Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-30
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. August 3O.-In view Of the
triple holiday. 1t was believed that today's
stock market would continue quiet and
somewhat Irregular. Yesterdays trading
was almost altogether of professional
character, and it was assumed that traders
would be disposed to close out at least
part Of their long commitments today. 1t
was doubted. also. that because Of the three
days interruption in business there would
be much fresh buying.
1t Is known, however, that there Is q fair
amount Of quiet investment buying every
day. and the speculative element has been
encouraged by learning that some operators
who have been important factors in previ-
Gus markets. but who have not participated
in the trading for long time, are now
disposed to buy in fairly large amounts for
long pull. 1t Is understood that there has
been significant buying Of this character
recently In United States Steel common.
Men who made fortunes by buying that
stock at the low figures a few years ago.
now oel1eve that purchases in the thirttes
Will yield handsome profits in due time.
Friends of important interests in the steel
corporation are confident that the time will
never come when the corporation will earn
less than s1OOOOO,OOO net per annum. and
when 1t VIII not be able to pay the present
rate OF per cent on the common stock
Ihese same interests believe that the time
will come when the rate of dividend on the
par value of the common shares will be
about the same the yield on the present
market price, which is per cent or better.
X
Some observers got the idea a few days
ago that default would be made upon the
ponds OF both the Third Avenue and the
Metropolitan Street Railway companies It
Is understood that the present plans do
not call for such action, but for default
only on the guaranteed dividend on the
Stocks on these two companies. AS an
nounced few days ago in Philadelphia
dispatch, persons who are in close touch
with the local traction situation confidently
expect that Mr.. Ryan will be in New York
within q week or ten days, II not sooner
1t is tntimated that banking house that
was formerly closely Identified with the
local traction properties has taken a fresh
interest in the situation, and in a quiet
way Is figuring very prominently in the
present negotiations
~
Considerable space has been given in the
newspapers during the last few days to the
probable demands Of the public service
commission upon the local traction COM
panies for materially increased transporta-
ton facilities. It Is understood that the
managers Of steam railroads operating in
this state expect that similar demands will
be made upon them in the near future, and
that the expenditures that will have to be
made for new stations. additional equip
ment and various other improvements UNI
der the direction of the two commissions
will be an important factor in their ex-
penses.
Unless the investment demand for Sc
curities improves materially within the
next few months. it will be necessary to
charge most Of this new work to operat-
ing expenses which, of course, will adj
versely affect the already impaired net
earnings.
Secretary Cortelyous plan for relieving
the money market continues to receive IA
vorable criticism and 1t is believed that
fears of tight money market during the
next three months will prove to have been
not we'll founded.