Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-06
BULLS And BEARS

Special Dispatch to The Star.
NEW YORK, October 6.--There seems to
be general agreement among the financial
doctors that. except for moderate
amount of uncertainty as to the money
market In the near future; the investment
and speculative outlook never was better,
II It ever was as good. II they agreed that
there was no element Of doubt, every pro-
fessipnal Wall street trader would be
bear on the theory that the time to sell
securities is when the skies are rosy. A
good many are bears now because there
IL so much eminent bullishness for the long
pull.
! Competent judges insist that the stiffen-
ing of the money market this week. when
1t had been expected to ease on. following
the Tightening incidental to the end OF the
month readjustments. was only a process
to apply brakes to speculation. It ID the
View OF these usually well-informed observ-
ers that patience more than courage Will
be needed for the next few weeks by those
who are long Of stocks
Some of the stories that are told about
the short interest in the stock market are
hard to believe, but they come from re-
liable sources. They indicate very large
amount of sleeping" commitments for the
fall. and some OF the prices at which short
stock Is out are amazing. More than one
house is said to be making enough in
interest on account of the customers shorts
to equal a very respectable total OF COM
missions daily.
- -
A letter from Wabash debenture bond
holder was published today by the New
York News Bureau In reply to the letter OF
Joseph Ramsay. Jr, to the same agency
concerning the advisability Of freeing the
Wabash from its alliance with other Gould
roads. The bondholder's reply says In part:
THE Wabash was as much of a Gould
property ten years ago as 1t Is today, but
the railway situation has vastly changed
In those ten years Former friends OF the
Wabash are now tied up IN railway COM
binations. One after another of the indie
pendent railways has been absorbed until
there are but few in the west that are out
side of the great railway combinations. The
fact that the Independent roads of the
west have>been one after another absorbed
into railway mbinations makes 1t Inn
perative on the part of the Wabash to re-
main a Gould property II 1t Is not to fail
behind.
AS q 1OuIQ property Luc w dDdSH has
splendid prospects. The Gould lines will
soon touch the Atlantic, and construction
is now under way on the Western Pacific
which will carry the Gould lines to the
Pacific ocean. The Wabash will benefit
greatly by the traffic It will receive from
both directions. AS an Independent prop
erty 1t would be entirely cut Off both east
and west. and II Mr.. Ramsay attempted
to pay interest on the debentures or divi-
dends on the stock it would undoubtedly
fall behind very quickly. The results of
the policy of putting all surplus earnings
back into the property are, however, most
satisfactory.
"a few years ago Wabash debentures
were selling below Is, and had little actual
value. They have appreciated 200 per cent,
as a reflection of increased value of the
property. Earnings some years ago were
below s10O00.Ooo annually. and they are
now close on to s25,000.000 annually. II
Mr.. Gould's policy has proved SO beneficial
In the past, It is safe to assume that It will
be equally SO In the future. and those who
have the best interests of the property at
heart will no doubt send their proxies to
the Gould committee"
J. II have noticed lately" said the man.
lager of II stock exchange house with an ac-
tive trading clientele. that when the Gould
stocks began to. move up the rest of the
market sells Off OF manifests downward
\
Tape readers, like chart placers IRE
quently make many curious deductions.
X n
In certain quarters that would like to be
bulllsh the quantity OF talk that Is being
heard about the speculative possibilities OF
low-priced stocks and the likelihood that
the public for which Wall street is waiting
will y, To-
much favored. 1t is regarded by some as
tantamount to saying that the stocks OF
developed properties are too high, and
others recall that the same kind OF talk
Is usually heard toward the end Of big
rise.
Compilations OF railroad gross earnings
made by Wall street news agency show
the following result. compared with the
corresponding periods last year:
For the fourth week of September the
gross earnings Of thirteen railroads aegre-
gated 3O5. an increase of 1857 ,s9S, or
8S7 per cent. For the month Of septem-
Der the gross earnings Of thirteen railroads
aggregated 500, sos. 400. an increase of ST.
267 ,51S. or 594 per cent. From July / to
September 30 the gross earnings of thir-
teen railroads aggregated $65.321. 105, an in
crease OF 81. 762. $50, or 1856 per cent.
The gross and net returns of sixty-forr
railroads for the month of August were as
follows:
OS1 ,6S4. ~
Operating expenses. ss2.oso. 7ss; increase.
50. 1S1 gil.
Net earnings. sas. 72s,sss; increase, ST.
500, 073
The gross earnings increased 9.21 per
cent. operating expenses Increased IL OF ner
cent and net earnings increased sos per
cent.
From July I to August 81: Gross earn
sings. s1S5 033. S85: increase, SIG, 2s9O33.
s13. 2SO, 373. -~-
/, Net earnings. se1.479. 1s1: increase, So
DOS. COS
J. The gross earnings increased 9s4 Der
cent. operating expenses ll.95 per cent and
net earnings 5.14 per cent.
~
A broker who Is not bear said this
morning. however, that he was beginning
TO believe from the way in which prices
acted as money stiffened that man could
get the proper perspective Of the present
market only by standing on his head.
speaking fguratively. of course. He would
Drefer Same liatlfd a 49,,