Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-14
BULLS AND BEARS


special Daspatch to The Star.
NEW YORK. October ia-Many stock
market observers are OF the opinion today
that the general character OF the market
FOR the next two weeks or more will be
pretty much the same as that OF this weeks
market. While the professional element Is
looking for a big break In prices before
election. well-informed interests say that
the standard stocks are being quietly ac-
cumuiated by capitalists who believe that
the republican candidate for governor In
this state will be elected by large ma
jority and that operators who luuidate
their long stock or sell for the short ac-
count before election will be compelled
t. buy back their holdings at consid-
erably higher prices. The buying OF st.
Paul yesterday Is stated positively to have
been largely by representatives of some OF
the most important inside interests in the
company. On the basis of large earnings
deyeopment plans in progress and a deal
OF unusual importance. which Is believed
to have been practically completed railroad
men say that they think the largest and
quickest profits are to be had in ST. Paul.
at least among the htgh-priced railroad
issues.
There are conflicting opinions with re-
spect to the transactions in Union Pacific. A
board member who has watched Glossy the
trading In that security for some time said
after the close of business yesterday that
on every advance prominent inside banking
interests have offered stock. On the other
hand. IL Is claimed with equal confidence
that on every decline representatives OF
these interests have been the principal buy
ers Whatever may be true in this respect.
railroad authorities. well prominent
banking interests, believe that both Union
Pacific and Southern PACING vii. advance
materially on their merits irrespective of
the comprehensive deal with the st. Paul.
which, ii Is pretty generally conceded. will
prove to be certainty.
Only favorable reports regarding the steel
trade continue to come to hand. AS pre-
dicted late in September every indication
points to a record month in the matter OF
production. AS the weather thus far has
been entirely favorable. the net earnings
are expected to be proportionately as large
the gross volume of business handled.
Trade authorities say that the earnings OF
the steel corporation for the September 10
quarter should be fully si90Go0oo
The movement in speciaEies. which has
been in progress for some weeks. is expect
ed to continue and become more compre-
hensive. Among the Industrial issues. which
have been largely dormant for many
months il is predicted that Peoples Gas Is
likely to become one of the most active is
sues. 1t is understood that for some little
time inside interests have attempted to pick
UP all the stock offered, but that they have
found the offering extremely small. even at
advances Of two points or more.
The considerable advance that has been
enjoyed this week by Chicago and North
western is considered to be due to accumu-
lations In anticipation of the new subscrip-
ton rights These rights are likely 10 be
of considerable value. The company Is
building numerous spur lines and Is carry
ing forward the westward extension from
PIERRE s. D.. and from Caspar. Wyo. The
new terminal at Chicago. as recently an
nounced will call for s2COOOOOO. In view OF
the large Improvement work going on 1T is
considered probable that at least $2a.GU.OOO
new stock will be issued and very little doubt
exists that it will be offered to stockholders
price. the subscription rights would be
worth from % to % per cent. Close OBJ
servers of the market say that on every re-
cession the buying O. Chicago and North
western La OF this highest class and to q
large extent, by the strongest interests con-
nected with the company.