Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-17
BULLS AND BEARS
Special Dispatch to The Star.

cpccius Oispatcu 10 me star.
NEW York. July 1T-whi,e a great
deal OF skepticism was still expressed with
respect to the stock market for some weeks
to come. the opinion was becoming more
general that from this time on It would be
easter to make money on the long side Of
the market than at any time since the san
Francisco disaster. Those who were IN
clined to this notion expected the market
to go little higher and then recede mod
erately. but they did not think that prices
would reach the low level from which the
present recovery started. On the contrary,
those who were still pessimistically in
clined. maintained that the decline from
this recovery would carry prices to new
low level and that the same would be true
of each succeeding recovery and decline for
sometime
While it was probably true that the bear
ish sentiment was stronger than that in
favor of higher prices now. apparently con-
sentative interests were taking more
hopeful view of the situation. II the mar
ket improved very materially, 1t was be-
lived that change would come about some
weeks prior to the fall elections and per-
haps even before the more important nomi-
nations for the fall elections were made.
While in some circles it was still main
tanned that money was to be the chief fac
tor In the stock market for the rest of the
year, good many thinking men were in
clined to give more attention to the polit-
cal situation. The information comes from
two wholly independent sources that the
plan of the st. Paul management for ffnan-
cling the Pacific coast extension would be
made public before the end of the present
month.
There was still considerable conjecture
as to what rate of dividend the Amalga-
mated directors would declare. 1t has been
rather confidently predicted that the rate
would be increased to a full per cent
basis. There was reason for believing that
large interests were not in favor OF in
creasing dividends until the general stua-
ton changed materially. or at least until
the sentiment Throughout the country with
respect to large corporations became more
favorable to those organizations.
During the last few weeks less has
been heard with respect to the probable
ity of d dividend on Southern Pacific
common this summer. A month or so
ago 1t was maintained by persons who
should have correct information that
dividend would be declared in August
Just now nothing is obtainabIe from Of
fclal sources. on this subject, but it is
stated very positively that inside inter-
ests have been buying the stock and that
they were buying 1t even yesterday. Sy
some this is regarded as accumulation
CT the stock against the declaration of
dividend a little later on, when the con-
dittons for taking such action seem ia
yorable.
According to Chicago gossip, the COM
pletion of Great Northern Ore deal will
bring into the treasury of that company
securities and equities estimated to be
" orth equal to 200 per cent on Great
Northern stock. Some time ago the pur-
chase of the equity of the Northern Pa
citic railway in the surplus of the Chi
cago Burlington and Quincy. now be-
coming very valuable. was mooted, the
Great Northern, of course. being men
fe
considered likely by some railroad men
that Northern Pacific may receive large
block of these securities of the Great
Northern for its equity in the Burlington
surplus, together with a stated sum in
cash. Burlington. under the Hill man
agement. has become a wonderful Garner
The growth of its net profits has been
almost as remarkable as that shown in
Great Northern profits and SO on.
II
In dispatch from Pittsburg Vice Presi-
dent Utley of the Bessemer and Lake Erie
railroad is quoted as saying last evening
that he had no information that the United
States Steel Corporation is in any way in
terested in either the Pittsburg and North
western Pittsburg and Tube City rail-
road, both of which have been mentioned
as possible entrances for the Bessemer and
Lake Eric into Pittsburg.
I'VE do not want an entrance into Pitts
burg for the Bessemer." said Mr. Utley
That road. as Is we'll known, was built
primarily as ore-carrying line, and as
such 1t Is to remain. The Bessemer has no
connection whatever with the two projected
roads, nor are any United States Steel in
terests concerned, so far as 1 know"
BY Mr.. Utley's expression 1t is shown
that the Jones and Laughlin Steel Com
pany stands alone in the steel industry In
aiding the Pittsburg and Northwestern to
secure an outlet to the east. Definite an
nouncement of this roads position in con-
nection with the Erie. Buffalo. Rochester
and Pittsburg, Buffalo and Susquehanna
and Pittsburg and Birmingham and Eastern
l. tod r1itl 10 far Il