Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-14
BULLS AND BEARS.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, December 14-Those who
are watching the stock market most
closely say that they are unable to fore
see anything that is likely to stimulate
trading between now and the end of the
year. On the other hand. they think
that interests which feel considerably
more hopeful regarding the situation as
whole than they did two or three weeks
ago VIII be inclined to hold off until the
year turns before taking positive posi-
ton in the market. The representative
of a well-known stock exchange house
which up to a few weeks ago was ex-
treme1y pessimistic. but which in the
meantime has taken a materially more
hopeful view of things, says that within
the next two weeks he would not be sur
prised to see some developments that will
probably serve as rather severe shock
TO the market
Early in January, however. he thinks
that money will be so plentiful at this
center that unfavorable developments, eN-
cept of the most striking character. will
not seriously disturb Wall street, because,
in his opinion. 1t will have a great abun-
dance of available funds. Whether the
market will become more active with
easier money he thinks will depend most
ly upon the political outlook and business
conditions in the country at large. This
seems to be the opinion of most conserva-
tive interests.
Il
A man who is credited with being one of
the shrewdest observers in Wall street
says that in his opinion the extreme
weakness of New York Central for some
pectations of a reduction Of the dividend
for the current period as to selling by in
side interests, which, he thinks are con-
fdent that the company will be compelled
in the near future to bring out financial
plan. although the conditions may not
favor such action. He seems inclined to
believe that If a financial plan is brought
out 1t will be of a comprehensive charac-
ter, and will result in placing a new Sc
curity ahead of the present share capital.
In his judgment the selling by insiders,
which he believes has been in progress
for some time. has not been due so much
to fears that the present stock would be
depressed materially below present lev
els because of the authorization of new
security, although it is taken for granted
that the stock would go down somewhat
further in such an event, as to a real
ization Of the fact that in order to make
financing of that kind success it would
be necessary for the large inside inter-
ests-. to take substantial amounts of the
new issues.
x X
During the period of activity which the
market enjoyed recently. it was predicted
that prices would tend upward until after
the turn Of the year and that a period of
comparative stagnation would then set in.
Those who have been watching the opera
lions on the board this week are inclined
to believe that the latter period has al
ready arrived and that, unless something
of an unusual character develops, the
trading will be on a small scale for some
weeks at least. For the rest Of this
month not few observers expect that
the market will be irregular. with the
tendency toward a lower level.
After various matters in connection
with the close of the year are adjusted, it
is thought that the market will have
more settled tone. but will not display
great activity. 1t is pointed out that a
higher level Of prices cannot long be
maintained without aggressive buying by
substantial interests. Attention is called
to the fact that at the present time there
is practically an entire absence of such
buying, and that the daily transactions
represent chiefly the operations of the
professional element.
+
The difference of opinion in speculative
quarters yesterday with respect to
the political situation was fully as
pronounced as it was the day be-
fore. Even those in closest touch
with national political affairs said 1t
was impossible at this time for any one
to form a correct opinion of the ultimate
outcome, particularly with respect to the
canvass in the republican party. So long
as the present state of confusion and I'M
certainty exists. 1t is asserted by i'm
portant interests that stocks will not be
aggressively bought on large scale
Some business men who have recently
come to this city from various points in
the south and west say that while i'm
provement is noted they believe that
actual conditions warrant liberal
amount of conservatism on the part of
every one They are absolutely conf
dent that the situation will clear up in due
time. but think that certain conditions
will demand attention for some time.