Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-13
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. September 13.-There has
never been ars reason to suppose. since the
conclusion of Il treaty at Portsmouth. that
the postbellum borrowings Of Russia or
Japan. or both. were going to call for an
extensive dislocation Of the International
credit situation at once and in the very
near future. In the first place. both Russia
and Japan have large cash balances In the
international banking centers. proceeds OF
their war borrowings: in the second place.
1t must take time to arrange comprehen-
sive financial scheme for both countries.
something that was not possible when war
was on and when loans had to be fioated
as needs must. In the third place. as the
great banking powers OF the world I'M
doubtedly had much to do with forcing
peace, the coming Russian and Japanese
loans viii undoubtedly be arranged by
them. and SO regulated as to involve the
smallest possible disturbance to trade. COM
merce and financial affairs. As talk has
run on in Wall street lately one would
think that before the years end Berlin.
Paris. London and New York would be
called on. not only to subscribe to but to
pay up all at once the subscriptions on
huge loans which were to come. but even
the war loans were SO adjusted that pay
ments on subscriptions were extended over
considerable intervals and there is more
reason to expect that the peace loans will
be even more comfortably adjusted.
:. Without doubt the borrowings VIII be
larger, but. in the first place. the need to
have the cash proceeds promptly available
will not be SO imperative as in the case of
the war loans. and. In the second place. the
certainty that credit will be readily OBJ
tainable acts automatically In the direction
OF lessening the immediate demand. There
MAY not be any large requirement for cash
on the new loans before the early part OF
next year, and until then Europe should be
able easily to take care OF such calls as
may be made.
After that, with our crops harvested and
moved and the tide Of cash floating heav-
lily toward New York, we should be able
not only to take our share OF the new
loans but export gold in large amount at
a time when such exports are normal 1t
has been difficult to understand why the
financing of peace should have been ex-
pected to act as q bar to gold imports TINS
fall.
The Coal Trade Journal says today:
From commercial point Of view, that
is to say, tonnage required, there Is ltue 10
time and the outlook is for even more good
to this industry. as prices are already on
the mend and should improve from now on:
One who reads of the Industrial progress OF
the country will find that there is ample
testimony as to the progress In all lines.
and not one Of these can be taken care OF
without supply of fuel of one description
or the other"
THERE'S talk in weIl-informed quarters OF
a suit to be brought to compel the distribu-
ton of a dividend on steel common out OF
this years earnings. The New Jersey cor
such distribution of dividends If they
have been earned.
skeptical bowls from the bears. who
- Ito xA1 IN ah
stock market. greeted the statement yes
terday that the first gold import engage
ment of the season was simon pure eA-
change operation showing satisfactory
profit, and a lot OF talk persisted today to
the effect that premium must have been
paid for the gold for the purpose of holding
up stocks. Nevertheless the engagement
was exactly what 1t was represented to be,
q simple exchange transaction 1t Is ng-
ured out that at the price of bar gold in
London, IT'S. I'D. an ounce. the ABS price
of demand sterling made here this week,
and allowing for expenses Of the transpor-
tation and the like there would be profit
of from 81, s35 to s2,74O on the importation
OF 100000 gold.
Tight money talk has for some time been
fostered in other than beariSh stock quar-
tiers, leading to more than a suspicion that
the money lenders are not averse to en-
couraging borrowings more profitable to
them than for many months.
Nevertheless. plunging efforts to resume
the bull movement at this time might re-
suit in stumbling Of the speculative toe.
The banks are steadily losing cash to the
and the evidences that gold can
be imported easily and in large quantity
are not quite the same as though the gold
were here.
. When C. N. Schwab returns from his
present European trip, 1t Is said, the pur-
chase OF the Wharton iron properties in
New Jersey by the Bethlehem Steel Com
papy will be effected. At least 100000 Is
the purchase Of the PaSsaic Steel Company
Of Passaic. N. j., Is said also to be con-
templated, and there Is talk now of the
probability that the Bethlehem Steel Com
pany will be able to absorb all the pig iron
that 1t will be able to produce.
The combined exports Of bread stuffs, cat
tie and hogs provisions cotton and mineral
oils were larger in August than in any
August for several years. All records in
the shipment Of raw cotton to foreign coun-
tries were broken. and the record for the
first eight months of the calendar year
was also broken.
Post office. receipts are one of the best
measures Of prosperity known. ranking with
bank clearings. railroad returns and the
like A government statement of the postal
receipts for August at the fifty largest post
offices in the United States gives the total
at s., $40 151, as compared with IS. 334,917 In
August 1904. an increase OF $4S. 233. Or 9O7
per cent. Receipts at New York were
81, 197, 679 in August this year. against
81 .O7O, 800 in August. 1904. an increase Of
more than $4,000. or II per cent.