Evening star., 1908-01-30
BULLS AND BEARS|
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 3O.-lt was very
generally assumed in financial quarters
| this morning that the suspension OF Two
banks that have been known to be IN an
| unsatisfactory condition for some time
would probably have no more effect upon
the stock market and upon sentiment IN
Wall street than did the closing OF the
Bank of North America. very promi-
| nent International banker. in discussing
the position Of the two institutions that
decided last night not to open for busl-
ness today. said that Wall street De-
lieved that the bank situation in this city
Is thoroughly sound. and that the closing
up of few minor institutions. the con-
dition Of which has been well understood
for many weeks, will be regarded simply
as an echo of the panic OF last autumn
and not as indicative of any fresh weak
| ness. He added that important hnan-
ciers are perfectly satisfied with the posi-
ton Of the New York banks. and he be-
lieves that even the most highly specu-
lative interests have no honest fears with
respect to the situation.
~
There is the same diversity OF opinion
with respect to trade conditions that has
existed for many weeks representa-
tive of one Of the largest corporations
says that he does not look for much I'M
provement In business until the political
situation Is we'll cleared up. He thinks
that business will not be much better
than it has been in recent weeks dur
ing the next five QC six months at any
rate. Consequently he Is unable to see
for higher prices for stocks.
, It was feared yesterday among the oond
houses that the reported forthcoming Is
sue of another block Of city bonds would
have a depressing effect temporarily at
least upon the general bond market. but
| it is believed that on the whole steady
Improvement will be recorded.
X x
Those who are best informed expect
that financing operations by the corpora
| tions will continue to engage the atten-
ton of Wall street for an indefinite pc
Rod 1t is known that considerable
number of corporations are now Work
ing upon plans to take care Of matur-
ing obligations of temporary character
and that some of them are looking ahead
and considering plans. for the raising OF
fresh working capital.
***
A member of one of the prominent COM
mission houses who spends most or MS
time on the floor of the stock exchange
declares that II the speculation orlglnat-
Ing on the floor of the exchange were TO
be deducted from the daily transactions
the balance would be represented by ABOUT
25 600 shares daily. While 1t Is generally
believed that this statement Is somewhat
exaggerated 1t Is very freely admitted
that the general commission busin IS Is
extremely small. AS one goes apout
among the commission houses 1t Is easy
to see but very little business originates
from their usual line of customers.
Commission houses Of the most con-
servative character. that for some months
have been doing large odd lot invest
ment business in the dividend paving
stocks. report a material falling on IN
that class Of buying during the last week
or two. They attribute this chiefly to the
marked advance that most OF the active
stocks have had from the low levels OF
November and December, and also to the
renewed interest in the bond market.
While It is admitted, Of course, that
there will be every day moderate amount
of specula ton on both sides of the mar
ket, important interests say that they do
not favor great activity along speculative
| lines in the immediate future. They think
that the attention OF spectators as well
as investors should be directed to the bond
| market. The leading bond houses report
material increase in their buy orders for
| the best bonds. but say that so far
very little attention has been given
| by would-be buyers to the second
| class issues. They report that even
at this early date the highest grade bonds
| are becoming scarce, and that unless new
| issues of the best character are brought
! out 1t will be necessary to put forward
those that are classified to some extent as
| speculative issues.
| The active interests in most of the bond
| houses believe that the market will con-
| tinue to improve and that within a COM
| paratively short time 1t will be cleared up
| to a greater extent than at any time
| within more than two years.