Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-10
BULLS AND BEARS

Specisi Dispatch 10 The Star.
NEW YORK, August 10-The calling OF
loans yesterday by one or more banking In
stitutions was the chief topic OF CONVERSE
ton In connection with the stock market
among fnanciers and SPECTATORS last night
and again this morning. Careful inquiry
in banking circles after the close of bust
ness yesterday. and again this morning. vim
Dictated that yesterdays calling Of loans
was for special purposes and should not be
taken as indicative OF renewed apprehen-
sion on the part Of the bankers with respect
to the money market.
Il
Knowing ones who watched the TRANSACT
lions in stocks yesterday on the exchange
inclined to believe that the reaction Will
not go much further at this time. 1t was
realized yesterday. however. more than at
any time during the present movement.
that several days ago interests which had
been most active in the market since 1t
turned early In July had INDUCED IN pront
taking on. rather a large scale. There Is
reason for believing. however, that these
same interests bought stocks pretty gen
orally on the break yesterday and that they
expect to see the market go considerably
higher.
Il +
In view Of the developments at yester-
days meetings of the stockholdersof Wells
Fargo Company. and in view OF cur
rent reports, shrewd observers think 1t un-
necessary to make further guesses as to
the purposes for which several million dol
lars are said to have been borrowed few
weeks ago by interests in control OF Wells
Fargo Company.
No special opposition on the part of stock
holders to the proposed refunding plan OF
the Wabash Railroad Company Is expected
to develop at the special meeting soon to
be called to pass upon the plan. 1t has long
been realized by men familiar with the
Wabash situation that there could be no
hope of dividends. either on the preferred
or common stock, until the bonded fndebf-
edness should be carefully recast.
It Is expected that the plan will be rat-
fed by q large majority vote. and that II
the bankers are still opposed to underwent
ing the plan the exchange Of securities for
both classes of debenture bonds will be sue
cessfully carried through
**
Experts in the metal markets are looking
for material advance in the price Of sill
yer. They do not base their ideas simply
on the announcement that the government
is to be a regular bidder for silver for an
indefinite period.
Although the Pennsylvania Railroad Com
pany seemingly is carrying all the financial
obligations which 1t can well take care OF.
1t would not surprise some close observers
II the dividend on the stock was increased
when next action Is taken on that matter.
There is a strong movement under way to
L., kho be md
Ohio dividend. It is not believed that ex-
ira disbursements should not be looked for
by Atlantic Coast Line stockholders in the
near future. Not many months ago the
company issued between 100000 and
100000 stock-giving rights. as usual. to
the shareholders. 1t will be necessary for
some months to come to spend SO much
money for Improvement and equipment that
1t Is felt that extra distribution would not
be warranted.
1t Is understood that some Of the direc-
tors Of the Louisville and Nashville Rail-
road Company are in favor of q larger
dividend on the stock Of that company
X
There Is talk in Philadelphia Of the
minority stockholders in Cambria Steel
forming committee similar to that which
has been formed in the Wells-Fargo Ex-
press Company and the American Ex-
press Company tn insist upon a larger divi-
dend disbursement. The plea is that the
management has no right to divert so much
Of the profits from stockholders while the
surplus Is ample for all ordinary purposes.
X
The New Jersey state board of equaliza-
ton Of taxes has decided that the prop
erty of the Central Railroad of New Jersey
In Elizabeth was assessed at 80 per cent
Of its true value by the state board Of
assessors. 1905. and that other property
In the same neighborhood was as grossly
undervalued.
X
A Harrisburg dispatch says that repre-
sentatives of all the trade bodies that are
fighting for better railroad rates in Penn
sylvania will hold an important confer
ence In that city next week. The principal
object is to perfect plans for obtaining
pledges from candidates for the legislature
Gov of,n f<rht