Evening star., 1908-01-24
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The star.
NEW YORK, January 24.-From the
action of the stock market during the last
few days the opinion is gaining ground
among the leading traders that the mar
ket is headed toward a period OF dullness
with. of course, spasmodic intervals OF ac-
tivity. created by whatever attempts may
be made by the professional element TO
put prices either up or down. 1t is be-
lieved that the larger banking interests
have, for the time being, at least with
drawn from the market, and are now in
clined to do nothing except offer occa-
sional support to Offset the selling move
ments which are started by the profess
sional bear party at frequent intervals.
Experienced traders declare that there
is nothing in the outlook for the imme-
diate future which promises to revive
bullish activity, but on the other hand.
the falling off in railroad earnings which
everybody in the financial district. at
least, has known for months. was bound
to come. but which is now being revealed
to the general public. will have tendency
to restrict outside interests in the stock
market. Experienced traders are. there-
fore. inclined to look for an extremely
professional market in which moderate
rallies will take place from time TO time
upon the retirement of short contracts.
X
AS for the technical position, it is
matter of comment that only compara-
lively slight amount of real liquidation IS
Drecipitated by the frequent drives
against the market. Observers or opera
tions the floor Of the exchange thlnk
that the short interest has been con-
siderably augmented since the beginning
Of the week, and much of the short sell
ing is regarded as of a light-weighted char
acter. such sellers being among those who
will cover their contracts on the slightest
SHOW of strength.
That the casy-money conditions have
lost much OF their influence as a bull fac
tor is now generally conceded. and the
almost daily announcements of new cor
porate loan flotations are beginning to
be looked upon somewhat askance. The
well-informed element has known for
several months that as soon as money
conditions reverted to normal level
there would be heavy volume of new
securities brought out. In one way this
feature may be regarded as having been
discounted. but in the face of the indus
trial depression the new issues are re-
sarded as likely to have a tendency to
suppress bull enthusiasm.
Prospects of another highly favorable
bank statement tomorrow, together with
a speedy retirement of the balance Of the
outstanding clearing house certificates, 1t
is believed, may be made the basis of i'm
parting a show of strength to the market
at the close of the week, but conservative
operators are not banking on anything
more than temporary rally.
* Il
Close observers of market transactions
declare that there has been a decided fall
Ing off in outside interest in the stock
market. and that now 1t has become al
most entirely a professional affair 1t is
scarcely hoped that any material change
in It's character will develop except in the
event of a further reaction of several
points, which, it is believed. would again
invite public participation on the basis OF
low quotations.
Secretary Cortelyous announcement of
his intention to withdraw $40 600 600 gov
ernment money from the New York banks
in the near future does not seem to cause
any uneasiness. On the other hand. the
banking community regards this step with
favor. as the program promises to re-
lieve to some extent the glut of money
in the local market, and if this recall is
followed up shortly by the withdrawal of
$50 00O, 900 or S30,O00,OOO mo-e it is be-
iieVed that gold shipments to Eurone will