Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-11
BULLS AND BEARS


special Dispatch to The Star.
NEW YORK. February lit was Inn
possible this morning to get any definite
information with respect to yesterday $
pronounced weakness in the securities
market. 1t is believed by the closest OBJ
servers that the selling was largely due
to causes the existence Of which Is known,
but the Importance Of which is becoming
more fully realized as the days go by.
Although prices have declined substan-
TALLY from the levels to which they rail-
lied few weeks ago, the leading f1nan-
ciers are not recommending the purchase
of stocks speculatively. except in a small
way. 1t is fully realized that unless fresh
buying power develops, the market is GER
tain to go materially lower, because 1t Is
understood there Is yet considerable
liquidation to be conducted. The strength
OF the steel stocks offered not a little en-
couragelnent. and some important inter-
ests think that the corner has actually
been turned in the iron and steel trade.
Banking interests are fearful, however.
that unless the bond market broadens ma
ter1ally the railroads and other corpora
lions Will be small customers of the steel
manufacturing companies.
X X
A banker, who admits that business
ana the general outlook are likely to
continue unfavorable this month and
next. says that he does not think Wall
street should take SO pessimistic q view
or the political situation as is now en-
tertalned. For several months he has
maintained that political matters were
certain certain TO work out more satisfactorily
been able to discern In all discussions
OF TINS question in recent months he has
displayed so much confidence regarding
the outcome that some interests are
coming to believe that plans with re-
spect to the nomination in the republic
can party have been formulated in 4
more definite style than the public has
any knowledge Of.
Some observers who have been in
Washington recently say that from what
they saw and heard they are disposed
to believe that neither OF the men who
have been most prominently mentioned
as the probable successful candidates of
the republican party will receive the
nomination., but that a third man. who
has been mentioned chiefly as a favorite
son of one of the leading western states,
will probably receive the nomination.
at large. and certainly corporate and
financial interests would unite in his
favor. and that he would be easily elected.
In that event they are confident that
the business OF the country and OF Wall
street as we'll would enjoy a very pro-
nounced revival.
A representative of one Of the largest
jobbing houses in Chicago. who is in town.
says that much to his surprise the gross
sales of his company for the month of
January were slightly larger than for the
month Of 1907. He expected
that the return for the first month in
1908 would be several hundred thousand
dollars less than for the corresponding
month Of last year.
Representatives Of other large western
houses who have been here recently have
told their friends that they look for some
Improvement in their business from this
time on. They said also that the business
houses which deal most directly with the
agricultural interests of the west and
southwest will probably be the first to
see marked increases in their sales. They
call attention to the fact that the farm
ers have been comfortably situated
throughout the recent months of depres-
sion, and that with the approach of spring
they will be in a position financially to
buy on practically the same scale that
they have bought during the last three or
four years Of unusual prosperity.
X
On the whole, however, business men
do not look for much improvement dur
ing this month and next. Railroad man.
ayers fully believe that they will have
hard times. In addition to greatly re-
duced tonnage and consequently very
large increase In the number OF unem-
ployed cars they expect that in many sec
lions of the country their operating ex-
penses will be considerably Increased by
unfavorable weather conditions.
Banking interests are watching the bond
market more closely than in any time in
recent months. They were not a little
disappointed at the slackening in interest
and demand which developed last week.
and fully realize that unless there is i'm
provement soon the financing Of the large
corporations. particularly the railroads,
during the next three or four months will
be an extremely difficult problem. The
railroad managers realize that from their
viewpoint 1t will be not only difficult, but
very expensive.
The leading stock market operators say
that the foregoing gives a very fair idea