Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-26
BULLS AND BEARS

NEW YORK. August 26.--About the date
of the formal opening OF the peace negotia-
tions at Portsmouth forecast was made
in important banking qua rites that the con-
ference would proceed by bitches. and that
a stage would be reac icd when 1t would
look as though peace prospects were utterly
hopeless. even 10 the point where the en-
vuas might prepare to leave the country,
their mission apparently a failure. Ac-
corning to this forecast. however. peace
would De made when hop. ioe! was gone.
According to the chronicle the total bank
ciear.ngs vi all clearing houses of the
Cnteo States for TIE week ending today
have been ~. 43b, SS2.2nJ. decrease of $751;
UI3,1SS from last week. but an increase of
$o3J.il3,t22 over the same period OF 1904.
Some OF the principal cities report as fol-
lows:
New York gained o34 per cent Boston.
49, per cent? Philadelphia. 4u4 per cent:
Baltimore. los per cent, Ncw Orleans, IT'S
per cent, and St Louis IS per cent. while
chicago recorded loss of 81 per cent.
There is more than suspicion in some
quarters. not necessarily or at all pro-Rus-
sian. that Japan has he'd out for an indem-
NIFTY because Japan needs the money.
There seemed to be a general disposition
tins morning 10 regard yesterdays early
shake-up III stocks as not only a useful
elimination OF structural detects IN the
market but "a sanitary check to indis-
eliminate bu!lish enthusiasm" Commits
sion literature at the week end continued
optimistic IN the main, but there were ex-
ceptionS.
Atwood Violet Il co.'s weekly review
says: With all business active and manu-
featuring at 1uu capacity. great demands
Will be maze on the coalers. Reading has
already maze wonderful advance. Penn
sylvanla Will sci! higher and is:NeIy attrac-
tive as speculation by reason or Its large
ownership in contriDutory companies. This
stock Will soon be listed on the Berlin.
Frankfort and Hamburg bourses. giving
the stock a wider investment field and re-
ducing the local supply
The peace conference gives evidence of
an earnest desire to accomplish a favorable
completion of its work. Delays have af-
forded opportunity for neutral Intervention
to lend kindly influence toward this much
desired end. Should the Portsmouth de-
cision be unfavorable it can only have
temporary effect on the stock market. If
the belllgerentS continue the strife this
country can supply them with the sinews of
war If peace Is declared depleted navieS
must be restored. commerce revived and
and deficiency through failure or neglect Of
their crops must be largely supplied by US.
Our bounty and resources place us in the
position to prohtably supply their demands.
]. S. Bache & Co.'S weekly letter says:
1T has been another week of bull markets,
remarkable spectacle of security prices
advancing day by day to new high records.
Recent market history has presented pic
ture of steady advances In prices unpar-
alleled in our financial history and signif-
cant Of the future course of prices because
OF the gradual building up of a large and
increasing public demand for securities.
Stories Of deals and changes In control.
always the concomitant of bull market,
are beginning to assume the dignity of full
fedged rumors on the street Railroad
earnings have been more or less neglected
of late. although annual reports coming
to hand are tattering. Louisville and Nash
vile, which has just reported for the ifs
cal year, earned 11.55 per cent on It's CAPT
tai stock Weekly gross earnings show
ing splendid results and rejecting Il heavy
movement of traffic. The present quarter
mills are sold up we'll into the first half of
creases in earnings
The steel trade continues satisfactory
The pig iron market is strong. and an adj
vance to SIS a ton IS expected. The Steel
Corporation is in the market for 10 COO tons
of pig iron for delivery before the end Of
the year. Rail orders to the extent of loG,-
900 tons were placed last week AND the
Pennsylvania road Is said to be in the
market for 100000 tons additional. The rail
mills sold up wei into the first half of
1906.
The feature of the business situation,
during the week has been the steady ad-
vance IN the price or copper. amounting to
e 5s. in London and five-eights Of a cent Il
pound in the local market Copper for i'm
mediate delivery is now 1853 cents a
pound bid. and none offered at this figure
Copper shares took on some activity and
scored small advances during the week
The fact that the official price of copper is
1914 cents pound is in itself reason
amply sufficient to justify much higher
prices
A. o. Brown & Co. said: ANY fresh
liquidation. from whatever cause, would
result in another slump. We believe 1t ad-
visable to reduce long commitments as the
market is In a very uncertain position Just
now and we understand that the reaction
influenced many spectators for the rise
to place stop-loss orders just under the
market. which would be caught In a vigor-
GUS bear attack
Fluctuations In foreign exchange this week
were comparatively narrow in extent and