Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-24
BULLS AND BEARS
Special Dispatch to The Star.


NEW YORK, October 24.-Some of the
larger stock market operators were of the
opinion today that between now and election
it would be possible to make hardly more
than fractional profits on the upward side
and they did not look for large profits on
a downward movement, unless an election
scare of greater proportions than Is now
anticipated actually takes place. 1t was
the opinion of close students of yester-
days market that unwarranted Importance
was attached to the reported selling of a
relatively large amount Of United States
Steel common and Amalgamated Copper
by a single broker. These men believe
that much more attention should be paid
to the buying than to the selling in those
two instances, inasmuch as it was possible
to execute the orders within a range of
less than one-half of per cent in the case
of both stocks. One broker, in commenting
upon the buying of United States Steel
common, said that it was sufficiently good
to make him perfectly satisfied to hold the
stock. The opinion expressed regarding
the buying of Amalgamated was practically
tho same.
Brokers who are in close touch with
some of the largest interests in the market
confidently expressed the opinion that on
oily fSdSlio VI ilupOI tHdl iulS III
occur prior to the election, the large finan-
cial interests would buy the standard
stocks very generally, not simply to pro-
tect them temporarily in the market, but
on the belief that within a comparatively
short time they would enjoy a substantial
advance by reason of the large earnings
already made and the still larger returns in
sight.
some of the largest interests in the mar
ket are apparently confident that a few
weeks later the Secretary Of the Treasury
may give even more substantial relief to
the money market than has been commonly
expected
While abnormally high rates are not look
ed for during the next six weeks or more
competent judges express the opinion that
both call and time funds will be pretty.
firm at about yesterdays quotations. A
Philadelphia banker who is in town this
morning says that the paper of such insti-
tutions as the Baldwin Locomotive Works
and such mercantile houses as Strawbrdge
& Clothier is discounted at 6 per cent. He
says there is not an abundance of money
in the Philadelphia banks and he looks for
the rates to continue at about per cent
until the middle of January.
X
1t is understood that representa- tives
of the Chicago Subway Company and the
Chicago Edison Company will arrive from
Chicago today, and that probably a final
meeting with respect to lease of the latter
company by the former will be held. In
side interests in the subway company are
apparently confident that the negotiations
which have been in progress for some time
will be conSummated and that the Edison
Company will be secured on favorable
terms.
-
1t is stated that inside interests in the
Wabash railroad are better satisfied with
the condition of the companys finances and
are better pleased over the outlook for get
ting the best returns on the opportunities
offered in the way of traffic than at any
time since the organization of the COM
pany was effected. When the new finan-
cial plan is fully carried out, the manage
ment will have in hand the funds necessary
to increase the facilities of the company
adequately The debenture az and "B''
bonds, which have always been a menace
to both classes of stock, will be out of the
way soon returns begin to come in
on the increased facilities. and 1t will be
possible to at least consider the advisability
of paying dividends on the preferred stock.
~
1t was estimated today that the applica-
ton of the larger banks of this city for in
creased circulation under Secretary Shaw S
latest plan would aggregate five or six
million dollars. and according to one of
the authorities on the subject that amount
of additional currency would be available
within the next six days. Under the plan
of the Secretary of the Treasury SIS, 600 600
could be obtained. but it is not anticipated
that the full amount will be asked for at
present.
Many of the Wall street banks that are
the correspondents of banks in the interior
are today making arrangements to acquire
the rights of those banks to the increased
circulation. In time, of course. it is ex-
circulation will exceed the allotment.