Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-25
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. May 2J.-ConhrrAa in
good quarters was had today of tho follow
Ing statement put out in Wall street this
morning: People who have been Eonver-
SAINT with the affairs of the Amalgb mated
Copper Company since it's formation en-
courage the belief that the stock will be
placed upon a 6 per cent basis at the July
meeting of the directors. The earnings OF
the company are authoritatively stated
never to have been so large as at present
and its physical and financial condition
as sound. At the prices that have
ruled for copper metal for months past the
Amalgamated Copper has secured large
profits, The best experts confidentially pre-
dict that good prices will be maintained for
the reason, recently pointed out, that con-
sumers have been Understanding the
strength of the position of the largest pro-
ducers of the metal. The strategic position
of the Amalgamated Copper Company with
regard to compensation has been greatly
strengthened as a result of developments
that will be disclosed in due time. 1t may
be stated as true that the floating debt has
been wiped OUT
Philadelphia dispatches say the construc-
IioAi VI tH freight liile lToit Tue
coal and iron districts near Pittsburg to
New York, by way of the Atglen and Tren-
ton cut off, is under consideration by the
Pennsylvania Railroad Company The plan
Involves the construction of 443 miles of
doube-traclled road. 1t is proposed to make
the low-grade freight line now under con-
structon between Marysville and Atglen,
a distance of eighty miles, part of the
new line, which will be eventually extended
to this city. The cost of the project will be
several million dollars and work will prob
ably begin before the terminal improve
ments are completed
x
Concerning iron and steel conditions, Bart
lett, Frazier g. Darlington say: "One of the
best steel men in the country, or in the
world for that matter. told us today that
he regarded the steel and iron trade as be-
ing in excellent shape. He said that the
causes for the recession in prices had been
exaggerated, and he also said that the out
look was bright for every department of
the steel and iron industry. He emphasized
the fact that perfectly normal reaction In
one branch had been mistaken for a general
slump in every department"
X
The news comes from Pittsburg that the
Carnegie Steel Company announces that 1t
has received large orders from the Penn
sylvania Railroad Company and from the
Pittsburg Railways Company for steel ties.
Eight miles of each of the lines are to be
equipped 1t is expected by the Carnegie
Company within two years the consump-
ton of steel ties will more than equal the
steel rail business.
John A. Davis & Co. in their financial
circular for May, say in review of the stock
market situation: There has been no
panic and no fear of one. The trade con-
ditions are too good and the money market
too easy for that, but the high pressure
has been relaxed, and we have come to the
waiting period incidental to the making OF
the crops The weather conditions have
recently been unfavorable for both wheat
and corn, but this by no means determines
short crops. Indeed, on May IA Kansas
was counting on the largest wheat produc-
ticn in her history. The outlook for the
cotton crop is especially good.
There has been frequent comment that
the iron and steel business has begun a
retrograde movement, based upon the fact
that the production of pig iron has over
taken consumption. One would think from
some of the comments upon this fact that
such a condition had never been known
before, ad that it spelled disaster to the
entire trade. 1t is an offsetting fact that
the unprecedented activity in the building
industry throughout the country insures a
notable demand for structural steel. The
railroads are making good reports of earn
ings and are increasing equipments, etc,
in anticipation of a heavy fall business.
Many of the industrials are showing in
creased profits and Slenty of orders upon
their books. There are however, other
factors which suggest not fear but especial
conservatism for the present. Recent ut
terances of the President indicate intima-
ton of the tariff in the autumn as well as
the railway rate question.
Both are disquieting, and will tend to
sales of both railway and Industrial shares.
The increasing spread of socialistic ten
denotes in the country is not to be ignored
The state of Kansas has taken active steps
against outside capital and corporations
and ether states are following the cue.
The city of Chicago has committed itself
to municipal ownership of important local
industries. The legislature of New York
has shown a decided leaning in a similar
direction
The state of MISUNDERSTANDING the
enormous development which has been
made possible by the railways of the state
has surrendered to the determined pur-
pose of an aggressive governor and passed
a law giving him the authority to appoint
a railroad commission which will, of course,
follow his lead in the long fight he has
made for arbitrary lowering of railroad
rates The unreasOnabe-and we think
unjust-stock transfer tax goes into effect
in the state on June l. 1t will probably be
thoroughly tested in the courts, but this is
a slow process and meantime, the onerouS
tax must be paid.
The leading financial interests appear in
view of the uncertainties, to hold aloof from
vance in securities. With full confidence in
the soundness of the countrys financial and
business conditions we believe purchases
of good stocks at the present level are rea-
sonably safe.
The Fries has just placed an order for
12,000 tons of 9O-pound steel rails for de-
livery. These rails of the Erie standard
type, will be used to replace the lighter
rails on about 100 miles of track on the
main line. This Is made necessary by
the addition to the motive power of the
much heavier locomotives for both passen-