Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-09
BULLS AND BEARS

Special Dispatch to The STAR
NEW YORK. December 9.-Amaigamated
Copper moved with buoyancy and vim
yesterday that had not been seen in the
stock since the days that furnished Lawson
with the text for his interminable screed
land. by the way. there is more than a sus-
picion that the present Lawsonian silence
Indicates a quantity of cerebration in Bos-
ton that Is appalling).
The following interesting comment on
copper was made this morning by a man
who has shown q good deal OF ability to
get at facts behind various market develop
ments: with copper at 1ok cents. Anal
gamated Copper sold at 30. With copper at
I7h cents. 1t sold at 1870. Copper is now at
10 cents, and there Is no mystery why the
price. after having been neglected. should
rise quite suddenly to o. OF course. many
circumstances might combine to make the
rise occur one day rather than another.
Two summers ago an accidental discovery
was made that one OF the great nnancle,s
had borrowed 100000 for six months. put
ting up Union Pacific stock solely as coll
lateral. The price at that time was about
20; 1t rose In six months to 100. 1t PROB.
ably would have risen anyway. but II had
aggressiveness to help 1t.
"As matter of fact, about three weeks
ago two stock exchange houses VINO DO
business for the observation-disclosures COM
bination borrowed IS O00, 600 on six months
time, and the collateral which they put UP
happened to be entirely Amaigamated Cop
per. If the Rockefellers and their imnedl-
ate associates are active in Amalgamated
! there is probably a plenty of good reason
why the stock should become prominent.
What the dividend is Is a matter OF small
concern. What the price of copper Is makes
the price of the stock. Any short interest
real Imaginary has little nothing 10
do with it."
PENNSYLVANIA is peing forcibly held down
according to theories that obtain In some
quarters and is likely to become the leader.
or one of the leaders. In a rising market,
which the proponents of the theory expec,
to see eaily next year. Pennsylvania Is the
one gilt-edged and standard stock that ~
selling. below parity, with the others that
can lay claim to belonging to the railroad
peerage.
1t is difficult to believe that the lack of
buoyancy displayed by st. Paul. with valu-
able rights in q new stock issue In pros
pect. is owing to short selling by insiders
against the new stock. 1t is also more than
doubtful IL the stock that has been coming
out represents stock loaned by insiders to
the company, SO that the new issue may, IN
effect, be disposed of at market prices, the
loaned STOCK 10 De IepldCcu W tuo ho"
when 1t Is cut out. Various contectures
have been made to account for the course
of st. Paul since the announcement of the
decision to extend to the Pacific coast, While
1t may be only that the stock has been az
fected by the coming increase of capital
Some sturdy conservatives insist that
there is no reason why Secretary Shaw
should be called on to take measures OF
doubtful legality for the relief OF a situa-
ton In the money market which would not
have been brought about had the banking
community acted with anything like con-
certed discretion and foresight, and that
the apparent inability of the borrowing in
terests to cooperate with a view to con-
serving the interests of all Is but q further
demonstration Of the necessity OF compell-
Ing the establishment and maintenance of
much larger reserves.
Il
Pools In the various stocks listed on the
board. and there are probably as many
pools a. stocks. If not more. would not have
been able to sustain tho weight Of their
commitments with Russia in anarchy and
money averaging as high as 1t has lately
IL 1t were not for the tremendous uplifting
power Of general conditions throughout the
country that go to make values. 1t Is not
going too far to say that nothing like this
years situation in agriculture, manufacture
and commerce has ever been seen.
X
Something of the equanimity with which
the rise in money has been viewed by the
speculative community Is unquestIonably
owing to the wisdom Of many stock ex-
change houses In taking on more less
considerable quantities of time money in
the last six months. Quarters well supplied
with time funds have been able to absorb
much of the stock dumped over lately by
way of tightening the loads OF pools and
houses which had relied wholly almost
wholly on call money accommodations.
The total bank clearings Of all the clear
Ing houses of the United States for the
week ending yesterday were 3275 042. 900,
decrease of $15.32sOS6. or .o5 per cent. So
far as Individual cities are concerned New
York exhibits loss of per cent; Balti-
more, 2. and Philadelphia, 7.s. st. Louis
records gain of % per cent; Boston, q;
Chicago. 1913, and New Orleans, OF.
The Chronicle computes the gross earn
ings of forty roads for the third week OF
November at $9,77s. 200. an incres se of $741.-
$50, 621 per cent; gross 4 rnings Of
thirty-ei4ht roads for the fourth week OF