Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-25
BULLS AND BEARS

NEW YORK, October 25.--Bonds to the
amount of sf.I4oe5o were refunded by the
treasury yesterday. representing s5Ie,sDo
in 3s ana 81 ,229 go in As. The total
amount exchanged to date Is SO, 1o4. 100
The Coal Trade Journal says today:
X = y =
The tonnage OF hard coal for the month
OF October will be in line with early esti-
mates mentioned In this review, 100000
tons. II does not appear to be feasible
to get the monthly shipments much over
this figure, and there must be something
in the statement that ultimate capacity will
soon be reached If this be correct. 1t
means an increasing value for hard coal,
as the years go by. beyond doubt the de-
mand will increase and every grade, size
and quality Will be readily disposed of at
full figures
I'VE are mining anthracite at a very
rapid pace, in view of all things. and
shipments are on the verge Of eo,ooo.ooo
gross tons annually. Individual enterprise
In coal mining is dying out. Is there not
something in the growth of the trade union
that Is inimical to individual enterprise7
Does not the concentration of the mining
operators in so many places now going on
mean that 1t Is impossible for the indl-
vidual to cope with the exactions of the
union and live?
Larger firms or CORPORATIONS by econ
on1ies, may be able to overcome the extra
costs due to increased wages and shorter
hours, but the smaller concern Is not 1t
Is one of the vital questions OF the time,
ana what result Is caused to the public at
large can be directly charged to these
exactions.
The rising demand for soft coal puts the
situation In good shape in that end of the
fuel industry. but the very increase is
met by the shortened car service, for any
thing but coal will get first chance, In
many cases. with railroads not directly
connected with the coal mining industry.
The report that the Delaware and Hud-
son company had secured an option on the
Wfikesbarre and Eastern road was offici-
ally denied at the Erie railroad offices
today. as were similar rumors of the pros
pective sale of the New York, Susque
hanna and Western railroad. The latter
owns absolutely all the WiIkesbarre and
Eastern stock. and guarantees its bonds.
The New York, Susquehanna and Western
sion of the Erie by ownership Of nearly all
the stock of both issues. This stock is
pledged under the Pennsylvania collateral
trust deed. The sale of either road is
therefore not only improbable but prac-
tically impossible.
"a reaction is overdue was perhaps the
prevailing opinion among the rank and file
Of the stock market followers this morn
ing. If the market does not have reac-
ton worthy Of the name in the course OF
the next few days some persons Will be not
q little surprised If no steps are taken
through the money market to administer
something of a check to speculative RASH
ness. Leading financial interests are not
antagonistic to the market, but they do not
care to have a premature stock market
boom interfere with the prospects for
sound development of the country's indus
tries, and just at present there Is a corner
In the money market that has yet to be
turned.
A lot Of the first hour business on the
stock exchange today looked like the sue
cess of a preconcerted move by profess
SIGNALS to squeeze the shorts. Opinions
were expressed last night that the appear
ance of the market toward the close yeSter-
day indicated that short covering would fol-
low aggressive buying In prominent stocks.
Erie was talked up before the opening for
rise. The street pays much attention
nowadays to these tips. for it is character
istic of certain stages Of bull market for
most tips to make good. Quite an extern
sive although informal, propaganda Is be-
ing carried on in the financial district
against those of the Odell legislators who
voted for the stock sole tax and are up
for reelection