Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-22
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June 22.-The fact that in
spite of the developments yesterday, which
were, on the whole. regarded as unfavor-
able. there was no apparent disposition to
Sell stocks. either for the long or short &C.
count Is pointed out as a distinctly favor
able sign. On the other hand. 1t is argued
that the large holders of securities make
no effort to sell them because Of the gen.
eral lack Of interest in the market, which
they realize would be felt in severe de-
clines IL the offerings were large. 1t is
known that many Of the large operators
would be glad to make market for por-
ton of their holdings, but that they are
convinced that the proper time for begin
ming such movement has not come. AS
long as conditions in Europe remain as un-
for our gold continues, 1t Is taken for
granted that there will not be any in
creased interest in the stock market on this
side.
There was disposition in highly specu-
lative circles to regard Mr.. Vanderlips
speech as a bearish document, but undoubt-
eddy this tendency was due chiefly to the
fact that 1t was not carefully read and con-
sidered by those who held that opinion.
and also because of the extreme pessimism
now prevailing. BY conservative people the
as and
which brought about the prevailing dull
ness, and as containing the proper remedies
for the difficulties now existing.
-
In some circles the Frisco refunding plan
was regarded as formidable and as a men
ace to the already greatly aggravated stu
alton. Undoubtedly this Interpretation Of
the plan was due chiefly to the same reason
just given with respect to Mr.. Vanderlips
speech. In fact it Is known that some OBJ
servers who criticised the plan adversely
read only part Of the announcement
which told of the proposed increase in the
share capital. and did not discover that a
large part Of the bonds are to be used for
refunding purposes and tina. only 10000
600 can be used for other purposes for
practically two years
-
A man very prominent in Rock Island
affairs said this morning that no definite
arrangement has been made for underwrit-
ing the Frisco refunding plan, and that
none will be made until after the special
stockholders meeting called for August e.
He said also that. the Frisco will not need
during the rest Of this year any part of
the proceeds Of the SO, 600 600 bonds to be
used for general purposes. Apparently no
part of these bonds will be offered during
the remainder of the calendar year, unless
they can be sold on favorable terms. He
also calls attention to the fact that none of
the securities that is to be refunded under
the plan natures until December. 1908, and
that consequently the management will
have ample time to make satisfactory ar
for the sale Of the bonds, and
in the meantime conditions governing the
investment market are likely to change
ver.' radically.
In spite OF frequent statements that there
are no indications of falling off In the iron
and steel trade. those familiar with that
industry say that there has been ]essen-
ing in some lines. which Is likely to be more
little later on. In other lines,
notably wire and nails, the business being
handled by the United States Steel Cor
pOratiOn Is larger than ever before at this