Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-01-07
BULLS AND Be AIRS
Special p,,p.tch to The Star.

Special Dispatch to The Star.
NEW YORK, January 7-while leading
stock market interests thought that eonsid-
cradle profit taking was likely to occur to-
day and that consequent moderate recess
sions in prices may be recorded during the
early part Of the days session, the consen-
sus Of opinion was that the general trend OF
the market would be toward higher level
The pronounced advances which have been
scored virtually all along the line was eK-
pected to create desire on the part OF
many to realize on their holdings. though
there seemed to be quite q unanimous dis
position on tho part Of the more active mar
ket interests to take on fresh commitments
OF long stock on any dips which may occur
from this level.
~
The money situation is, Of course, still
receiving good deal Of attention. but rep
resentatives Of leading banking houses be-
lieve that money market affairs have pretty
well adjusted themselves and that compare
lively low rates will prevail this week.
The unfavorabie completion Of Satur-
days bank statement excites no concern
whatever, as every one at all familiar
with financial affairs recognizes the fact
that Saturdays statement cannot be
taken as tn any way indicating the true
II.
ing about OF accounts incident to the Janu-
airy l settlement always confuses the bank
figures at this time of the year and makes
them OF interest chiefly as an exhibit OF the
extent to which the clearing house state
! ment Is often wide of the mark. Not only
are local monetary conditions expected to
experience much Improvement, but the
foreign situation Is also assuming a more
cheerful aspect. London discounts be-
coming materially easier and interna-
tional bankers believe that by the end of
the current week monetary conditions the
world over will again begin to assume
something like formal aspect It Is be-
lieved by certain well-informed brokers
that the trunk line stocks will be con-
the next sixty days. Attention has been
directed to the excellent absorption OF
New York Central, and the low prices OF
December were utilized throughout for
The buying Of Pennsylvania railroad Of
late has also been noted particularly
strong, and friends of the interest prominent
in that property have received strong advice
to buy Pennsylvania for at least ten points
advance. It is estimated that the company
will earn from transportation operations
and interest in investments approximately
Is per cent In 1907. The two stocks just
named some shrewd observers believe, are
likely to present Improvement almost imme-
dtately. The same interests which are
recommending Pennsylvania railroad as q
purchase also believe that there will be q
decided advance in Baltimore and Ohio.
X X
The action Of Saturdays market was re-
garded by experienced observers as in all
respects promising toward continuation Of
the rise. While quite a pronounced break
| in prices was experienced Immediately fol-
| lowing the publication of the bank state
ment, the prompt recovery was taken as un-
mistakable indication of the buying power
back of the market.
| No small part of the selling is understood
| to have come from the bear party, which
| prices but. as was clearly shown, its offer
| ings were readily absorbed and produced
| little more than temporary ripple. An
other good indication which developed to-
ward the latter part of last week was the
| general character of purchases of securi-
| ties. During the preceding fortnight opera
| tons were almost entirely of professional
| nature, but experienced observers declare
| that within the last three days they have
seen more good, genuine purchases than
| were executed In some time previously. The
| renewed strength of Amalgamated Copper
| has tended to inspire good deal Of conf
| as representing a change in attitude on the
| part Of the powerful financial interests
| which dominate that property. It is we'll
| known fact that for some weeks previously
| the insiders in Amalgamated have freely
| fed out stock on all attempts to advance
| the price, but pressure from this source has
| now been apparently removed.