Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-19
BULLS AND BEARS
Special Dispatch to The Star.

NEW YORK, March 19.-There seems to
be only one opinion among the conservative
observers of the stock market and of the
conditions which govern 1t. 1t Is believed
that prices will recede still further on the
selling Of stocks bought late last week to
support the market and for a quick specu-
lative turn. Those in q position to have
the best information regarding the matter
state, however, that on the rally, which
started on Friday, there was a consider
able amount of new short selling. A very
prominent man has been informed by some
of the leading financiers in the street that
In their opinion not more than half of the
short account that had been standing for
some days and even months was covered
on Friday and Saturday. The sharp up
ward turn in Union Pacific yesterday after
noon. after 1t had experienced a break Of
several points is said to have been due to
the realization on the part of some oper-
ators of the extremely large short interest
in that stock. 1t is believed that the short
interest in some of the other active issues
is proportionately as large. Consequently
some of the shrewdest observers are con-
hdent that 1. would be perfectly easy to
bring about fresh rally of from to 10
points in the stocks in which the recent
declines have been most pronounced. The
only question in the minds of these stu
dents of the situation is whether 1t will be
thought wise to take advantage of the
technical market position of those secur-
tiles. Apparently a rally worthy of the
name Is not looked for, unless the holders
of short contracts are compelled to close
them out.
B. F. Yoakum. chairman of the Rock Is
land board. has returned from Washington,
where he had a conference yesterday with
President Roosevelt. Mr.. Yoakum has
nothing to say for publication regarding
that conference. 1t is plain to be seen,
however, from converse, Uns with prOmi
nent interests in this city who are in close
touch with Washington that no change of
Importance in the attitude of the President
toward the corporations is looked tor.
Although money was more freely offered
yesterday than 1t was last week. not a few
bankers are apprehensive regarding the
money market both here and abroad. They
believe that substantial relief to the none
tary situation will come only through ma
terial lessening in the demand for general
business The entire situation in this
respect apparently hangs on the question
whether general business is to be affected
to any great extent by Wall street condi-
tfons This matter Is being studied very
closely, but so far. of course. 1t is impos-
sible to get any definite idea throu-h actual
events. Last Thursday afternoon very
shrewd banker when asked how soon he
thought the slump in the market would
be rejected in general business. replied:
In about three months In my opinion.
1t is not believed that If the break IN
stock exchange prices is to be reflected In
the general business Of the country 1t Will
be possible to see any signs of the decline
earlier than the time just mentioned.
Reports continue to be received of the
enormous amount of odd-lot buying last
week for investment. Apparently this buy
ing came from all sections Of the United
States. A representative Of a large Boston
house who is in town this morning said
that his firm never had done such a large
investment business as 1t did last week.
most of which represented odd lots. 1t is
taken for granted that this kind of buying
will continue If the market says off, as 1t Is
expected to do. but one Is willing to pre-
dict that this character of investment buy
ing will be sufficient in the aggregate. large
as it may be. to give the market pro-
nOunced strength.