Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-28
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 2S.-Therc is
the same lack of interest in the stock
market that there has. been for many
weeks, and although in some circles there
is considerable better feeling, there Is
no general tendency to buy stocks, ex-
cept in the smallest way and for exceed
ingly short periods.
A representative of a Pittsburg finan-
cial institution. who has just arrived from
that city. says that the feeling in the
steel trade is considerably better: While
the influx of new orders has not been
particularly large, he says that in the
opinion of trade authorities bottom was
struck several weeks ago, and that from
this time on there will be greater ac-
tivity. He does not look, however, for
rapid recovery in the immediate future
chiefly because of the inability of the rail-
roads thus far to secure large amounts
Of fresh working capital through the sale
OF bonds and stocks. He points out that
the railroads are not able to make large
appropriations for improvements out OF
current earnings, because, with the heavy
fixed obligations which they are carrying,
this is impossible.
An official of large western railroad
system says that. not only improvement,
but maintenance and betterment work has
been curtailed to such an extent during
the last six months and more. In the case
OF some Of the railroads, that when
money is more easily obtainabe the rail-
roads throughout the country will GER
tainIy be large customers again OF the
iron and steel manufacturers
+
For two weeks or more 1t has been evil
dent that there was a decidedly better
feeling on the part of the most important
interests in the copper industry, and 1t
now looks even to the average observer
as though the corner was turned in that
trade about the time that improvement
was noted in the iron and steel business.
While it is realized that some little time
will be required to get things going In a
normal way again. it is known that some
of the most powerful interests in Wall
street are reasonably hopeful with respect
to business conditions during the present
year.
1t is understood that few days ago a
representative of one of the important
car manufacturing companies consulted
with one of the most important f1nanc1ers
in this city who Is director or the car
manufacturing company regarding .ne
advisability of materially curtailing the
tive character and indicated genuine con-
fidence regarding conditions in this coun-
try, and the belief was expressed that
within a comparatively shott time every
thing would appear much more 1avoIaeie
The financier also said that. in his iudg-
ment, 1t would be unwise to curtali tho
output Of cars at this time because II
this years crops are reasonably sood the
demand for additional cars. although thou
sands of them are now idle. would be so
hot no manufacturing
could not supply the demand promptly
Consequently, the representative OF tnls
particular company was advised to rec
ommend to his fellow officers contlnu-
ance Of the present outturn OF cars.
While all of the best known railroad
managers do not take as pessimlstic
view of the future for the railroads as
was indicated by President Truesdale In
his annual report. most of them admit
that traffic will continue light for a long
err time than was predicted a month or
six weeks ago. A representative of the
Rock Island system says that the reports
that are coming to hand from their Off
Gals all over the large territory served
by the lines Of that system indicate that
the merchants are doing more buying
than at any time since the panic of last
IL.
this buying will mean some fresh bust
ness for the railroads but he is uncertain
to what extent the buying will go.
AS is generally known. merchants
throughout the country. both large and
small have bought sparingly for the last
four or five months. and as the spring
approaches 1t has become necessary for
the smaller merchants in the west and
southwest to replenish their stocks. Rep
reSentativeS Of several western railroads
think that the farmers viii reappear as
substantial buyers during the spring
months. and that. as a consequence, rail-
road earnings in the west and southwest
at least will reflect that increase in gen
eral trade.
The president of an important eastern
railroad system, in discussing this ques-
ton, said that improvement in railroad
earnings due to a moderate revival in
general business is likely to be short
lived, and that there could be no decided
improvement until the manufacturing in
dustries Of the country are again in full
swing. In his opinion the agricultural in
terests and small merchants In the west
and southwest will not suffer seriously
as the result OF the conditions that have
obtained IN the east for some mon,no.
provided that the iron and steel TRACE
again becomes reasonably active within
short time, and other Industries arc
able to resume to a considerable extent.
If. however, the manufacturing lines re-
main at the present low ebb for a good
part of the present year he says that the
buying power of the people will be re-
duced to such an extent as to be felt by
the farmers and all other interests that
have not suffered particularly thus far.
~
The Delaware and Hudson investigation
is not taken seriously by we'll informed
interests and they do not believe that it
will be a general marekt factor. They
admit. however, that some unpleasant
things may be brought to light if the in
vestigation is carried far. but they do not
believe that any irregularity of a criminal
nature will be disclosed.
ERIE TO USE RIVER TUBES.