Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-30
BULLS AND BEARS.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 3G.-There is a
disposition on the part of important f1nan-
eiai interests. as we'll as or the part of
'hose individuals whose opinions of the
SUCK market are based largely upon their
ualy fluctuations tc believe that for a
niue time at least the tendency of prices
VIII De toward a higher level. Conserva-
.iNe observers do not look for great ac-
'iV'y' out for display of fair amount
OF strength. They say that conditions
with respect to the money market and
general business are still too unsettled to
warrant the beginning of an active cam
palgn in securities. 1t is now thought that
unless something unforeseen takes place
the money market this week will not be
specially disturbing, and many of the
leading interests think that it will be rela-
lively easy after the first few days of the
new year. regardless of the demands that
may De made upon it.
Il
In conservative circles full credit is not
given to the reports received within the
last few days from important manufac-
turing centers that business will be re-
sumed there on practically normal scale
1t is believed that the extent of the re-
vival of the manufacturing industry. par
ticularly iron and steel, will depend to a
very large extent upon the ability of the
rallroads and other large corporations to
secure money for new work According to
those best informed. the conservative rail-
roads have done about all the temporary
financing that they care to do.
AS matter of fact. very many of them
have outstanding short-term obligations,
some OF which will mature within the
first three months of the new year. and it
Is not thought that the managers will
care to enlarge that class of obligations.
Consequently 1t is believed that the rail-
roads will not resume new work on an
extensive scale until 1t is possible to
finance 1t through the sale of bonds or
stock. preferably the former, OF course,
the amount of material needed to keep
the railroads In shape for operation will
be considerable in the aggregate and
money will have to be found to pay for
1t. But 1t is pointed out that the de-
mands in this line will not be at all suffi-
Client to keep the mills of the country in
full operation
x X
What has just been said regarding the
iron and steel trade, 1t is believed. applies
in general way to practically every line
Of business. If money can be obtained
RODS. 1t is generally agreed, business
VIII pick up considerably, but otherwise
the opinion is equally universal that bust
ness will be dull.
With the beginning of the new year 1t
Is realized In important circles that the
activities of Congress and the can
vass for the coming presidential election,
Will be live factors in the financial, bust
ness and stock market situation 1t is
suggested also that with the corporations
mat declare dividends early the question
OF maintaining them at their regular
rates and paying them in cash may be
somewhat troublesome three months
hence, unless the whole situation i'm
proves very rapidly and promises to con-
tinue reasonably satisfactory for some
months to come. There are unusually
conservative individuals who are already
looking ahead to the possibility of next
years crops.