Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-05
BULLS AND BEARS
speci.l pisp.teh to The Star.

Special Dispatch to The Star.
NEW YORK. March 5.-Close students
Of the stock market do not attach much
Importance to the somewhat sudden out
burst Of activity during the lat trading
yesterday. Various rumors Of favorable
character were in circulation. but care
ful investigation failed to show that they
had any foundation in fact. Chief among
these rumors was one that the Hepburn
bill had been withdrawn. No one. ex-
| cept the most active SPECTATORS, gave any
credit to this yarn. 1t is true, however,
| that there was not the same degree OF
| apprehension yesterday regarding the pos
sibility Of this measure becoming q law
as existed the day before.
| y
Those who are in close touch with bust
ness throughout the country say that as
yet no general improvement has taken
place and that wherever there has been
change for the better it has been due
chiefly to local conditions. Not few are
skeptical regarding the reported improve
! ment In the copper trade. They think that
! II the demand in this country was ma
| terially greater the price for the metal
| would not decline and important compa-
MES would not continue to reduce their
dividends. 1t Is still maintained by some
well-informed interests that the foreign
| market has been we'll filled up with COP
per and that the market on this side Is
still decidedly dull.
~
| II is intimated that the heaSiness of
| one or more leading railway issues TOR
some weeks has been due more to accu-
mutation in connection with important
deals. which are pending and which Will
be carried out later on, If conditions war
rant. The tendency of these issues to de-
cline when several others In practically
the same class were enjoying advances
of several points each has been attrlDut-
ed largely to forced selling. 1t is now
claimed that the latter theory was IN
correct.
It is thought In some circles that sew
eral months hence. when q fair idea Is
obtainable regarding the crops and when
thu political situation will probably be
considerably clearer, an effort will be
made to advance the market sharply and
also to carry through some deals that
have been held in allegiance for long
time because of the unsatisfactory none
tary conditions and the apathy OF the IN
vestment market. Among SUCH deals the
Union Pacific segregation plan Is spoken
of most prominently
~
It Is thought that the reduction Of the
Bank Of England discount rate to 31a per
cent will be interpreted both favorably
and unfavorably. On the one side 1t VIII
be argued that 1t indicates confidence on
the part OF the governors Of that insti-
tuition In financial conditions both IN A1on-
don and in New York. On the other side,
Gates a general absence Of demand for
money in the regular channels OF nusi-
ness.
Apparently Wall street Is beginning to
feel less apprehension regarding the presl-
Dental canvass than regarding the ac-
tivities Of the present chief executive dur
ing the rest of his term. They are very
much afraid that in a final effort to carry
out some of his pet policies he will at least
succeed in keeping general business and
Wall street affairs In thoroughly dis
turbed state. They are much afraid that
the proposed Hepburn anti-margtn meas
ure is only the first Of series Of meas
ures that will be at least introduced. and
which in every instance must be regarded
as unfavorable from the Wall street view
point.
A man who Is in close touch with cor.
porate interests throughout the country
declares that SO far as he IL able to
learn the tendency on the part Of the
people. at any rate. seems to be toward q
more friendly feeling for the corporations.
particularly the railroads. General opin-
ion on this subject. however. Is about as
the condition of business have been for
several months. In general. it is believed
that as long as the Washington authori-
ties continue decidedly aggressive with
respect to the corporations the state au.
Of the opportunities offered them to fur
Their their personal interests.
A man who gets large number OF
private reports regarding the crop situa-
ton said this morning that winter wheat
is looking remarkably well for this sea-
son Of the year. He admitted that 1t IL,
Of course, early and that there win be
ample chance during the coming months
for damage to this crop. but added that
the present outlook is encouraging. Rail-
road men say that by reason Of the high
prices which they have received for sew
eral years and their confidence in the flu
ture of the country. tho agricultural in
terests are inclined to plant at least Is
large an acreage on the average as they
cultivated last year.
4
Conservative observers say that not
withstanding the favorable developments
that are noted from day to day, they do
not see much in the situation to stimu-
late activity in the speculative market.
On the other hand, they believe that 1t
may be still further checked until it can
be learned whether Washington or Albany
is likely to pass measures that would In