Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-23
BULLS AND BEARS

Special Dispatch to The STAR
NEW YORK, December 23-Mlxed views
as to the nature OF next weeks stock mar
ket and the influence and factors which are
likely to dominate and control II are enter
tanned in Wall street houses. There are
those who thing that It will be week OF
excited speculation and rising prices. Usu-
ally in the last week In December prices
do rise on account of a heavy reinvestment
demand which should be larger this year.
since .iuary interest and dividends will
aggregs about $150.0o0. 600.
There s.e also window dressing operations
that make balance sheets look better. and
generally there Is q good local demand for
Investment stock In preparation for the per-
sonal tax assessments. However, there is
usually considerable decs.g.s in prices in
December prior to Christmas. and there has
been none worthy of the name in the pres
ent precedent-upsetting market, SO that one
might infer that there was q good chance
OF uPsetting precedents for the last week OF
the month.
II anything disastrous should happen In
iussia between now and Wednesday morn
Ing next. this market would be likely to
feel the weight of it next Tuesday much
more than 1t would IL the London stock ex-
change We're open that day.
y
4 II
However. next weeks stock market Is not
much Of a factor in calculations for the long
pull. The professionals bank on the theory.
that the bull market will continue until
great public Is participating In 1t and they
go on buying stocks. In more important
quarters the view that obtains was well set
forth in the following inspired opinion ex-s
pressed this week:
THE money situation Is more or less
critical, but apparently there Is only one
logical side to the stock market and that Is
the long side. We are waiting for some
kind OF a serious reaction, for period of
sharp ,stringency In the money market. and
for various other things that may result in
lower prices, but it Is our opinion that thera
is possibility that all these adverse fac
tors are not likely to develop, and we may
even get over the first oS the year without
any serious trouble / am an unqualified
bull on good railroad stocks and 1 believe
that We shall see very much higher prices"
~
Erie shares are regarded with considerable
bullfshness In certain important financial
quarters other than those identified directly
with the property There DIRE no new de-
velopments pending of vital Importance to
the property so far as can be learned, but
the Eries position as an Independent trunk
line with terminals at New York, Buffalo
and Chicago. as an important coal road
and as railroad traversing splendid ter
ritory. is regarded as bound to cause a
steady appreciation in value.
The money necessary to make the Inn
provements which have been chronicled
half, as projected OF begun, is being pro-
vided, and 1t is believed that in a year or
so Fries earnings will begin to show large
gains. So far as the stock market Is con-
cerned it Is thought that when the Cincin-
natl. Hamilton and Dayton matter is finally
cleared up-an event that is understood to
be not very remote-the buIlish tendencies
which the Erie issues showed up to last fall
will be manifested again
~
1t would not be surprising If the Pennsyl-
vania Railroad Company established an
eight-hour day for it's employees. President
Cassatt has shown that he was more or
less in sympathy with the railroad law ideas
or President Roosevelt. and the national
executive recommended in his recent mes
sage to Congress that an eight-hour law
for railroad employees be enacted.
X X
The total bank clearings of all the clear
ing houses of the United States for the week
ending today were So, 4e5, 3s5, 1873, an in
crease of $53. 4O3, 29S over last week and an
increase of $3.50, 41s,o2 over the same week
last year. Contrasted with the week of
1904, New York increased 400 per cent:
Chicago, 30 per cent; Baltimore, $50 per
cent; Philadelphia, 147 per cent; Boston, 90
per cent; st. Louis. A per cent and New
Orleans, o. per cent.
X
The committee which was formed after
the plan for the reorganization of the Sea-
board Air Line Railway Company was
promulgated to protect the interests of
the minority or non-assenting stockholders,
and with which about IS, 600 shares of pre-
TERED and common stock were pooled an
nounced yesterday that It had sold the
stock to Mfddendorf, Williams & Co. of
Baltimore and John L. Williams & Sons of
Richmond. The prices paid were SIS
share for the preferred and S35 share for
the common stock. The amount involved
in the transaction was 100000. Payment
11cdll he or. hofa La.