Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-15
BULLS AND BEARS
Special Dispatch to The Star.

| Special Dispatch to The Star
NEW YORK, June 15.-It is easily discov-
cred that the professional element in Wall
street is more aggressively bearish than 1t
has been at any time In recent weeks
There is good reason for believing that
most of the disturbing rumors that have
I been in circulation during the last few
days had their origin with group of op-
orators who. it is understood, have COM
bined with a determined purpose to depress
prices materially. They claim that under
lying conditions are unsound and that mas
| much as the large interests do not seem
disposed to buy stocks, the only logical
course of the market Is downward 1t is
| true that the pessimistic sentiment with re-
spect to the stock market and Wall street
affairs in general is not confined altogether
to the professional element, because repre-
sentatfves OF large corporations are strong
~ possessed of the Idea that the prices OF
stock exchange securities must drop to
a considerably lower level.
Conservative students of the situation are
not attaching much importance to the
opinions being expressed by these corpora
ton interests which are so pessimistically
inclined. because they believe the latter
have been unduly prejudiced and consider
ably blinded to actual conditions In the
country at large by the extreme difficulty
which they have experienced in securing
money with which to carry on the affairs
of the corporations with which they are
prominently identified. It is also recalled
that these same interests and others In
the same category were equally pessimistfc
about year ago. when activity in the
stock market suddenly developed under the
leadership of the Hartman issues
banker who Is a director In several of the
largest And most Poi
poratfons In the United States when asked
few days ago for his opinion regarding
the outlook In Wall street, made use Of
the old expression that it IL always dark
est just before dawn, and clearly con-
reyed the impression that, in hts Judgment
there would soon be q material change for
the better at least IN underlying conditions.
Those who take the most hopeful view of
the outlook say that they believe that a
change for the better In underlying con-
ditions Is actually deveioping but that the
movement is slow and Is likely to be slow
for some little time to come. and conse-
quently that no marked Improvement IN
the stock market should be expected for
some weeks at least.
- ~
The announcement of the abrogation of
the arrangement between the Union Pa
cific and the Rock Island interests for joint
control of the Chicago and Alton caused no
surprise in well-informed railroad circles
For year or more it has been known that
the Rock Island interests were convinced
that they made a mistake in buying SO
heavily into the Chicago and Alton. When
the controlling interests decided to buy q
large amount Of the stock. they were conf
dent that the Chicago and Alton was quite
necessary to the rounding-out Of the Rock
Island system. After they had had posses
sion for some little time Of the stock
which they now hold they became con-
WINGED that they had made a mistake. Ever
since they would have been glad to have
disposed Of their holdings If they could
have done so on favorable terms. The only
group Of flnanciers to whom the Alton
would be of special advantage is that rep
resented by e. H. Hartman Naturally
those interests were DESTROYS of getting the
property on the most favorable terms pos
sible, and hence, according to well-in-
formed persons, the frequent absence of
bid for Alton stock in the daily stock ex-
change quotations. Railroad men who have
not received definite information, seem to
be quite uncertain as to how the Alton stu
alton will work out. The common stock
held by the Rock Island people, which is re-
ceiving no dividends, is pledged as col
lateral for bonds on which interest must be
paid regularly.