Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-09
BULLS AND BEAR
Spelial Dispatch to The Star.

Spelial Dispatch to The Star.
NEW YORK. December 6.-Althou8h no
announcement was made after the close
of business yesterday. and although the
Secretary Of the Treasury was quoted as
saying that he did not propose to furnish
further relief for the money market at
this time, stock market interests In close
touch with Washington are confident that
In the near future he will announce his in
tention to redeem a large block OF govern
ment H. Members of the board who were
in the loan crowd a great part Of the day
said after the close that the range OF money
was even more puxzling than on any pre-
vious day recently. One member, In dis
cussing the matter, said that during the
last hour Thursday money was extremely
scarce and that during the f1rst hour ana
half yesterday morning the onerings
were extremely light. After renewals had
cent. he declared that money began to ap-
pear from many sources and that during
the last hour it was difficult to get even
per cent Some Observers are OF the opin-
were higher than they will be again for
some days at least. It Is understood that
one member of the exchange, who had an
unpleasant experience in negotiating a loan
yesterday with the large financial 1nstltu-
lions. brought the matter to the attention
of the governing committee, with re-
quest that an apology be MADE TO MIN.
Never before during period OF h1gh-money
borrowers toward many Of the lenders been
so intense as at the present time.
X
Brokers who are familiar with Canadian
Pacific affairs and which have been pre-
dieting a big advance In the common stock
are not altogether certain whether yester-
days advance represented q genuine move
ment or the operations Of q few specu-
latprs who took advantage of the fact that
the stock Is closely held, and largely by IN
vestors.
X
These same men, who know pretty much
what the Canadian Pacific directors pro-
pose to do, are confident that the stock
will soon sell much higher. The point Is
made that the Canadian Pacific, which
has valuable assets in the shape of min
eral and timber lands, which. it is claimed.
are as valuable as those of the Great
Northern. have not been distributed to the
stockholders. Friends Of the Canadian Pa
cif1c say there is no reason, on the basis
of its intrinsic value, why Canadian Pa
cifc should not be worth as much and
sell as high as Great Northern.
Xxx
An authority in the steel trade says that,
in his opinion, United States Steel common
offers the greatest speculative possibilities
of any stock on the list. He believes that
the business of the steel corporation in
1907 will be practically, If not actually, as
large as for the year just closing. He
explains that conditions under which the
subsidiary companies of the steel corpora
ton are operating are much the same as
those under which the great railroads Of
the United States are being operated If
of raw material promptly and could get
the full quota Of cars needed to transport
both its raw material and manufactured
product, this authority claims that the
mills could turn out % per cent more
product than they are making now. He
believes that the net earnings Of the steel
corporation for the December 81 quarter will
be close to $4O,O0O.OO0. october was rec
ord month. The output during November
was unusually large. The weather condi-
lions during December thus far, with the
exception of a few days, he says, have
been altogether favorable. The final re-
turns for this month will depend consider
ably upon the weather for the balance OF
the month. There Is considerable diner
ence of opinion as to whether the steel
directors will increase the dividends on the
common stock at their meeting next month.
The authority already quoted would not
be at all surprising to see the rate raised to
per cent and perhaps 4 per cent. He de-
clares that the earnings already made and
the outlook for 1907 would justify even
the higher rate.