Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-02
BULLS AND Be AIRS.
,ecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January At Is generally
conceded that the stock market the next
week or two will be governed largely by the
course of the money market. In the opin-
ion of most SPECTATORS. while the tendency
Will be toward lower rates. an average OF
more than per cent for call funds will be
recorded. After about the middle Of this
month It is thought that money viii be insult
ficientiy abundant supply to bring the rates
down to or per cent. Some observers.
however, are not specially hopeful regard
ing the outlook for easier money and be-
lieve that the enormous demand for funds
throughout the country will make 1t posi-
BILE for New York bankers to charge alb
normally high rates for Wall street accom-
modations. The strength Of the stock mar
ket on Monday. when call rates were bid
up to 45 per cent. afforded considerable en-
couraEement to those who are looking for
greater activity and higher prices In the
urgent liquidation in the stocks 10 about
over. and from this time on the tendency
will be to buy rather than to sell.
One Of the chief topics of discussion in
stock exchange Offices today Is the average
rate of interest charged by brokers for the
learned today. money has cost stock ex-
change houses from II to Is per cent, In
Guiding time money obtained at about one
half those rates. Some brokers believe that
unless monetary conditions appear consid-
erabiy easier in the near future the average
operator will be inclined to liQuidate at
least part of his holdings Some Inter-
ests were of the opinion late last week that
this class Of liquidation might be a factor
Of some importance during the next week
or ten days.
A western railroad Official. who has just
como through from the northwest. says that
railroad and financial interests In that sec
ton DO not expect the Injunction proceed
ings begun against the Great Northern
Railway Company to be long-lfved. The
movement Is regarded as chiefly political
It Ii understood also that early in the his
tory Of the Great Northern Railway Com
pany. when Mr.. Hill was contemplating an
other issue Of stock. he went before the
railroad and warehouse commission and
asked authority to put out the new securi-
ties. He was informed by that body that
It had no Jurisdiction in the matter. From
that time on Mr.. Hill and his associates
have proceeded on the idea that tho special
charter under which the Great Northern
railway is operating supersedes and ante
dates the Jurisdiction of the railroad COM
mission with respect to the Great Northern.
Furthermore. the railroad official just
quoted says that the people Of the state OF
Minnesota and Of the northwest would not
submit to any prolonged litigation to re-
strain the Great Northern from issuing new
stock to provide additional facilities. He
says that the need of these facilities Is so
great that the people would rise against any
political movement to block the stock issue.
AS to the speculative losses that have been
made in both Great Northern and Northern
Pacific. 1t Is interesting to learn that James
J. Hill some time ago warned his friends
in the northwest against carrying these is
sues on margins. 1t is understood that he
endeavored to impress upon them the great
intrinsic value Of both stocks, but informed
them that the speculation might be carried
to such an extent that It would be safe to
hold only such amounts as could be owned
outright.