Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-12
BULLS AND BEARS

NEW YORK. July 12.-crop experts. ac-
cording to their prejudices and predictions.
are at work trying to minimize the govern
ment figures reporting a condition on July
l that indicated bountiful crops this year.
| or are trying to justify them. 1t must be
admitted that most of the experts seem TO
be ranged on the side of diminished agri-
cultural returns. which. If realized, must
result in stiff prices for grains and. pre-
sumably, in declining quotations for
curities
1t must also be admitted that suspicion
clouds all of the government figures, owing
to the scandaious disclosures with regard
10 the cotton reports. Granting these
things, it is hard to get around such stub
born facts he letters that come from the
grain states. in which the writer's tell .jubf-
iantiy of unsurpassed prospects for the
years harvest.
1t Is also a stubborn fact that some of
the most important banking interests in
| this city, whose lines Of information reach
every hamlet in the country where there is
any kind of banking institution. whose data
are collected and collated with regard only
to the desira bility of knowing in advance
as accurately as possible the countrys de-
gree OF prosperity have figures which prom
Use fully as great crops as do the govern
ments.
On their own information these financial
interests have for several weeks held a con-
Servatively bullSh view of the outlook for
securities, and 1t will be surprising to some
well-informed persons if Wall street is not
talking soon about the resumption of boom
conditions in the iron and steel trade.
The Coal Trade Journal says today: "In
| the anthracite trade the special feature is
the continuance of an oversupply of the
small sizes of coal, and the fact thereof Is
apparent to every traveller over the line of
any of the great anthracite companies. The
worst feature Of this phase of the situation.
we would say. lies in the fact that with
! the stocking places nearly all devoted to
the storage of small. it will not be possible
to put in reserve stocks of the domestic
to put in reserve stocks of the domestic
advantageously done--the summer months.
Referring to demand for bituminous coal.
1t can be said that all the basic principles
favor a good season
There are indications of sharp revival
in iron and steel manufacture June al
ways marks low point in the iron trade.
considering the industry as a whole, but
the summer and early fall just as GER
tainly mark period of revival. While
crop reports continue to be somewhat
mixed in their tenor. and possibly n little
confusing to the average reader. the gen
eral tone is good and the railroad business
Will undoubtedly have Il highly prosperous
fall and winter season. With the locomo-
t1ves constituting the best customers of
the coal trade. this means much for the
fuel industry.
The disturbances abroad seem to result
benehcially to the United States in afford-
ing good market for certain Of our prod
ucts of farm and factory and prices will
average good. The prosperity after ALL
means as much, If not more, to the coal
trade than winter weather conditions. for
while coal consumption may be increased
10 per cent under stress Of weather 1t in
creases fully twice much when the
manufacturing and transportation demand
is good and in that event the public, the
great bulk of consumers, are also in po-
sition to increase their own require
ments."
Because Of the importance which the
southern iron and steel industry is bound
to assume at no distant date, develop
ments in this field are well worth chroni-
cling from time to time. 1t is said now
that on account of the possibilities of the
open hearth something to which attention
is called, the Sioss- Sheffield Steel and Iron
Company and the Woodward company of
Alabama are likely to be added next year
to the list of rail makers in this country
In 1900 only 1893 tons of open hearth rails
were made here with gross value of
S37.3
In 1904 the production was 1883 tons
of a gross value of S4oS4. 724, and of this
output practically all but 20,451 tons pro-
Gnced in Pennsylvania were made by the
Tennessee Coal and Iron Company in Ala
bame. All the ore in this country
is practically under the control of the
three companies interested and the Re
public Iron and Steel Company and the
Alabama Consolidated Coal and Iron Com
pany the Tennessee Coal and Iron Com
pany owning about three-ffths of the to-
tai available supply, and sooner or l3ter,
according to far-seeing judges of condi-
tons, apparently irreconcilable differences
will be composed by the tremendous pos
sibilities of such deal and the long-de-
tanned combination of southern iron in
dustries will come to pass.