Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-16
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK. February 16.-Speculators
who have been skeptical regarding the stock
market ever since It began to improve ex-
pressed the opinion this morning that the
recovery might 60 further next week. but
that the market was likely to sell on
sharply by reason OF the interstate COM
merce commissions investigation OF the
Hartman lines. On the contrary, those in
close touch with some Of the most promi-
nent directors In the Union Pacific and
Southern Pacific still maintained that the
hearings which are scheduled to begin in
this city in q little more than q week from
now would not disclose anything in connec-
ton with the relation Of the various lines
that make up the system that should be re-
garded as disturbing stock market factor.
In spite Of this confidence the feeling was
pretty general that the market would sell
on moderately late next week, in anticipa-
ton Of what may transpire at the hearing.
-
At the close Of business yesterday those
who were looking at the market and con-
trolling conditions in q broad way rather
confidently expressed the opinion that II
speculative sentiment is not adversely at
fected by the proceedings referred to we
are likely to have a very good market for
several weeks at least after the adjourn
ment of Congress. Some observers say that
the losses that have been sustained by some
Of the biggest operators is a factor that
should be seriously considered in connec-
ton with any plans that may be under way
for broad and active market a little later
on. So far as can be learned very few Of
this group of individuals have participated
In the market since 1t began to improve
two weeks or more ago. While it Is ex-
pected that they will appear in the market
to some extent II 1t continues to improve,
1t is known to be fact that not few will
trade on decidedly small scale in com.
parison with what they have done in pre-
vious bull markets.
-
There seems to be very general confidence
that Congress will pass the Aldrich meas
ure and it Is believed that its effect upon
the stock market will be notable. Although
call money has advanced at rather frequent
intervals Of late by reason Of temporary
conditions, attention is called to the fact
that the tendency of time money Is toward
a lower rate and that the supply is reason
ably abundant. Representatives of inter-
national houses seem to believe that none
tary conditions on the other side will con-
tinue easy for some time to come.
Nothing has come to light since the close
of business yesterday to account for the ex-
IRENE weakness Of Missouri Pacific, except
the reason that has been frequently given,
namely, the policy of the controlling inter-
est not to support in the market the stocks
associated with their name Some shrewd
observers are inclined to believe that in the
near future an upward movement in Mis-
souri, Pacific will set in that will be even
more pronounced and rapid than the de-
cline during recent days.
There is an absence of definite informa-
ton regarding the sharp recovery in Mis-
souri,. Kansas and Texas common, but it is
intimated that practically all Of the securi-
ties of the southwestern group of railroads
are likely to have substantial advance. If
the general market continues strong The
traffic of these railroads is increasing stead
lily and they have not encountered the Sc
we're storms, which have so seriously in
terrupted the movement of traffic on sew
eral Of the northwestern roads, notably the
Great Northern and Northern Pacific.
~
1t is claimed that investment buying of
Steel common is larger than most observ-
ers realize. No one seems to be predicting
a big upward movement in the stock in
the near future, but not few authorities