Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-28
BULLS AND BEARS
Special Dispatch 20 n. star.

Special Dispatch 20 The Star
NEW YORK, February 2S.-The day be-
fore yesterday the daily market letter sent
out after the close Of business by stock
exchange house whose clientele includes
some of the most powerful financial inter-
ests in the street was of an optimistic char
acter. While the disclosures made at the
Hartman investigation were deplored. the
writer Of the letter expressed the opinion
with marked confidence that In view Of the
big decline which had taken place in stocks
and the prospect of large general business
throughout the present year at least. hold
ers of standard securities should not be-
come demoralized over the situation and
that the market could be bought with .
reasonable degree of safety. At the close
Yesterday the members of this firm were Of
the same opinion that they were twenty
four hours previous. They believed that
recovery.
Another active commission house whose
clientele consists chiefly Of wealthy men
and among whom is one Of the leading cap
italists In this country. after the close yes
tsrday recommended the purchase of the
standard stocks. A representative OF the
house expressed the opinion that the mar
NV Atoo obout AcdCEcu UOttOLl ana lLdt u6
would not be afraid to buy stocks conserva-
lively.
The foregoing statements are made simply
to show that the large interests in Wall
street do not hold the pessimistic opinions
which are so widely disseminated by the
market will do during the next few days
there is wide difference of opinion among
the professional element The most Of them
profess to believe it will go still lower.
*
An important representative of one of the
largest corporations in the world, in dis
cussing this morning the proposed retrench-
ment policy Of the railroads, said that SO
Tar as he had been able to discover, what
ever the railroad or other large consumers
or materials may do in the way of retrench-
ment will not materially AFFECT business
this year. He says a canvass which he has
made shows that manufacturers in all lines
nave large volume of orders on hand,
put that merchants and dealers of various
kinds who ordinarily carried pretty heavy
stocks are ordering In a hand-to-mouth
fashion, on the belief that prices will soon
begin to recede and. consequently. that ma
terials purchased at about present prices
have to- be sold at a loss If at all. He be-
lieved, however. that next year the effect
upon general business of this proposed re-
trenchment policy will be perceVibly felt.
representative Of large stock ex-
change house, which during the last two or
three years has executed large orders In
Reading, says that on the further decline
Of the last few days the firm had taken
very little part In the transactions in Read
Ing. When asked for the real reason for
the further big break he said he knew
nothing more than the current rumor of a
forthcoming note issue.
1t Is understood that only few more
witnesses wiz be called at the present hear
ing OF the interstate commerce commission
regarding the affairs o. the Hartman lines
and that unless the plans are changed the
investigation will be completed this fore
noon. Apparently no more important wit
nesses are to be called representative
Of large corporation in commenting this
morning upon the possibility Of action
being taken to bring about lower rates on
the Union Pacific and Southern Pacific said
that while no one could excuse the methods
of financing disclosed at the investigation
this week, 1t must be acknowledged that
these two companies are making large re-
turns on their present capitalization. but
that they are better equipped in every re-
spect than any other group Of railroads in
the United States to handle the traffic Of
fered.