Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-29
BULLS AND BEARS


Special Dispatch to The Star.
NEW YORK. August z.-While there was
some difference OF opinion today a. to the
immediate future Of the market, 1t seemed
to be expected that it would be irregular
and inclined to sell or during the next two
or three days. It was, OF course. admitted
that the trust company failure in Phiiadel-
phia would have a bad sentimental effect.
as It might increase the distrust now ex-
isting with respect to the officials and de
rectors OF the large corporations.
An unfavorable bank statement is looked
for next Saturday and it was believed that
large interests would not be inclined to
buy stocks until the Bryan reception and
speech in this city are matters of history.
No one could be found who believed that
the upward movement was over.
AZ
1t was generally acknowledged that the
stock should be distributed to a considera-
BILE extent. and that interests which had
sold out would be inclined to work for
lower prices on which to buy back stocks.
There was still genuine confidence that the
market was going considerably higher than
the high prices reached at the close OF last
week. =
=
:Erzs u
An official Of large trust said that in his
opinion the fact that large Wall street in
situations were willing to pay more than s
per cent for time funds was almost concIu-
sive evidence that they look for considera-
bly, higher rates few months hence. He
admitted. however, that there was an
abundance Of money to be loaned on call.
and he did not look for higher rates for
call funds in the near future
**
Well-informed railroad men still maintain
that there several important deals
soon as monetary conditions are a little
more favorable. An authority in the mat
ter said that the rumors, which continue
to circulate, to the effect that the St. Paul
management has decided not to build the
Pacific. coast extension were absolutely
false. On the contrary. he said that the
work on the Pacific coast extension Is be-
ing pushed as rapidly as possible. 1t had
been rumored that 1t had been decided to
abandon this construction and that the
proceeds of the So. 100000 new stock of
fered to holders OF record today would be
used to purchase new equipment and make
various improvements. An authority stated
positively that there was absolutely no
truth in the latter feature of the yarn and
offer new stock to the shareholders at par
until the Pacific coast extension should be
completed. "e
Il
President FELTON, of the Chicago and Al
ton Railway Company is here on his way
back from trip of several weeks to Eu-
rope. M. E.. Ingalls,. chairman of the
board of directors of the Big Four railroad,
Is in town. w. w. Gurley of counsel for
the Chicago Union Traction Company Is IN
town. but 1t was learned that there would
not be any developments in the Chicago
traction situation until next month Vice
President Fairchild of the Guardian Trust
Company, who is q nominee for member of
Congress in his district up-the-state, Is
here.
+
A dispatch from Halifax. N. s.. says:
''The leases of four large mining properties
in Inverness county, Cape Breton, and
Cumberland county. Nova Scotia. which
expired August u, have not been renewed.
The mines concerned are the Port Hood,
the Minsdie. the Strathcona and the Styles.
Applications for leases have been made by
outside parties which have not yet been
granted
Il i
The Kings County Electric Light and Pow
er Company has made application to the
state commission Of gas and electricity for
consent for an increase in the capital stock
Of the company from $S.200,OOO to $4,000
600. The commission will meet at No.
Nassau street. New York. at 1870 am.
September 10 to consider the application.
~
The Alabama Ore and Iron Company has
purchased all the gray ore property In
Talladega county. Ala. outside Of that
owned by the Gray Ore Iron Company. The
Alabama Ore and Iron Company is New
York corporation, with capital Of 100000
preferred and $4,000 common stock.