Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-01
BULLS AND BEARS

NEW YORK, December obviously the
standard railroad stocks have been practi-
cally stationary for the last four months
Some railroad specalties have made strIk-
ing net advances, but on the whole the rail-
road list averages about what It did as It's
highest in August. It Is doubtful II this
condition IS owing to anything more than
uncertainty as to just what President
Roosevelt will say in his annual message
to Congress regarding railroad rate legis-
latfon, and also as to the attitude Of Con-
gress toward hts recommendations.
He is not expected to take any particu-
larry new tack, but the situation at WASH
fngtoE is. and promises to be, such as to
hold In check for time the apparent tend
eney OF railroad stocks to work higher. One
thing seems to be probable, SO far as tho
effect OF the Presidents message on the
stock market In general Is concerned, and
that Is that Wall street will probably not
De taken so much by surprise this year as
1t was last.
The leading points In the administrations
program has been made pretty well known
since last December. What Wall street has
most to- consider now is the situation in
RUSSIA, the local monetary outlook and the
likelihood OF something of q decline in
prices following the rather excited specula-
ton that has been going on lately.
Compilations of railroad earnings made by
Wall street news agency show the fol-
lowing results, compared with the corre-
spending periods last year:
For the third week of November the
gross earnings of twenty-five railroads ag
gregated 81 ,465, an increase of SOS. 0S5,
or 9.23 per cent.
T,,l,
earnings OF twenty eight railroads aggre-
gated S144 S9S,015, an increase of $780,
oS3. or 5.73 per cent.
The gross earnings increased $50 per
per cent, and net earnings Increased I1.42
per cent.
If the accumulation of Tennessee Coal
shares that has been going on in one
prominent stock exchange house-a
house that has been associated with i'm
portant deals in the past-is not for
southern iron merger or other deal. out
siders who knew of the large transfers of
stock that have been made to this house
lately are unable to guess the purpose of
the accumulation. The prices at which
this stock has been obtained negative a
presumption that a distributive move
n,ent is planned.
Some point was made recently in GER
tain bearish quarters of the invitation to
hostile legislation, especially in Colorado,
offered in the great advance in the shares
of the American Smelling and Refining
Company. 1t was said that the Colorado
Legislature would be likely to renew It's
former efforts toward a. reduction In rates
for smelling ores-efforts that were
NV oh 81 ba 70
show that they were making very little
money In Colorado.
The answer to this that comes from au-
thoritative quarters Is that smelling rates
are already lower in Colorado than in any
other state. and that Colorado's ores are
now largely of low grade fact that
would initiate against any material low
ering of smelling rates
October was good month for the an
thracfte roads last year. which Is the only
reason for the fact that the October re-
ports do not show the same pleasing COM
parson with the corresponding period a
year ago as the other monthly reports or
this year have done.
The Reading Company shows a decreas
of $500. 794 in net earnings for October, but
from July 1 to October 81 net increased
S5333O The Lehigh Valley makes bet
ter showing, in that surplus for October
increased S54. 500, while the Readings sur
plus earnings for October decreased $780,
257. From July 1 to October 81 the Lehigh
Valleys net increased $3.50, 563 and surplus
increased S.59ls2. Readings surplus in
creased s595,36S in the same period.
The offer made in the interest of the
Delaware and Hudson Company to the
stockholders of the United Traction Com
pany at Albany to purchase their stock at
$3.50 share met with practically unari-
are that more than 30 per cent of the total
So, 900 900 outstanding stock was deposited
within the time limit which expired on
Wednesday,
This will involve the issuance Of the total
amount of the securities provided for
the financing of this operation, and which
were recently purchased by Speyer & Co.
and the National Commercial Bank of Al
bany. namely S50O00o0 per cent guar
anteed preferred stock and $3.50 3A per
cent guaranteed debentures.
The following statement was made this
morning by a man usually fairly well in
formed on Wall street affairs:
1.-THE deal IS on again for-a consolidation
Of the American Cotton OIL Company and
the Virginia-Carolina Chemical Company
A dividend on the common stock Of the lat
ter is likely to be added before the close
of the year, to the list which in history will
make 1905 remembered as the year Of in
creased dividends"
The American Tobacco Company has pur-
chased and paid for out of surplus s15, 300
600 Of its 4 per cent bonds. and has sur
rendered them to the trustees the Morton
Trust Company for cancellation, thus re-
ducing the outstanding issue off by that
amount
Resisted Arrest.
You are charged with making an as
sault on Policeman Duvall: what do you
say. guilty or not guilty." was the ar
raignment OF Daniel Miller by Clerk Potts