Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-07
BULLS AND BEARS

Special Dfspatch to The Star.
NEW YORK. March THE speculative
community was not altogether conndent
this morning about the genuineness OF the
marked strength shown by American stocks
In the London market before the local
opening. advances averaging pretty well up
to per cent all around. Many traders re-
memberfng the frequent occasions Of late
when London has sent over such price
range. to b followed here by q wave OF
foundations. made up their minds to so
short on tho bulge. just at present the
Wall street atmosphere u heavy with SUE
picion and nervousness.
Il
Bullish auguries will hardly be drawn
from the courts Of the stock market for a
day or two. Yesterdays recovery was a
normal recurrence after so violent de-
cline. The way in which stocks act in the
near future should. however. show whether
or not there Is likely to be more and better
buying than selling. hopeful symptom
of the markets condition Is the way In
which declines of from ten to forty points
throughout the list have been accomplished
on an enormous volume of liquidation, and
all in period Of six weeks without leaving
the market weak.
In some quarters the opinion Is that the
stocks of the United States steel corpora
ton have suffered somewhat lately from
the talk of bond issue in connection with
the establishment of It's huge plant just out
side of Chicago. Probably more important
factors in the declines have been the fall In
the Hill stocks, and the supposition that
this signiied that the Great Northern ore
land deal was off-which 1t is not. The
steel stocks have also suffered with the rest
OF the market from the extensive specula-
tive liquidation that has taken place.
The issue of bonds on the new plant should
not be bear point The bonds would be q
lien on new property. which would undoubt-
eddy, as the largest open hearth plant In the
world. contribute handsome surplusof earn
ings over fixed charges to the steel CORPORA
tons net revenues. At present the corpor-
atoms prospects are of the highest. Net
earnings this quarter will be about $35, Geo.
GOO and perhaps more. record breaking fig
ures for the first quarter of the year, and
untitled orders on hand at the end Of the
quarter will exceed 100000 tons. Steel men
say that the outlook is for the biggest year
the industry ever had In the last few days
there have been Indications of a renewed
buying movement in pig iron.
X
Morris K. Jessup. president of the chamber
OF commerce. has appointed the following
committee under the resolution adopted by
the chamber on January to consider the
subject of currency reform: Frank A. Van
derlip. Isidor Straus. John Clahin, Dumont
Clarke and Charles A. Conant.
\
Watson & Co., whose utterances on the
crop situation and outlook are apt to carry
some weight, say:
Among the most recent very suggestive
favorable developments. as far as the stock
market Is concerned. to which little atten-
ton has been paid is the big decline In
wheat-an indication that winter wheat has
passed through the winter without dam
age"
However. this is not to say that wheat
Will not have sharp rise in the market this
spring, and that the decline that has taken
place may not be owing more to Speculative
operations and conditions than to anything
else: There are operators in grain who have
held to rather extensive long commitments
all through the decline whose lines now
show losses OF Ave cents or more bushel.
VINO believe that sooner or later they will
come out more than whole.
II
Some Of the stories told In Wall street
lately about the way in which this or that
man has been hit by the decline in stocks
would seem to indicate that some specu-
lators in wheat and stocks had had to let
lot Of wheat go as a result of the fall
In securities. Nevertheless 1t seems to be
fact that there Is very little evidence as
yet showing any other probability than
that the winter wheat crop will be Of full
size
Il
Wall street Is very curious over the re-
turn of Judge" Andy Hamilton to face
the insurance music, cannot understand
why he came back. and would like to know
If the many rows. hostilities and enmities
alleged to exist between various financial
leaders and groups have anything to do
with it.