Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-02
BULLS AND BEARS.
Special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK. October 2.-That the short
interest In the stock market Is very extern
sive and Is also getting somewhat nervous
was again well demonstrated yesterday by
the abrupt rise in st. Paul, which late In
the day Jumped points. It Is generally
conceded that this rise was accomplished
largely at the expense Of the shorts, and
close market observers contend that some
OF the other leading stocks are in q posi-
ton. market-wise. entirely similar to st.
Paul. The extensive rise in Canadian Pa
cifc Monday was admittedly Of an excep-
tional nature. but the demonstration in st..
Paul affords conclusive evidence that the
heavy short interest in the market 10 vul-
nerable and will take to cover on any IA
vorable Developments
1t should be stated. however. that there
Is no general expectation of heavy rise in
the market as a whole in the near future.
On the other hand 1t Is likely 20 continue
somewhat erratic in its movements, but
some of the best judges believe that the
ultimate tendency will be toward higher
prices. The rest Of President Roosevelt
speeches will. of course. exercise some in
nuence In sentimental way. but no one
cOSLiS ~ CApSCl that the remaining al
dress will contain anything OF a more ad-
verse character than the one delivered yes
terday
This. in fact. was nothing more than a re-
iteration of his well-known views, with
added emphasis to the statement that he
will continue the same policy as long as he
aims President Wall street has been
hearing the same sort of talk for the last
year and 1t Is now held to be exceedingly
stale news and should not have any market
effect whatever Nevertheless Ia
ciated that the bear party will attempt to
make the most of It.
Those OF q pessimistic turn of mind con-
tinue to harp on the bad outlook for the
copper trade and cite the reduction in the
Anaconda dividend Illustration. As
a matter Of fact. however the street. as q
whole, would not have been surprised had
the dividend been reduced to 81 q share
instead OF $1.25. and the action of the d.
rectors may, therefore. be regarded as
more favorable than expected. A CORE
spending reduction in the Amalgamated
and Boston and Montana dividends the lat
ter part OF the month Is q foregone con-
clusion.
1t seems evident that the larger banking
interests are beginning to take a more
hopeful view of the Wall street situation
An official Of one of the leading downtown
banks. which Is known for its conserve
tism. when asked for his opinion of general
conditions. said: The greatest danger. 1t
appears to me, threatens the short interest
in the stock market If people keep on
selling stocks they don't own, they will dis
cover one of these days that it Is pretty ex-
pensive."
This Is not taken to mean that an ag-
gressive' campaign will be conducted
against the shorts In the immediate fu-
ture. except possibly In isolated cases. At
the moment monetary conditions are such
that the more substantial banking interests
would not look with favor upon q general
bull movement. but when the money out
look becomes more satisfactory 1t is be-
neved that the larger financial interests
will take a hand in the situation.