Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-30
BULLS AND BEARS
speci.l piapatch to r6e star.

Special Dispatch to TIE Star.
NEW YORK. August 3O-The character
Of yesterdays market was more convince
ing to those interests who have been skep-
teal regarding the present movement than
that of any previous day. II was believed
before the opening that by reason OF the
steady movement OF money to the interior.
the expectations OF an unfavorable bank
statement and the situation In Philadel-
phia, thte market would be irregular and
probably sell OF several points further.
The demonstration that was made soon
after the opening convinced practically all
operators Of the strength. II not Of the
Judgment. Of those who have the market
in hand. One very shrewd observer. who
early in July thought that conditions were
such that an upward movement in the mar
ket before the fall election was practically
an impossibility, and who has not been
wholly In sympathy with the rise that
started about two months ago. today ex-
pressed the opinion that for several weeks
would be made by buying stocks on re-
actions and selling them on the sharp ad-
vances. He did not think that the time
had come when It was at all safe to sell
stocks short on the bulges.
There was Of course more or less appre-
hension regarding the money market, but
operators have come to believe that the
strength Of the interests who are manag-
ing this campaign Is SO great that the
monetary conditions will not have more
potent effect upon the stock market than
to cause reactions of few points from
time to time.
Il 4
The belief was still apparently strong
that In due time a considerable amount OF
gold would be imported. While the opin-
ion has been expressed frequently during
the last week or two that the low-priced
railroad issues and some Of the Industrial
shares would gradually assume a more
prominent position In the trading. not a.
few intereshs who apparently are In close
touch with the leaders OF this market De-
lieved that Union Pacific. st. Paul. Atchi-
son, Southern Pacific Copper and the
United States Steel stocks would continue
to absorb the major portion OF attention
and that the balance OF the market would
be relatively dull. AS has been true since
the present movement started
*
It was intimated that Baltimore and
Ohio, over which there has been great
disappointment on the part Of Spectators
was likely to become considerably more
active and advance to the prices at which
it Is entitled to sell on the basis of earn
fngs and of prices which other railroad
stocks, paying the same dividend or
smaller rate Of dividend. are selling.
The enthusiasm with respect to the United
States Steel stocks particularly the COM
mon, has not waned in the least. 1t was
claimed that the comparative dullness OF
the preferred has been due to the fact that
1t has been in the process Of accumulation
for some weeks. A man who is in posi-
ton to know the plans for this security
marketwise believed that it would soon sell
considerably higher. 1t was claimed by
men who are familiar with the famous ore
real that the result would be much more
favorable to the steel corporation than has
been generally appreciated. Much higher
prices for this security were predicted.
One interest expressed the opinion that II
the iron and steel trade continued at the
United States Steel Corporation would be
in such a strong position, financially and
otherwise, that It would not be seriously
affected by a modification of the tariff.
%*
It Is continually pointed out by men who
have taken trips through the west recently
that any one here in the east who has not
travelled through the country. within the
last few years can form no adequate idea
Of the development which has taken place
in all lines Of business.
Il
One man who has kept in close touch with
conditions in the west says that a recent
contract which has been closed by the
Union Pacific and Southern Pacific for the
equipment Of freight cars with refrigerating
apparatus gave little idea of the enor-
nous expansion in traffic that has taken
place and the still further growth that is
confidently expected by the directors and
officials of these two large railroads and
many others in the west. This contract
provided for the equipment Of 5000 freight
cars with refrigerating apparatus. and is
by far the largest contract of its kind ever
awarded at one time by single railroad
system.