Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-02
BULLS AND BEARS

Special Dispatch to The Star
NEW YORK. August 2-In view or the
disturbing dispatches which continue to
come from St Petersburg, and the fact
that our markets have had q practically
uninterrupted advance for several weeks.
the lower prices for American securities
In the London market this morning did
not cause surprise here. Close observers
OF the market seemed to expect that prices
on ths New York stock exchange today
would recede moderately, but they did not
look for big reaction.
~.
Spectators who have been opposing the
market for the past two or three weeks
are now convinced that conditions. which
they have regarded as adverse to an up
ward movement in stocks. would be dfsre-
gartled altogether. and that for the next
month or six weeks our stock market would
rule strong and active. There was. how
ever, considerable number of professional
operators who believed that the market
was almost altogether artificial. and that
the advance would not so much farther.
Men who have been studying the situation
closely, however. believed that these IN
terests were wrong and would be compelled
to cover their short contracts at a con-
siderable loss.
Well informed railroad men are still OF
the opinion that important matters are be-
ing considered In connection with the st.
raul. Union Pacific. Southern Pacific ana
the Hills roads. So far however they
have been unable to get definite informal
ton. but they are so confident that some
thing of Importance Is to be done that
they have been buying these securities for
Soma ftSy,a q, fcr v,.. lxxn~
has been comparatively little profit-taking
In ST. Paul. Union Pacific and Southern Pa
chic, except by professional operators. Per-
sons who knew In advance that Southern
Pacific was to have a substantial upward
movement are stfn confidently predicting
that the stock with sell higher. Brokers
who have been watching the transactions
on the stock exchange closely from day to
day think that most of the profit-taking
In the active stocks has been by the
traders
They are OF the opinion that the large in
terests In these securities do not propose to
sell, except at considerably higher prices.
~
Railroad men who are familiar with what
the active interests in the Rock Island sys-
tenn are doing for the upbuilding and devel-
opment of that property are entirely conf
dent that during the next six months the
securities OF that great system will sell as
high at least they ever have sold. 1t is
known that when Mr.. Yoakum assumed. ac-
tive control of the property and bought
heavily into the securities he was entirely
confident that the possibilities of the prop
erty could be developed to the fullest ex
tent. Railroad men are now pointing cut
that the marked change in the earnings UNI
der Mr. Yeakums management has already
fully demonstrated that he was correct in
the position which he took with respect to
the future of the property.
*
x Il
Vice President Randolph OF the Baltimore
and Ohio Railroad Company is here 10 at
tend the meeting of the executive commit
tee to be held today. when it is expected
Pennsylvania railroad interests will retire
from the board.
b
It Is reported from Topeka. Kans., that a
charter was granted there yesterday to the
Missouri River and Gulf Railroad Com
pany, which purposes to construct a rail-
road from Kansas City to Denison, Tex,
and a branch line from Lehigh, I. T.. to
Shreveport. La, and also a branch from
point in Cherokee county, Kans., to Jop-
lin. Mo. The capitalization Of the new road
is $1O00.O0. Three months ago it was an
ncunced that the Hartman interests were
considering the building of air line from
Topeka to Denison. The project was gem
orally regarded as particularly desirable
1t would serve to link the Union Paeths
and the Southern Pacific systems, both
Hartman lines. by route which would
give the Missouri Valley a new and short
route to the gulf. 1t would complete the
square of railroads controlled by the Har-
riman interests running from the Missouri
river and New Orleans to the Pacific coast.