Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-25
BULLS AND BEARS.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 25.-while some OBJ
servers believe that the stock market will
gradually improve, very many are OF the
opinion that it will continue narrow for
some little time and respond quickly to
unfavorable developments, as was the case
yesterday afternoon. 1t is thought that
perhaps individual issues may be affected
to greater extent by news Developments
OF rumors than the market as a whole. OF
course. the sharp drop in some Of the CHI
cago Great Western issues yesterday was
attributed directly to the report OF the
legislative committee Of the state of Mime
sofa regarding the capitalization o. the
railroads operating in that state. The
opinion 10 strongly expressed by railroad
men who are familiar with the situation
that the committees report, SO far as the
Chicago. Great Western is concerned, was
to a great extent, unfair and quite likely
time to time by the company's chief
executive.
1t is believed by railroad men and others
who watch the financial and railroad stu
alton closely, whose opinion was asked this
morning, that similar reports regarding
the railroads will be made by other state
authorities from time to time. These men
think that the question OF valuation and
capitalization is one that will cause con-
siderable agitation for some little while.
With respect to the rumor that promi-
nent stock exchange house had been COM
missioned to accumulate a very large
amount of Union Pacific stock, presumably
hoc Of Of
highly favorable nature. the statement is
made positively that this house has been a
large buyer Of both Union Pacific and
Southern Pacific for some days. and that
the buying has been Of an excellent char
acter. So far as can be learned, the men
who are executing the orders do not be-
lieve that they are the result Of inside In
forma ton Of a specially important char
acter. They seem to think that the inter-
ests which gave the orders believed that
both of those securities are cheap at pres
ent prices. They ridicule the rumor in cir
culation yesterday that the house referred
to was accommodating a very large amount
Of Union Pacific.
-
AS to Union Pacific, it may be interesting
to know that brokers who execute orders
for some of the largest inside interests In
Union Pacific bought a considerable amount
Of the stock late last week at the lowest
prices prevailing at that time.
So far it has not been possible to learn
that undue significance should be attached
to that particular buying. Men who be-
lieve that they understand the position Of
the market reasonably well think that the
Standard OIL interests would be disposed
to advance prices whenever conditions seem
to warrant such action. They further
believe that Union Pacific. Southern Pa
cifc. st. Paul and Steel. common, will be
made the leaders in such movement
The head Of q well-known Investment
house says that the bond market Is again
extremely dull and that he does Tot look
for any material Improvement In invest
ment buying as long commercial paper
continues as active 1t Is now. He adds
that naturally there will not be much slack
ening in the commercial paper marke. until
general business eases up. He believes
also that business must fall of and the
demand for bonds increase materially be-
fore the financial situation will be on a
sound basis.