Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-13
BULLS AND BEARS
Special DisI s.ch to The Star.

NEW YORK, August 13.-Some we'll
known SPECTATORS expressed the opinion
today that the tendency of the stock mar
ket would be toward distinct Improvement.
Attention was called to the fact that the
large interests have not sold stocks ex-
tensively and they were not expected to do
so until materially higher prices were
reached. 1t was not believed either that
the bear contingent would attempt aggres-
sive tactics in the near future. 1t was
known that whenever the market was reac-
tionary last week there was further buy
ing by interests which have been the chief
factors In the market during the last six
weeks, and 1t was asserted that these in
terests believed that stocks would reach
considerably higher level.
There seemed to be some difference OF
opinion still with respect to the money mar
ket during the next two or three months.
The uitra-conservative interests still be-
lieved that money would be tight in Septem-
was that there would be sufficient money
to move the crops. carry on general bust
ness and to have reasonably extensive
stock market at this center.
~
Several meetings of directors are sched-
uled to be held this week, in which there Is
more than ordinary interest. The first is
that Of the Canadian Pacific directors. to
be held in Montreal today. The 800" d.
rectors are also expected to meet In that
city today. While there has been consid-
cradle talk of an increase OF 2 or per
cent In the dividend on 500 common,
banking interests In this city still assert
that they look for only the semi-annual
dividend of per cent. Only the regular
cash dividend on Canadian Pacific, pre-
ferred and common, Is ooked for, but men
who are in close touch with Canadian Pa
cific affairs assert again this morning that
they would not be surprised to hear that
bonus from the land sales had been allotted
to the stockholders. There Is strong sus-
picion that before the dividend on 500"
common is increased additional stock will
be offered to the shareholders on an at
tractive basis. 1t will be recalled that the
capitalization of this road per mile is ex-
tremely small in comparison with the aver
age railroad capitalization.
*+
1t Is reported from Chicago that the
minority stockholders Of the Pullman COM
pany may attempt to compel the concern
to distribute some of its surplus. Inc
movement is after the fashion of similar
att.cka on the express companies. The
company reported a surplus on July 81.
1903, of $22, 151, 946 For the year ending at
that time the surplus was $5.134.51. APP
parently, therefore, the company now mas
ings for the year just ended are under
stood to have been fully equal to II not In
excess of the earnings of the year De-
fore.
*
1t has been rumored that the Southern Pa
cific' directors would this week announce
an initial dividend on the common stock.
Interests which have been in close touch
with the upward movement in this security
still claim that they do not look for a
dividend earlier than October. 1t could not
be learned Saturday after the close Of
business or this morning that there had
been any new Developments in the South
ern Pacific situation to account for the
steady advance In the price Of the stock.
The interests to which reference has been
made expect the movement to continue I'M
til near the first of the year and that by
that time the stock will command more
than $50 q share.
The Midland Steel Company of Pittsburg
has leased the Amos. section 80, property
on the vermillion range, Minnesota. The
property, according to Pittsburg corre-
spondent, is believed to contain at least
10000, 900 tons Of iron ore and possibly 49,
100000 all of good quality and fairly easy
to NINE
The section 30 lands are in the same dis
trict with the ore lands which the Great
Northern and United States Steel Corpora
ton have been dickering over. In making
this deal the Midland company for the first
time is invading the iron fields Of the Lake
Superior district In spite of the fact that
the Midland company is one Of the late en-
terprises In iron and steel production and
the general impression that raw material
for new concerns of this kind would have
to come from the open market and other
sources now practically controlled by the
present steel interests Of the country. the
concern is proving that 1t is possible to
own ones ore supply. The above deal will
mean increased demand for freight capacity
on the lake lines out of Pittsburg The
property secured Is estimated to be worth
$4O,O0O,OO0.
A special meeting of the stockholders Of
the Chicago, Joliet and Kansas City rail-
way has been called for October Is to in
crease the capital stock from 100000 to
$1,000, 600. of which $1,000, 900 is to be pre-
ferred and $40. 900 600 common. The stock
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