Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-02
BULLS AND BEARS


Special Dispatch to The Star.
NEW YORK, July 2-Stock market OBJ
servers were Of the opinion today that the
liquidation had not yet run its course and
until II has nothing more than temporary
rallies were expected to take place. Ths
large banking interests wore still inclined
to hold aloof from commitments In stocks
and showed no disposition whatever to do
anything more than extend occasional sup
port when demonstration was threatened
There was very wei defined conviction held
by shrewd operators that good deal Of
stock had been Aquidated within the last
two or three weeks on the theory that con-
ditions two or three months ahead would
ket
The heavy selling OF the Unitad States
Steel stocks has been particularly discon-
certing to the bull following aad has PER-
haps had az much or moro to do with unset
Ting sentiment Of late as any other event.
1t was understood that some large holders
of Steel had disposed of their lines in an
fieipation OF active agitation regarding
reduction ia the tariff this fail. They would
out that the agitation of this matter would
be likely to have q serious effect on busl-
ness and they were by no means certain
that a revision in the tariff laws would not
be made by the merit Congress.
Sentiment throughout the country was be-
lieved by many observers to be gradually
growing more favorable to tariff legislation
and 1t was on this theory that a good deal
Of the LIQUIDATION in the Steel stocks had
been occasioned.
The fact that the adjournment OF Con-
gress Saturday night had no stimulating ef-
feet whatever In advance on the stock mar
ket was regarded as again well illustrating
the temper OF speculative sentiment. A few
weeks ago the adjournment OF Congress
as 1t was believed that this event would
mark decided revival in speculative &C.
tivity
4
The stock market, however. toward the
close OF last week In no way discounted
the event and 1t was expected that this
will fall fiat, the same as every other item
OF good news has done in the last fort
night
Some OF the most experienced operators
however, were of the opinion that the con-
tinued decline would soon attract a con-
siderable amount of investment buying.
The July interest and dividend disburse-
ments. amounting to nearly 100000 600
would, OF course, soon be seeking re-
investment. and bond dealers in particular
were hopeful OF revival in activity of In
yestment issues, In the near future.
just how far the cutting of grain rates
between the Missouri river and Chicago
would go traffic men would not predict at
this time, but it may be assumed with a
fair degree of certainty that should Great
Western and the Chicago and Northwestern
make inroads on the other lines In the same
territory. through their struggle for busi-
ness of that class, they may have company
within short time The Northwesterns
action makes wholesale reduction on the
grain rates not only from the Missouri river
points, but from Iowa points as far east
as Cedar Rapids.
The new tariff goes into effect today The
Northwestern's tariff was issued as a re-
suit OF OF the failure of the officials of the
Chicago Missouri river lines to prevail upon
officials Of the Great Western to withdraw
Its tariff. which cuts the rate on grain one
and quarter cents, the amount paid for
elevator charges at the Missouri river.
Application was made Saturday In the
United States circuit court at Chicago by
Counsel for the Guaranty Trust Company
of New York for the appointment of re-
ceivers to take over the combined proper
ties OF the Chicago Union Traction Com
pany, the North Chicago Street Railway
Company and the West Chicago Street Rail-
way Company.
The application Is made In an amended
and supplemental bill, which Is to take the
place Of the original bill Of complaint upon
which receives were appointed separately
for the three companies some time ago.
The desire for the administration of the
three companies by one set of receivers is
due to the necessity of lowering the tunnels
and applying electrical power for the va
rious cable lines. 1t will mean. should the
petition be granted. that the present re-
ceivers administering the properties sepa-
rately will be removed and some, IL not all
reappointed as receivers for the combined
lines.
A Chicago correspondent says: Announce