Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-25
BULLS AND BEARS

special Dispatch TO the Star.
NEW YORK, November 25.-Tke state
ments made this week by John Mitchell.
president Of the Mine Workers Union. that
| If the anthracite operators attempted next
spring to reduce wages there would be
wrath are regarded in Wall street as cor
roboratiye Of the hints recently afforded
| that certain eminent influence had been ex-
| ercised lately that there would be no an
thraei.e strike next year. and that. while
| there might be demands and counter pro-
| poaals. the agreement that expires In April
would ba renewed.
! 1t has been intimated further that tho
| miners might get an increase OF wages
| with the result Of e slight addition to
coal pricesl, and the stress that Mitchell
| now puts In the question Of wages are In
| terpreted 10 mean that he has begun to
| make preparations for peace and not for
war. The Anthracite Industry 70 In a sat-
| isfaetory and prosperous condition. and
| there has been absolutely no suggestion ex-
4 eept Miteheli's that the operators desired
| or intended to force wage reductions. This
would make Mitcheil's remarks surprising
| uation which Indicate that he Is probably
adopting the tactics necessary to make q
| peaceful adjustment Of differences pos.
| sible,
The following rather sensible view Of the
Rock Island situation was put forth this
| morning: The preferred stock Of the
| Rock Island Company represents the last
% per cent rise In the intrinsic worth OF
| the original Chicago. Rock Island and Pa
| cific stock. Had the Rock Island Company
| operated merely the original Rock Island
| railroad thi9 stock would be az safe as re-
| CARDS dividends as the old stock would have
| been regarded on per cent basis.
For forty years the old stock varied
back and forth. little above or a little
| below the price OF st. Paul. The Rock
| 1900 miles. OF the extra 100000 miles
comparatively little was seif-supportng
| during the last year. The question ~
| whether the parent can support its large
family until they are all co-ordinated and
work in harmony.
If so. all is WELL and it looks as though
within the next few years the system would
grow In strength until the preferred stock
Is regarded as perfectly safe" q
y Il
so long as SO many men-traders brok-
ers and even bankers-assert that they
would be afraid to deal On stocks now
believe the market will be relatively GER
tain to have no severe Decline" says q
brckes of many years Of activity in Wall
street Il think, however. that there must
be a more or less general recession in the
some establishments Of stocks that are
clearly out of line before a broad and sub
stantial upward movement can begin with
real promise OF success
= =
j. S. Bache & Co.'S Weekly Financial Re
view says: "A feeling of uncertainty Is
prevalent on the street in spite OF the fact
that prices have reached new high records
during the past week and the market has
shown the greatest activity Of the year
The closely held pool stocks again scored
spectacular gains early in the week. but
there has been heavy volume Of really
ing that has kept prices more or less irreg-
ular On what appeared to be a strong bull
market.
The money market continues easy at D.
to per cent for call money, but 1t is by no
means assured that money rates will not
advance sharply again In the next three
weeks. Europe Is anxious to strengthen
her gold reserves. in view Of the situation
In Macedonia. and the possibility of trouble
between Germany and the powers notably
England. The business situation leaves lit
tie to be desired. and heavy bookings con-
tinue in all lines of the iron and steel trade.
Stocks are, still apparently in strong
hands, but IL Is no time to start big bull
market on the slender resources Of
$3,OO0OO0 bank reserve, and the pools seem
obiiyious to the unfavorable developments
abroad and the reluctance of the public
TO come into the market at present prices.
ION any signs of strength there is the
best kind of selling, and the market has
all the earmarks of decline In the near
future"
Conservatism is. indeed. the word that
stands out prominently In all the weekend
literature of the commission houses Dick
Bros. & Co. say: "The highly cratic char
acter of the market does not commend it to
any one who has the slightest regard for
conservatism. That there will be further
sharp advances in stocks especially selected
nj Inn tG estt;ta hlnIx hut
we regard the long side of the market as
dangerous, and we cannot advise buying
except possibly on drives. and then for
quick turns.
II 4
Bartlett. Frazier & Darlington say: Sen
timent is very much mixed and those who
are the most earnest advocates of high
prices were the most consistent bears a
short time ago. The reverse is also true,
and those who profess to believe that there
was no top to the market week ago pro-
TESS now fear of extremely low prices.
The market position of these oracies deter
mines their views on price movements
Every day brings the market near to the
time when the money riddle will have
solved itself. and 1t Is obvious that the DO
sition of the market becomes stronger
daily. The malisn influence of over-ex-
tended pools is being felt, Of course SO
many big traders In smelters have taken
sense to say that the short side of that
stock is safe.
ut Is not, nor Is 1t likely to be at any
time while the present pool Is in existence"
Carpenter. BagEot & Co. say:
The total clearings Of all the clearing
houses Of the United States for the week
ending Friday were s3.113.214.722, against
$2.643 330,9a3 in the corresponding week
last year, an increase Of $3.50 $50. TIC, or 1873
Per cent New York shows an increase of
1879 per cent Boston. 24.S per cent; st.
Louis. 24.5 per cent; Baltimore, 27.s per
cent: Chicago. 88.7 per cent: Philadelphia,
1872 per cent. and New Orleans, 1915 per
cent.
The Chronicle computes the gross find
ings of forty roads for the first week of
November at sS.331,329. an Increase or
1854. 131, or T.21 per cent: gross earnings OF
thirty-nine roads for the second week of
November aggregate s9.615. 11s, an increase
OF S941, 970. or OS6 per cent.
Under the leadership of specialties and
with wide fluctuations in some securities
the general stock list has made substantial
progress for more than week There has
been heavy prcf1t-takng from time to time
but the market has demonstrated It's won,
derful absorptive powers, showing but
moderate hesitation in It's upward move.
THE Immediate future of 0eneraI eoc,,rt