Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-26
BULLS AND BEARS
Special DISPATCH to The Star.

Special Dispatch to The Star.
NEW YORK, March 26-It was exceed
ingly difficult to get an expression Of opin-
ion today with respect to the future of the
stock market. The largest interests are as
much confused as is the average small
So cculator and those who are looking at
the situation conservatively urge the exer-
else of greater discrimination and judg-
ment than has been exercised in a long time
back. prominent railroad man when
asked this morning for an opinion regarding
the Wall street situation. said that he was
unable to advance a definite opinion. but
stated very emphatically that business con-
ditions in general are still very satisfactory.
1t Is understood that prominent railroad
officials who have made a close study of the
principal railroad problems Of the present
time think very favorably of the suggestion
Of Jacob H. Schin that joint commission
representing the railroads and the govern
ment be appointed to work cut the dlner-
ences as to policy and rates which now
exist. One Of the best Informed railroad
men In this country, in discussing the Ques-
ton this morning, said that he peileVeo
that the present difficulties could be solved
through some such medium as that sug-
gested by Mr.. Schiff. He believed the iat-
ter's Idea Is a very good one.
A prominent banker who nine months ago
believed that he foresaw what has occurred
in the stock market during recent weeks Is
inclined to believe that the worst OF the
slump in prices Is over, but does not tnink
that the lowest quotations have yet been
reached. At present prices, he says. good
ly number of standard securities can De
bought which in due time will yield hand
some profit, but he does not believe that
there is any occasion to exercise undue
haste In the purchase of stocks for invest
ment.
Those who are watching the situation
most closely are giving special attention TO
the movement Of the United States Steel
stocks. Naturally. there was considerable
disappointment yesterday on the part OF In
terests who wished to take hopeful view
Of matters over the sharp break In steel
preferred. AS a matter of fact. however,
the course OF that security yesterdaY~did
not cause special surprise because or It's
notable strength during the declines OF pre-
ceding weeks and because of the belief that
IL general business Is to suffer materially
the iron and steel trades will be the first to
reflect the reaction in large way Special
attention will be given to the Steel stocks
from this time on, as 1t Is believed they Will
be the best barometer of actual conditions
Brokers who are endeavoring to avoid I'M
necessary disaster In the stock market
pont out every day that too much emphasis
cannot be given to the idea that at present
prices very much of an unfavorable char
acter that may develop during the balance
Of this year and next year must have been
discounted.
There Is considerable difference of
opinion with respect to the money mar
ket. Some interests agree fully with
Mr.. Schiff that within few weeks the
tendency will be toward ma terially lower
rates. The best judges are confident
that the money market in the end will
be governed largely by the extent to
which business throughout the country
is reduced through the retrenchment
policy of the large corporations and the
slump In Wall street
The statement that tie ore land lease
between the United States Steel corpora
ton and J. ]. Hill was made terminable
by its term on or after January 1, 1915.
seems to have caused considerable sur
prise on the part of some persons. The
fact Is that the terms of the lease were
published In the last annual report of
the corporation issued few days ago.
1t is distinctly stated by Judge Gary,
chairman of the board In that report.
! ne iease Is 10 continue until the ore Is
exhausted unless the same is discontin-
ued on January l, 1915, on two years
notice. Judge Gary says the clause was
put in simply as an extra precaution,
but will probably never be operative, as
the lease is too valuable it stands.
In the meantime, the work of exploita-
ton and development will be pressed, at
the expense of several millions of dol
lars The further report that collec-
lions by the corporation were slow and
that bills receivable were accommodating
to such an extent that 1t was likely
the corporation would be compelled to
borrow money for working capital is
pronounced absurd.