Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-24
BULLS AND BEARS
Special Dispatch to The Star.

disposed to believe that Japan and Russia
could go on warning. not only without the
consent Of the financial powers OF the
world. from which they must obtain sup
plies Of money. but without giving any
definite intimatfon as to what the outcome
OF the present peace efforts would be. 1t
would only be logical to conclude that the
outlook for peace was quite as black as It
has frequently appeared Of late.
II. however. It is conceded in banking af-
fairs the world over there was likely to be
pretty accurate knowledge of the way In
which the Portsmouth negotiations would
terminate. great deal OF significance must
attach to the way in which the japanese
died.
There Is probably total Of not far from
$IOOO.OOO In this CITY, representing unex-
pended proceeds Of all the Japanese loans
that have been foated here since the war
began. 1t Is said authoritativ to be a
fact that this money is being freely loaned
In the street now for as long periods as
three months. although II the outlook were
for more war 1t would seem probable that
the Japanese would need to have all their
cash resources in state OF ready avail
ability.
The American Smelling and Refining
company has advanced the price Of lead
% ton. This Is said to be owing to the
large demand for the metal, but II looks to
some persons like the opening gun in a war
with the National Lead Company, which,
presumably, must buy its supplies from the
american Smelling Company. which is con-
trofied by the same interests that owned
the United Lead Company. 1t was thought
the other day, on the announcement that
the National United Lead merger project
was on, that trade war seemed likely
The banks will send 100000 to Chi
cago through the subtreasury on Sat
urday next, making 100000 since Au-
gus. l; In August last year there
temoer, $SoO.OO0. and in October 81. 100, 600;
November $780, and in December, $40
~ No money was transferred to San
Francisco through the subtreasury in Au-
gust. 1894. but the outgo in November was
Sl,soO.0OO and in December, 81. 10000 New
Orleans. In August last, took $4,000. in
September, $s92o0O0; October, 81. 1000:
November. - $4,000, and December $780,
wv, The total transfers In August, 1904, to
an points were $2.0OO.OOO; September. $o-
gaS'00: october. 81. 600; November, 81
gregate transfer last year through the sub
treasury of so. 10000
1t seems very likely that aggregate
transfers this year will be very near rec
ora breaking, both on account Of the size
OF the crops and because the interior cities
are not overstocked with funds There Is
some talk now of manipulative operations
IN the money market to keep rates down.
but 1t should be borne IN mind that Wall
street borrowers are probably well sup
pied with money, with which they stacked
up Pa IN "a, anticipation Of materially higher
preparations were made for this contin-
gency as were likely to cause it to ma
teriaiize In no very serious way.
Besides the banks have made very little
money in the money market for year
and half. and have perhaps more reason
to work for rise in rates than to check
them.
1t is understood that negotiations have
been practically completed for the listing
of Pennsylvania securities on several Ger
man stock exchanges, and that an an
nouncement to this effect will likely be
made within a few days. New York bank
ers, among whom are Kuhn, Loeb & Co.,
have been instrumental in the effort to
establish market in Germany for Penn
sylvanfa securities. German investors now
hold substantial interest In them and the
listing Of the shares in that country will
provide broader market
The American Car and Foundry Company
has received a contract for LOCO more rail-
road cars from the Japanese government,
and these will be built in Berwick. The
Bl00msburg plant Of the company Is now
building 800 cars for Japan.
Warning notes begin to be sounded con-
corning the copper metal market. The
Journal Of Commerce says today: 1.-The
copper market is In wild delirium. The
combination Of large interests who laid
their plans with patience and skill for
months have executed a coup. Prices are
higher, unsettled and irregular The vol
ume of business Is made up Of small In
dlV1dual transactions. both for spot and
future delivery. but there Is radical
change In the character Of the buying.
Naturally. all the purchases now are Of a
speculative nature, both consumers and
others believing the market to be still go
Ing much higher. buying at almost any
prices that holders demand.
The time has now come when the large
stocks OF copper piled up at Shanghai can
be returned to America and Europe at
enormous profit even that 1t requires sixty
days in transit. and there is good reason to
believe that considerable portion Of the
copper now held In China is controlled In
America Had 1t not been for the Chinese
disposition OF surplus stocks the present
advantage in the worlds market could not
have been obtained.
To what extremes the present wild mar
ket will go Is prOblematical. but 1t is GER
tain that the higher the rise the greater