Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-21
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK. July 2f.4fhe fact that to-
days market for Americans was only
slightly irregular was taken by prominent
SPECTATORS as indicating that the large
holders OF Americans, both In London and
here. were not concerned over the Russian
situation. The character of the London
market this morning was all the more re-
assuring to the interests which were looking
for higher prices. because it followed
strong market here yesterday.
Conservative interests here were looking
for considerably better market for the
next three OF four weeks at least. but they
did not look for sensational advances ex-
cept in few issues. It was believed, how
ever. that the short interest was still large
and that when the general covering move
ment began the stocks which nave Deen
most severely depressed would recover pref
ty sharply.
On the contrary. 1t was asserted that the
bearish party was still Sufficiently confident
to keep the upward movement well within
bounds and 1t was also maintained that
the present rally would be short-lived and
that the decline would be pronounced
~
prominent railroad man. in commenting
upon the general situation and the outlook
for the coming year. said that the New
York Central and numerous others OF the
large railroads would not undertake the
extensive improvements and the construc-
ton of new lines which they now have I'M
der way II the manageuents were not con-
fident of steadily increasing business for
some time to come.
An official of the Rock Island says that
the crop outlook in the territory served by
fx1.rr vfr,cy A
private dispatch received from President
Winchell only yesterday stated that corn
was doing very well. indeed. The wheat
crop was practically out of the way in the
Rock Island territory. The official quoted
said that there had been ample rains in
the southwest, so that none of the crops
was suffering from a lack of moisture
although security prices show indica-
lions of recovery from the declines Of the
past fortnight, speculative commits sian busi-
ness does not reflect any increase in out
side interest. The public is Indifferent. In
fact, there has rarely been a time when the
markets of the world have displayed such
apathetic conditions. In Europe the shadow
of the Russian revolution Is a specter hold
ing the bourses In thrall. We on this side
of the water may have bumper harvests
this fall our increased exports may create
enormous credits abroad. but notwithstand-
ing these factors. the still, small voice OF
the Russian peasant crying for freedom and
liberty will have a greater influence on
security prices in this market and all the
world over.
..The emancipation of Russia from deapot-
ism will no doubt be attended with more
bloodshed and violence. and the large Tor
eign debt of the Russian nation be In con-
slant danger from reputation. This is the
menace against European and American Sc
curity values, and this Is what the specu-
lative and investment holder has to fear
at the present time. Aside from this fact.
the situation has not changed. Speculative
dizziness Is proceeding hand in hand with
Industrial activity.
X
The total bark clearings of all the clear
Ing houses of the United States for the
week ending today Saturday estimated)
have been $2,6S3. 365. 49, compared with 49,
726, 340,815 last week and $2.372. 437 1920 in
the corresponding week last year. Gains. as
compared with the same period In 1905.
were reported by the following cities New
York. las per cent; Boston, 81: Philadel-
phia, 1874; Baltimore. 105; Chicago, 1876;
St. Louis, SO; New Orleans sustained a
loss Of III.
The total of all cities for the week, COM
pared with the same week last year. in
creased 13.1 per cent.
Following the application Of the United
States Express Company to the interstate
commerce commission at Washington for
an extension OF time beyond August u in
which to file its rates with the commits
sion the American Express Company and
Wells-Fargo & Co., have filed with the
commission similar applications. The Ameri-
can Express Company. operating over 3d.
600 miles of railroad, and Wells Fargo &
Co., covering 5000 miles of railroad con-
tend that it would be almost a physical
impossibility to file their rates within the
specified time. 1t is believed that the
commission will grant an extension of sew
erai months.
1t is reported at Chicago that the Atchi-
son Railroad Company has decided to vol
unfairly grant free storage ON grain dur
ing the first ten days after arrival at it's
elevators. thus yielding the point that the
board of trade has been fighting for during
the last twenty years. There is some
doubt as to the truth of this report, and
thought that the road intends to make the
conc sion. If 1t does, grain will get the
sam privilege that is granted to practi-
cally every other form of merchandise for
reasonable time after arrival at terminal
points
X
A Cleveland dispatch says that at cost
of $10.000.00o the Erie railroad will run it's
trunk line into Cleveland. This will be
done by the construction Of spurs from
Meadyille, Pa, to Cleveland and from
Cleveland to Sterling.
The New York Centrals lines are nov
the only great continental passenger lines
that pass directly through Cleveland. Other
systems tap Cleveland by branch lines con-
Meeting with trunk lines further south The
Fries Cleveland line now touches the main
line at Leavittsburg.