Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-21
BULLS AND BEARS
Special Dispatch to me Star.

| Special Dispatch to The Star.
| NEW YORK, October z1.-The Chronicles
| compilations Of the gross and net earnings
| Of railroads In the United States for the
month OF August shows $10a6 0oa increase
In gross. or 9.63 per cent. and $2.T .002 tn
crease In net. or e.72 per cent. as comDare4
with the corresponding month last year.
And this Improvement In participated In by
all bat . small body Of roads, though
among these latter there are soma which
have sustained quite heavy losses.
The reason for the falling on In these tn
stances IL found in two main causes. either
the absence Of the passenger trafic to the
worlds fair at St. Louis. which was a fea-
ture In 1904. or the embargo upon trafnc
resulting from the yellow fever at New Or
leans and some other points in the gulf
states Comparative statements Of ninety
ave roads for August show: Gross earn
fngS $12S0o0.6p4; increase. $l0967 .U0l.
Operating expenses. sal. sH go: -, increase,
cxease. 0.721.o02 From January to Au-
gust 81 {eighty-nine roads,: Gross earn
inss. SEQ a0i .se4; increase, ssa .ol3.6Sa OPP
4oo.61s. Total net earnings $25i, SIT .05s; tn
crease, $16.113,O15.
Concerning the iron and steel situation
IiduStlcetS says.
Present price levels call forth some con-
sentative talk. Southern iron is now at $13.
Birmingham. and almost at parity in
eastern and westerly markets. with north
ern iron. Southern furnaces are sold we'll
into 1905 and high premiums are paid for
quick deliveries Of small lots. Furnace
stocks are all smaller than a month ago.
Rail sales are booked for nearly year
ahead. Efforts of railroads to meet traffic
requirements are reflected in record orders
for cars and other rolling stock. which in
turn induce heavy purchases of bars and
plats. All other metals are higher on the
week.
The dividend declaration on Amalgamated
Copper of IA per cent makes the total for
1905 ~ per cent, against "a per cent
in 1904, 1903 and 1902; ~ In 1901
in 1900 and In 1899 The Bos-
ton and Montana dividend of $40
snare. or 40 per cent. declared on Wednes-
day, was presented yesterday. 1t was in
the form of regular quarterly payment of
- and an extra disbursement OF s. a share
The dividends paid this year aggregate 100
per cent Last year the company paid 256
per cent. and in 1901. 40 per cent. The
Amaigamated Copper Company owns prac-
ticaily all the stock of the Boston and
Montana Company.
X * X
AS result of the rapid advance In the
price OF leather manufacturers are said to
De contemplating a general advance In
pi.ces OF nnlshed products. Chicago shoe
manufacturers have advanced prices so
cents per pair, and there's talk now that
eastern nrms are more than likely to take
similar action.
J. S. Bache & Co in thej- vaakl,, 70
view, say:
railroad shares are beginning to re-
meet the near approach of the struggle
over railroad rate legislation. President
Roosevelt is firm in regard to this policy
ana mas always the throat Of fori
as club to force favorab action in Con
gress. AT the same time the Presidents
latest speech on his southern tour is re-
garded as conservative Railroad rates
generally, are low, and what the President
wishes to accomplish is merely to facili-
tate correction of abuses, not the transfer
Oh me rate-making power from the rail-
ROADS TO the interstate commerce COM
mission We feel that railroad shares
pought on any recessions that may arise
as the controversy becomes more acute
Will In time prove profitable.
General business remains at a high
level, and the iron and steel trade shows
steady Improvement. Speculativey the
market Is narrow and professional and
OUTSIDE buying is almost entirely confined
to low-priced Industrial issues Stocks
however. are still in strong hands They
90 not come out on reactions. and this
feature of the trading would in itsaIf
seem to Indicate a higher level Of nricas
In time For the immediate future We look
for professional markets within a narrow
range Oh prices.
In the summary of the weeks market
Carpenter, Baggot 6 Co say:
The money market is easier and sur-
race indications denote that the acute stage
In this important stock market factor has
passed, but 1t is evident that considerable
CONFUSION over the rate outlook still EXISTS
and In consequence the quotations for &c,
curit1es move with but little tendency
within narrow range. EXCEPT in soma
speclalties there has been little opnor-
tunity to operate with profit on either Side
OF the market until today, when traders
heretofore bearish took the long side and
prices easily responded
For want of actual events to move the
market efforts have been made to cause
action by resort to the ever fruitful tac-
ties OF rumors. Thus in one day a promi-
nent financfer becomes seriously indis-
posed and entirely RECEIVERS within a few
hours; an important operator is caught
heavily short and is badly squeezed by the
advance In American Locomotive common
stock: a western house was in financial
trouble caused by a decline in the curb
market, but its affairs We're adjusted sat
isfactorily, to Wall street traders at least.
the same day. None of these things nrot,