Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-29
BULLS AND BEARS
Special Dispatch to The Star.


NEW YORK, June 29.-Conservative stock
market operators say that undoubtedly dur
ing the coming week money will be the most
important factor in the stock market sit
uation. They believe that the condition
Of the money market the world over was
the chief cause Of the failure Of the New
York city bond sale. They think that from
this time on even greater conservatism will
be exercised by the loaners of money than
has been noted recently. They call atten-
ton to the fact that the railroads for six
months or more have had in force q very
general retrenchment policy regarding new
work. simply because they could not obtain
the necessary money on anything like ia
vorabie terms. With the decidedly better
outlook for the crops 1t Is pointed out that
the demands Of the agricultural interests.
the railroads and manufacturing concerns
VIII be Increased proportionately and that
the money must be secured. Consequently
1t Is taken as a fact that the banking in
terests will not be disposed to loan money
extensively for speculative purposes or for
available funds for the financing of the
regular business Of the country.
This does not mean necessarily that the
stock market will continue as dull as it was
for some weeks up to a few days ago, nor
that It will decline seriously from the pres
ent level. On the other hand, It is believed
that the investment buying and the con-
sentative speculative purchases for a long
pull will tend to lift prices gradually to a
higher level. 1t is believed. also, that suf-
fcient Improvement in the general situa-
ton will come about to encourage possess
sors OF ready money to turn their attention
to the securities market.
X
1t is known that in important circles there
is considerable apprehension as to who will
be the republican nominee for President
next year. Some interests are fearful that
the public demand for the present incum-
bent of that high Office to serve for an
other term will be so imperative that he
will be compelled to yield to the call Of the
people. There Is considerable difference of
opinion as to the probable effect upon af-
fairs in the financial world of such an aspect
of the situation. A man who has been very
active and prominent in national affairs for
many years. and who Is in touch with the
political situation throughout the country,
said this morning that in his opinion, If
Mr. Roosevelt wants the nomination for an
other term, he will have no trouble about
getting it. and that if the demand for
is anything like unanimous,
he does not see how he can reject it.
he Is inCIneO 10 Dcu6Ve, however.
the force Of Mr.. Roosevelts activities
against the corporations has largely spent
itself and he looks for a very general re-
turn of confidence in the near future. and
investment of money In securities on
large scale. He thinks this will come about
whether Mr.. Roosevelt serves another term
or not In his opinion, affairs in this coun-
try have been depressed about to the min
mum point, and he believes that the reac-
ton will be as pronounced as the depres-
sion. He adds that the commerce Of o.
100000 Of people is too great, and carries
with 1t too great power to be held down by
one man. or by one policy. for any great
length of time.
Carpenter. Baggott & Co.. in their weekly
stock review. say: '"There has been no
upward movement in the last six months
which has testified SO strongly to the re-
turning confidence in speculative circles as
that witnessed in the weeks advancing
market Whether the improvement Is more
than temporary remains to be seen II pub
lie expression of a recognized authority can,
be depended upon the present movement
has the stamp of important approval in a
statement recently made that business and
conditions are sound and favor
able to continued prosperity with genera!
restoration Of confidence. The failure OF
the New York city per cent bond sale at
par was unfavorabie and checked advance
i'll stocks. -