Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-15
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK. February 15-Professional
stock market operators, who seem to think
the only way to bring about q bull market
| IL to have an entire absence Of reaction,
profess to be disappointed over the charac-
ter Of yesterdays trading and the course Of
prices for the greater part OF the session.
| 1t was generally understood that any fur
Their attempt to advance prices would be
| frustrated by the free offering Of stocks by
| large inside interests. Undoubtedly there
was fair amount Of profit-taking In the
issues which have enjoyed the most pro-
nounced recovery, and 1t is claimed that
there was more aggressive and general
short selling yesterday than on any pre-
vious day within q week.
Those best informed on the general situa-
ton are confident that IL Congress passes
the currency measure, which has been fav-
orably reported, and unless some important
unfavorable factor develops, it will be pos
sible. after the adjournment Of Congress-.
! to have q reasonably broad and active mar
ket for some weeks. The men in control Of
the market at the present time propose to
check any undue efforts toward bringing
about such market before the adjourn
ment of the Congress.
"a
Some spectators claim to be greatly dis
appointed over the fact that the Union
Pacific and Southern Pacific dividends were
not increased. Conservative observers point
out that in view Of the big jump in the rate
on Union Pacific made last August. the
management would have brought about a
large amount of unfavorable criticism If it
had increased the rate further within
fiscal year. No one familiar with the plans
of the management expected that the Union
Pacific dividend would be further increased
until the 10 per cent rate had been paid for
some years at least. AS to the southern
Pacific. although there were persistent ru-
mOrs no more than week or ten days ago
that the rate would be increased for the
current period, no one in close touch with
the management expected change at this
time They pointed out that what has just
been said with respect to the Union Pacific
| dividend applied with equal force to the
Southern Pacific, and called attention to the
fact also that the management would not
be so foolhardy as to Increase the rate on
the eve of a further investigation Of the
Hartman lines by the interstate commerce
commission.
The further drive at Missouri Pacific yes
terday attracted comparatively little atten-
ton. inasmuch as the speculative interest In
that stock and in 'all the securities bearing
the Gould name, Is extremely small. There
is disposition, however. on the part Of
some thinking interests to buy Missouri
Pacific at present prices. They do not be-
lieve that the recent attacks have been
dend rate was to be reduced. They point
out that semi-annual disbursement was
only recently paid and that the question of
making another disbursement will not come
up for official action for nearly six months.
There is good reason for believing that II
the directors had considered for a moment
the matter of reducing the dividend they
have not reached decision. AS matter of
fact. the best-nformed interests do not ex-
pect any change in the dividend rate six
months hence. 1t is believed that the stock
has declined to present prices chiefly be-
cause inside interests have given it no pro-
lection whatever in the market. OF course,
the principal question in this connection is
why those interests failed to support Mis-
souri, Pacific and all the other Gould issues,
which. without exception. have real merit.
W. w. Gurley, general counsel for the
Chicago Union Traction Company is in
town this morning. Mr.. Gurley indicates
that while there is considerable opposition
to the traction ordinance recently passed
over the mayors veto by large vote the
best-nformed interests are reasonably con-
fident that the citizens at the forthcoming
popular election will vote in favor of the
measure. If the vote Of the people is
against the measure 1t will be necessary to
draw up a new ordinance and renew nego-
tiations with the city. all OF which would
require long time and would postpone to
that extent the giving to the city Of ade-
ootin v1 70 oil