Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-11
BULLS AND BE AIRS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 11.--Although very
little interest seemed to be manifested in
the trading yesterday. representatives Of
some OF the largest stock exchange houses
who do business for some Of the most pow
erftl fnanciers In the street expressed the
opinion that the character OF the market
was all that could be desired by those
who are DESTROYS Of seeing q more active
speculation in a few weeks hence. While
the money market showed signs Of real
Improvement, these brokers said that in
their opinion speculation should be kept
down until local monetary conditions were
even stronger than they are at present.
-
or course. speculative sentiment, both
here and abroad, is adversely affected this
morning by the Pennsylvania railroad an
noancernent. 1t is true also that some in
terests generally active in the market are
not inclined to participate to any extent
just now because they believe that both
tho railroad and Industrial corporations
will absorb practically al OF the available
money. In view Of this situation one Of the
most prominent bankers In the street said
yesterday afternoon that he saw little rea-
son for active speculation for the present.
-
A railroad expert, in discussing the pro-
posed further increase in the capitalization
OF the Pennsylvania railroad, reiterated the
statement that has often been made by
railroad men during the last two years,
namely. that it is utterly impossible for
any one, except the men who are on the
ground and who are required to provide
the facilities, to form any idea of the enor-
nous traffic that Is being handled by the
railroad, and the phenomenal increase
month by month. He calls attention to
point which has not been made specially
prominent In ordinary discussions of the
position Of the Pennsylvania railroad. He
said that in order to get anything like a
fair idea of the companys business it
must be realized that its lines afford the
principal outlet to New York and to New
England OF the enormous amount of freight
originating in the south He added that
the Pennsylvania practically controlled the
principal northern gateways for this bus-
ness. 1t is understood that the Pennsyl-
vania carried north to New York and New
England points from Washington, Balti-
more, Wilmington and other southern
points recently an average Of twenty-six
trains day Of fast perishable freight.
In further discussing the probable re-
quirements Of the Pennsylvania railroad
that in his opinion and from what he can
learn from prominent men in the trade
Chicago. within comparatively brief
period. will be even more important CEN
burg now Is. Within few years the Gary
plant of the United States Steel Corporation
Will be completed and in full operation.
This will be the largest plant Of its kind in
the world, and our informant believes that
1t will be the nucleus Of an enormous iron
and steel manufacturing center In this
connection he calls attention to the in
creased facilities that 1t will be necessary
for the Pennsylvania. Baltimore and Ohio
and other railroads running between the
Pennsylvania coal regions and Chicago to
furnish.
1t is understood that the Chicago and
Northwestern Railway Company will pro-
coed as rapidly as possible with the con-
struction of its new passenger terminal in
Chicago. which is to cost at least $2O,OOO,-
OOO Railroad men understand that as soon
as monetary conditions are regarded as
reasonably favorable the Northwestern
MANAGEMENT will offer to it's shareholders a
part of the large issue of stock already au-
thorized.
1t Is the opinion of men who are consid-
ering the market in broad way that spec
ulative sentiment will he chilled for some
days by the Pennsylvania's proposed new
issue of securities and from the fear that
other railroads will come forward with
requirements proportionately as large. In
spite Of these conditions these interests be-
will be a very general rally and probably
a Jhcf a al ADJ in rrioo