Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-18
BULLS AND BEARS

Special Dispatch TO The Star
NEW YORK, November 1S.--There is an
opinion In speculative circles that they
have got Lawson on the short side. To
this is sometimes added the opinion that
they have got him good"
Wall street always has Its troubles: Just
now the Russian situation Is beginning to
loom up In Its calculations. although none
tary fears have not yet been sufficiently
dlsspated to permit Russian affairs to DOM
inate speculative considerations. A banker
broker made this rather interesting state
ment today: 81 have been waiting for If
teen years Tor some such events as these
that are now taking place in Europe. which
/ expect to result in making this country
the financial center of the world. irrespec-
tive of the antics which one money market
cuts up. A few weeks ago, when the car
weakened before the revolutionary assaults,
l began to sell all the securities / would
have sold IL the market were a few points
higher. 1 got my friends out too, and now
am waiting. Russia Is plunging into chaos
and cannot see any other consequence
than disaster for all the money and securi-
ties markets the other side of the At
lantic."
I'VE should have our share of wreck, too,
but / expect to see this country emerge
with renewed strength while the old world
is PROSTATE"
This man is not known as visionary or
alarmist. although his view is an extreme
one. 1t is a fact. however, that the prog
ress of events on the continent is being
watched in important quarters here with
close concern.
Quotations from commission house litera-
allure show clearly what factors are regard
ed as of the greatest immediate Importance
to the stock market. Dick Bros & Co. say:
While there has been relaxation in the
money market, however, the money situa-
ton is still strained, and it will not do to
consider the difficulties in that quarter past.
Moreover, the foreign situation is still criti-
cal. We continue to advise against pur-
chases on the rallies"
4
Bartlett, Freeze and Darlington & Co.:
There possibilities OF serious import In
the money situation yet, and there is no use
halloing until we are out of the woods Fur
thermore, If the foreign situation becomes
more complicated than ii is at present we
shall undoubtedly feel the effect of it here.
Despite the fact that every day now
brings the money market nearer the period
of a comparative sufficiency of credit sup
plies through the normal movements or
money. it is at least possible that the way
to renew the recent strained conditions is
to continue an excited speculative move
ment such as yesterdays.
-
The weekly market letter issued by Car
penter Baggot & Co. expresses fairly the
20, II.
too. sounds the current warnings. The let
ter says:
The stock market has given indubitable
proofs of its great underlying strength and
abundantly justified the hope which is so
generally held that eventually prices will
reach higher level Evidences of both
strength and promise were witnessed dur
ing the last week under the crucial test OF
call money loaning at % per cent. With
this high rate actually existing the decline
was comparatively small attesdng con-
ciusively the fact that the market rests
on a foundation of strong commercial, in
dustrial and agricultural condition., and
that stocks are largely held by strong in
terests who recognize these conditions and
are willing to act on the courage of their
convictions.
1.-The movement of securities will in all
probability be largely influenced for the
time by the yarding phases of the money
situa ton, and a correct understanding of
this important factor will be a reliable
guide in the stock market for the imne-
date future, but with basic conditions SO
excellent would be careful of the snort |
SIDE The Russian situation is again as |
Stunning serious aspect and should be |
watched. Any decline in the foreign mar |
ket is quickly reflected in New York"
The weekly Financial Review Of j. S.
Bache & Co. says:
THE significant factor in the market the |
past week has been the firmness in security |
prices in the face of unfavorable new de- |
velopments and the highest rate for call |
money since 1903. Indirectly, the high |
money rates may help the market
Call money reached % per cent, and |
held firm at above per cent throughout |
the week. Stocks declined sharply in The |
face of the high money rates but there |
course of the market demonstrated clearly |
that stocks are still in strong hands and |
unlikely to come out in any volume until |
a higher level of prices Is reached. The de- !
clines early in the week were rather In the |
nature of readjustment of values to meet |
the requirements of the money market by |
decreasing values and loans. and the week |
ends apparently with the bulls In control Of |
the situation. |
AT the moment there is a temporary lull |
In the iron and steel trade, and the steel |
are not expected to exceed 100000. This |
condition however, is seasonable after the /
heavy summer business. and will permit |
much needed repairs and renewals TO |
plants. Recently, 1t was estimates that |
orders for finished steel on the various COM |
panies' books aggregated over 10000, 600 |
tons. Untitled rail orders for 1906 delivery |
are between 10000 and 2,O0O 600 tons, and |
the equipment companies have many |
months work on hand.
The business situation IS entirely satis- |
factory. and indications point to resump-
ton of bull markets after the temporary |
stringency In money is passed Meantime /
we look for a traders market within a mod
crate range of prices"
The total bank clearings OF all the clear
ing houses of the United States for the
week ending today were s., 343 467 3S3 an |
increase of 1867 $50 800 over last week and |
an increase of $112, 4SS 400 over the CORE |
spending week last year. Contrasted with
the week of 1904, the total for the whole |
country shows a gain of III per cent New |
York gained 0.8 per cent; Boston, per |
cent; st. Louis 65 per cent; Chicago, SO |
per cent; New Orleans. $50 per cent; Bal |
timore, ESQ per cent. and Philadelphia, 25 8 |
per cent.
FOREIGN BANK BUSINESS.
LONDON. November 1s.-BuIlion amount |