Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-20
BULLS AND BEARS
Special Dispatch to The Star.


NEW YORK. August 20.-some bankers
maintained yesterday that not few under
lying conditions in the general situation
showed considerable improvement. They
said that they did not base their opinion on
the rally Of two or three points in prices
that took place in the forenoon, but upon
information which they had received q week
or more ago. They admitted, however, that
there are yet many things to be cleared up
and were very firm in the belief that no at
tempt should be n ade to advance the mar
ket sharply, stating further, very positively.
that it should be allowed to remain quiet
for some time.
A considerable number Of speculative in
terests say that. so far as they can see, no
change has taken place in the general situ-
alton. and prices are likely to go consider
ably lower. On this point conservative op-
orators say that they think most of the
standard issues have been pretty thoroughly
nqufdated, and they do not look for them
to go lower, except temporarily on sharp
drives by the professional element. They
90 DeileVe, however. that still more of the
inactive issues will be forced and offered
down until they reach a level at which there
is trading market. They believe that in
this class of securities the greatest weak
X
1t was the prevailing opinion in specula-
tive quarters this morning that Secretary
Tafts speech would be unfavorably con-
strued by most spectators, and that be-
cause of the prevailing pessimsm 1t will not
be as we'll received in conservative circles
as 1t would have been were the sentiment
in financial circles more cheerful. 1t Is
M hot will ho a
factor. because 1t is nearly in line with
what had been expected.
Most Of the large commission houses re-
port a steady investment buying Of stocks,
but say that the demand for bonds con-
tinues light. One important house says
that a large part of its investment orders
have come from western points, indicating,
as it believes, the existence in the west Of
a greater degree of confidence and larger
supply of money than obtain in the east.
AS matter of fact, however, the same
house has done considerable investment
buying for eastern clients.
4
There Is excellent authority for the state
ment that no personal encounter took place
between James Hill and former Vice Presi-
dent Michigan. 1t is understood that the
differences which arose were chiefly over
the amount of money which Mr.. McGuigan
maintained was needed to put the Great
Northern in first-class physical shape and
to cause friction between Louis w. Hill and
himself. There is good authority for the
statement also that the proposition, which
has been under consideration for some
time for the Great Northern to buy the
Northern Pacific's equity in the Burlington
is being allowed to rest undisturbed.
A man who Is in close touch with the
situation said this morning that condi-
tons with respect to the southern rail-
roads will be considerably better in the
near future. He understands that the
Southern Railway Company has pretty
nearly earned the preferred dividend for
the current six months, and, in his opinion,
at least, a part of the regular rate will be
paid. 1t is understood that the net earn
ings for the current month are likely to
show a pretty substantial increase.