Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-03-27
BULLS AND BEARS

special DlSpatcn 10 ne star
NEW YORK. March 27.-Among the
active members of some of the most prom
| inent commission houses in Wall street
| there is the same degree OF uncertainty
as to the real cause of the strength
Of the market recently as here Is among
tn. ordinary spectators in few shares
of stock The head of one such house.
which has among its clients some of
the largest and most influential capital
| lists and corporation interests in this
country, says that in his opinion the mar
ket has been built up on a series of
rumors for which there was little founda-
ton in fact. In spite of the character
of its clientele this house had done
that ii would be expected to do in a
market as active as that of the last three
weeks.
| The head of another large commission
house. who himself has often executed
orders for 5000 shares in single day.
and the trading of whose firm has been
on a still larger scale. says that yester-
Gay the total commission business of
the firm was only between 1900 and
1000 shares From his observations on
the floor of the stock exchange he says
tina appa rently the straight commission
business of other large houses was on
the same small scale. He added that SO
far he had been unable to detect the
chief sources of the markets activity.
1t is generally agreed that the advance
in prices recently has tended to restore
confidence in the financial situation and
in business generally but conservative in
| terests think that any attempt to advance
prices further at this time would make
the market appear extremely artificial
and subject it to attack by professional
operators. Those best informed say that
while yet the improvement i'm business
throughout the country is slight they
think that from this time on. particularly
IL the weather conditions are favorable
for the crops, business will begin to pick
up.
In wel-infOrmed circles ii is pointed out
that there was no occasion for real dis
appointment over the failure of the Union
Pacific directors to act upon the so-called
segregation plan at their meeting yester-
DAY. BANKERS who have been Identified
with the property for some years have
maintained all along that in all proba bil-
lty nothing of definite character would
be done regarding this plan in the near
! future. Those who are mos: familiar
have already been encountered will make
IL impossible to bring it out for some
time. even If the controlling interests
wish to do So
II is still the opinion of some conserva-
tive financiers that no attempt should be
made to force the market higher at this
time.
II rs understood that prominent Lon
don capitalist who recently came here in
connection with the affairs of a western
IA lroad has carefully looked over the sit
,lation. and believes that business condi-
tlons 90 not warrant further rise in Sc
cur1tleS at this time. He has expressed
an opinion to his friends along this line
and 1t is believed that his opinion repre-
sentS the ideas also of prominent banking
and railroad interests in this city with
whom the London ca pitalist has come In
close contact.
Board members who have watched the
transactions closely declare that contrary
to recent reports there has been only a
slight increase in general commission bus
mess. and that with the short interest
greatly reduced they are unable to see
how prices can be long sustained at the
..
are important factors in the market at
times. have taken profits fairly large
lines of stock bought at mate rialIy lower
prices. and have advised their friends to
do likewise.
Several western directors in the Union
Pacific Company were in town yesterday.
among them being Marvin Hughitt, pres-
dent of the Chicago and Northwestern. 1t
Is thought that ii may be possible to Sc
cure a quorum for full board Meeting
The usual weekly meeting of the execu-
tive committee will be held at any rate.
1t has been impossible to learn whether
definite action will be taken regarding
financial plan d segregation plan i'm
case the directors of the Union Pacific
hold board meeting.
A. J. Earling, president Of the ST. Paul
road. was also in town yesterday.