Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-11
BULLS IND BEARS.
Special Dispatrh to The Star.

Special Dispatch to The Star.
NEW YORK, September n.-Yesterday
afternoon there vas considerable difference
of opinion in even the larger houses as to
whether the city Bond sales should be re-
garded a genuine success. The heads of
some important commission houses thought
that the comparatively low average price
bid for the bonds should be regarded unfa-
vorably. and TO some extent they 50 advised
their clients. So far as could be learned
the selling which spt started soon after
clock chiefly repreS .nted profit taking and
short selling by the professional ement.
In many of the more important invest
ment and even speculative houses it was
soon decided that the bond sale should be
regarded as great success. Those best in
formed said that the prices were we'll up to
the figures that they had expected to be
bid for the bonds. and that of course. the
number of bids was far in excess of the
expectation OF every one. In the opinion of
the most conservative observers, as ex-
pressed yesterday afternoon and again this
morning. the bond sale should be regarded
as str.kingly favorable, IL fully demon
strates the existence Of a large amount Of
money. both in this country and abroad.
as seeking investment. Those who look at
the matter In broad way arc greatly en-
couraged in the belief that as soon as con-
ld9ncs returns more fully there will be
surprisingly large demand for both bonds
and the standard dividend stocks. and they
also believe that. when once the buying
movement begins the floating supply OF
this class OF securities. for which there has
been only IL limited market for more than
two years, will be cleared up within short
time.
Even those who take the most hopeful
view of the bond sale do not look for a big
upward movement in the stock market in
the near future While the amount of
money available for investment purposes is
believed to be large, as demonstrated yes
terday those in close touch with the heavy
losses suffered last March and again In
Aug ust by speculative interests think that
comparatively small amount of money
Is available for speculative purposes. They
think. also. that there are other factors of
uncertainty in the situation, such the
small demand for copper: the possibility
of important commercial failures and also
of general decline In business sufficient
in their importance to check any large
speculative movement that might be started
X
Those who have watched the public and
private advices regarding the crops this
year think that yesterdays government
crop report should be regarded favor
able as whole. prominent western
railroad president, in discussing the crop
situation. said that, in his Judgment. this
years crops should not be regarded as
large or particularly good. but well up to
the average for some years back He
points out that while the railroads will not
have as much grain to carry they will prob
ably have more general merchandise in
their traffic by reason of the high prices
which the farmers Will receive for their
products. He further calls attention to
the fact that the general merchandise Is q
much more profitable class Of traffic than
grain.