Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-26
BULLS AND BEARS

Special Dispatch to The Star
NEW YORK, December .2s.--wall street
had to make its opening this morning
without any clew from London as to what
construction to place on the developments
In Russia over the holiday. However, the
local speculative community has paid no
particular attention to Russian affairs for
the last two months SO far as making
them a market factor is concerned, al
though practically every commission house
which has advised conservatism has ad-
duced the Russian crisis as one reason FOR
caution. What Wall street was most con-
cerned about this morning was what was
best opinion In semi-speculative financial
quarters as to the probable course of
money this week., and how It was likely to
affect security prices.
There are good Judges. both OF monetary
conditions and of the position Of the stock
market who said before the holiday recess
that there was every likelihood that money
rates would this week reach the highest
point of the year and that at the same
time week of excited speculation with
rising prices was probable. The leadership
assumed by Standard stocks toward the
end of last week-Pennsylvania, the Steel
shares and such-was regarded as .indica-
tive of the favor of powerful interests, de-
spite the outlook for money for the next
fortnight.
The balancing of accounts for the years
end and the preparations for the very large
dividend and interest disbursements In
January coinciding with a bull speculation,
could hardly be expected to do anything
else than tighten the credit situation. 1t
may be added, however, that Wall street
has been banking very heavily on natural
relaxation IN the money market, TO Desln
early next month with the heavy return
flow of funds from the interior and to last
until well into the spring at least The
talk is not for much lower rates Tor can
loans than 31a to 4 per cent, with to Az
per cent for long time money.
The Journal of Commerce estimates the
total industrial dividends and interest dis
bursements for January at $26.5oO.Oo0 an
increase of 100000 The total for the
year 1895 will aggregate S25e, against
SOS 974, 236 in 1904 and s25S, 0S4.574 in 1903.
The Lehgh Valley Railroad Company has
purchased tract of about six acres of land
at 149th street and the Harlem river The
property will be used for freight purposes
Bearing on the actual interest that the
railroads have in the traction situation IN
this city, the following summary made by
d w all StIcSl HcWs AiehS Sei ifAiAf5 49,
lures:
Here are the principal undertakings of
the marlborough Pennsylvania coalition:
Two double tube tunnels under North river;
Pennsylvania railroad North river tunnel;
Pennsylvania railroad East river tunnel;
Pennsylvania railroad terminal; Battery
Brooklyn tunnel: 42d street Brooklyn tun-
nell bridge over He'll Gate, connecting
Pennsylvania and New Haven; electrical
ton of Long Island railroad; connecting
tunnel, Morton street to Bath street, ana
northward completion of existing subways.
I'm a minor way the Vanderbiits are CO.
operating since the reciprocal relations or
the New York Central and the subway sys-
tenn are being carefully developed. But the
influence of the Pennsylvania party in New
York city has grown so rapidly in the past
three or four years as to crowd the van
derbilts further and further aside. SO that
their boosted al-land entrance into Man.
haitian remains an entrance and nothing
more. In the transportation affairs of New
York and Long Island, both local and sub
urban. the Pennsylvania railroad Is now
the most powerful single interest.
california business, both passenger and
freight, is breaking the record this year,
and we find difficulty in handling it prompt
ly with all other branches of traffic at the
largest volume in the history of the road
said an officer of the Atchison today. THE
greatest results in earnings ever shown
will continue until cold weather prevents us
from deriving the full efficiency of our mo-
tive power
"'There is every reason for believing De-
cember earnings will show up fully as well
as November. with which we are very well
satisfied" said an officer of the Rock Island.
"The latter will be issued in a few days.
The company has reached the turning point.
Money has now been provided for physical
improvements and necessary equipment,
which will enable 1t to handle the big bust
ness now before it,
1.-The holiday movement has relaxed a lit
tie and our movement has eased a little
said an officer of the St. Paul. This IS
not meant to infer that business Is lessen
ing as the volume Of what is considered
regular freight IS fully as large as cver.
and, what is more, there is enough of this
tonnage in sight to assure heavy traffic
for the next six months"
"Everything Is active and there are no
signs of a letup for some time to come,
said an officer of the Northwestern. Sc
we're weather is virtually the only thing
that will check a big showing in The ton
mage movement for several months. cars