rumors. the market this year prom
ises to be manipulated on plus real news
and facts, such as those which nave trans
pired in recent dividend declarations and
increases.
Kean. Vancortlandt & Co. are offering
81 900 600 Buffalo Railway Companys first
consolidated mortgage 3 per cent gold
bonds due 1881, with interest payable in
February and August. The authorized
amount of these bonds is 100000 all OF
which will be outstanding on July l, with
the exception of s233, 800. which are held
By the trustee the Mercantile Trust Com
panys TO take up an equal amount of the
Buffalo. East Side railway bonds, due in
1912, and when these are retired the con-
solidated mortgage will be a first lien on
the property OF the company. which owns
about seventy-nine miles of road located in
the most central part Of Buffalo, power
plant. car barn and real estate.