Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-25
BULLS AND BEARS.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, January 25.-Accorsiing to
varying estimates Of the dealings in Union
Pacific yesterday anywhere from about -
per cent to not far from Is per cent of the
entire common stock capitalization was
traded in. The total transactions were In
the neighborhood of 00.o0O shares at least
The extreme range was SiS points from
157 to 1871. For something less than half
OF the dealings. those which took place up
to about midday. the range was from 1854
the close of Tuesday. This was when the
stock was aggresstveiy strong.
The balance OF the dealings represented
the afternoon selling movement, and il
cannot be denied that, although the price
declined 81 points from the top, and the
close was within u of the bottom the stock
was as stubbornly as II had been agrees
saveiy strong in the forenoon buying move
ment. The net change for the day was OF
q point decline 1t Is worth while to con-
slider these facts, for 1t Ia pceposterous to
suppose that the enormous dealings in the
stock a.ad the price range OF the day were
not significant either.of some important de-
yelopments in the speculative situation of
the stock or of important developments af-
fecting the property. If 100000 shares of
Union Pacific had been dealt in and the
price had closed 3. or points up. there
would have been general aEreement that
the transactions unQueStionaby Indicated
that the buying of stock and the course of
1t as whole denoted anything but selling
for inside account, and that important alb
sorption went on. The selling on any fair
analysis did not look to be as good as the
buying.
It is absurd to suppose that any but
powerful and important interests took the
sales that were loaded on the market yes
1 terday QftArnOOn THE professional tr3dil2
class must be eliminated as buyers, except
as there was probably some short covering
of scalping nature. The public that has
come into the market Is too small to &C
count for the absorption. and, moreover,
that public has devoted Its attention chiefly
to issues selling below par. The legitimate
inference as to Union Pacific is now that
1t has been bought. since It crossed lao;
chiefly by men who know whether or not
there were good reasons for buying it, and
who had the means to make heavy COM
mtments In a stock that was, so to speak.
a newcomer, and was selling at record
level.
4
Much has been said lately about the pub
lie that has come into tho market. and so
much has been said as to create the I'M
preston that 1t Is a good-sized public and
one that is specializing eagerly. This Is not
SO. The outside interest is still small in re-
idtIOl 10 Inc pFoiSSSloildl tEdu1fS CLASS, ddiu
its operations are significant compared with
the transactions of the traders and the
operators Of the more important individual
and collective interests that may be sup
posed to represent knowledge of the situa-
ton and plans of railroads. industrial cor
porations and bankers.
1t is a public that SO far Is operating only
tentatively and In a small way, a public
that Is easily frightened and runs too quick
ly to be landed with stocks. AS a rule a
big bear campaign will not succeed until
great and confident public speculation has
been under way for some time and while
the insiders have the stocks bear operations
arr likely to be costly. From all that can
be learned the insiders, to very large ex-
tent, still have the stocks. and furthermore
there are many signs that the market Is
still In an accumulative stage, which indi-
Gates fore-knowledge of important events
which will usher in era of distribution.
Conditions haven't changed said a vet
eran market commentator this morning.
Prices change, but If prices don't change
you can't have any trading"