Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-06
BULLS AND BEARS
Special Dispatch to The star.

Special Dispatch to The STAR
NEW YORK, September 6. - The an
nouncement late yesterday afternoon OF
Secretary Shaw's plan to relieve the
money market did not cause surprise to
large interests in the stock market nor
to the street In general for that matter.
1t was claimed very positively yesterday
morning that the Secretary had already
agreed to the plan which was made pub
lie yesterday afternoon. and 1t was be-
lievcd that the street would hear Of the
engagement OF large amounts Of gold.
which. it had been rumored. were actual
ly negotiated some days ago In spite Of
Me-. Shaw's plan to relieve the recent
stringency In the money market, it was
believed that the rate for both time and
call money would continue comparatively
firm. because of the enormous demand for
funds throughout the United States.
II
While 1t was expected. OF course. that
the stock market would open higher to-
day. there was some difference CT opinion
as to the course of prices during the next
few days. Some profit taking was looked
for on any further marked advance to-
day. and It was known that tho bear
seduently It was expected that the short
interests would be increased rather than
lessened.
4
There was little or no gossip that has
not already been circulated with respect
to individual stocks. A close observer
was Of the opinion, however. that the
| tendency OF both professional interests
and the general public would be to trade
| In the gilt-edged securities. like Union
Pacific. st. Paul and Pennsylvania and
| to neglect highly speculative industrials
II the money market continued reason
| ably firm 1T was believed also that the
| discrimination on the part of the banks
! against the latter class Of securities would
also tend to check materially trading in
| them
| On the contrary, the opinion was express
ed that some Of the lower priced railroad
| issues would be bought for investment when
the speculation in the high-priced shares
| subsidies somewhat Among the low-priced
| issues it was believed that the stocks Of the
tsouthern group of railroads would attract
| special attention. A man who has made
close study of southern conditions for
years, standing with respect to the south
| are now being fulfilled said that the de-
velopment now In progress in that section
was on a far greater scale than Is realized,
i
! the southern country extensively. Speak
/ Ing more in detail regarding the natural
resources of the south. he asserted that
the supply Of coal and iron was largely
| Without question he added that the crops
| of the south would become more and more
| diversified each year. He called attention
| to the fact that already large farms, which
| in previous years have been devoted almost
exclusively to the cultivation Of cotton,
were now being devoted to the production
OF several crops. He believed that the
| corn crop in the south this year would be
| 15O.OO0.OOO bushels larger than for any pre-
vious year and that the final figures would
represent a new high record.
Another important feature in the develop
ment Of the south to which he called at
ltention was the fact that wages for laborers
| as q class have now advanced to an aver
| age which made 1t possible for the south
| to compete with other sections in the Inn
migration Of labor. At the same time he
said there was q marked scarcity Of labor
throughout the southern states, but for the
| reason Just Indicated he believed that this
situation would improve materially with
the next few years. s- ....
r -..-. .f--, =. 49, e..
In his opinion the southern iron COM
tpanies would soon be able to compete on
favorable terms with the northern conn
tpanies.. This would be brought about
| through future development Of the south
ern iron plants and the manufacture of
steel on a larger scale. He said In con-
nection with this that tho Tennessee Coal
and Iron Company had sold all Of the steel
rails which It can manufacture during tho
next twelve months. The physical condi-
ton Of the railroads In tho south, he said,