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

Special Dispatch to-fhe Star.
NEW YORK, December Men who oc-
casionally dabbie In stocks say that they
have had feelings lately that the psyche
logical time for flyer" had about arrived.
Wall street cynics would say that when
man has a feeling of this kind 1t is the
psychological time 10 take to the woods, or
else to copper the feeling and sell.
| There are 22552s shares of Tennessee Coal
common outstanding and only 2.4s3 shares
OF the preferred stock. but 1t appears that
| the preferred stock is the tail that wags the
| dog Consent OF the ma jority OF the pre-
ferred stock. as well as of the common, Is
| necessary to the contracting OF new capital
and obligations by the company. TO the
making of leases and the like, and on this
| account the attitude of James T. Wood
/ ward. president of the Hanover National
| Bank. and his associates, who are the own
| ers of the preferred stock is of very great
Importance to the syndicate which has ac-
quired control of the common stock in the
| open market. Grant sB. Schley of the firm
of Moore & Schley and c. s. Guthrie. chair
man of the Republic Iron and Steel Com
pany, are managers Of the syndicate. of
which John w. Gates Is a member. 1t Is
also reported that George Kessler did not
sell his stock to the syndicate. but is
member of 1t.
Oakleigh Thorne, president of the North
American Trust Company, and e. j. Ber-
wind have large interests i'm the syndicates
holdings of common stock, which are
derstood to aggregate in the neighborhood
or 100000 shares. SO that as far as a ma
Jorlty or the common carries control there
is no doubt about the change In owner
ship of the Tennessee Coal and Iron Com
pany An interesting story about the inter
est of John W. Gates in the syndicate
(which has about a dozen members Is that
II amounts TO one-tenth of the new owner
SNIP and that its cost was about offset by
.fot,
Gates d Co. while the operation of buying
controi was going on. 1t is said that GER
tam large holdings were bought In the
open marker. which might, perhaps. have
oeen hau at private sale.
4 y
Ii is said to be doubtful IL the Hanover
Bank crowd, so called. even endeavored to
increase Its ownership of the Tennessee
Coal common stock to more than 20 per
cent of the total outstanding. and that pre4
vious attempts of outsiders to make a
southern Iron merger after large quantity
OF tennessee Coal common had been ac-
CURED came to grief on the rock of the
preferred stocks rights and privileges So far
NE. WOODWARD has refused to say anything
ABOUT his attitude toward the Schley-Guth-
rie" syndfcate, although Il was reported on
good authority yesterday afternoon that the
woodward interests had disposed of their
common stock to the syndicate at fancy
prices.
II the syndicate acquires a majority of
the preferred STOCK or is assured of the CO.
operation of the owners of that stock the
way becomes clear to the execution of any
plans that the new owners NAV form THE
original intention of the syndicate was to
get control of the Tennessee Coal Company
for Its own sake alone, but it is said that
since the operations promised success dea Is
OF greater or less extent have been mooted
1t Is regarded reasonably certain that
the republic Steel Company will figure in
some deal with Tennessee Coal and that the
Sioss Sheffield and other good southern
properties will be included
~
AT least one southern iron merger has
already been made, according to dispatch
TO-DAY from Memphis. Tenn. The COMPANIES
consolidating are the Alabama Steel and
wood Coal and Iron Company of Rlonnt
county. OF the $160OOOO0 total canitaI
STOCK or the new corporation $40 900 600 il
common ana the remainder preferred The
oHlcers OF the new company. which is the
southern Steel Company of Gadsden Ala
are: Everett T. Schuler, president and
treasurer Birmingham. The directors Of
the company, besides the SchuIer a1raoan
named are Harrison B. Schuier of Sarafoea
Fla; John Bindley of Pfttsburg5 G Vsn
camp of Indianapolis, Moses TAYLOR and
ROBERT - van Cortland of New York
"A curious feature of yesterdays money
MARKET ana one that, while not UNIQUE
was unusual, was the fact that after trad,
ing on the stock exchange ended brokers
on the floor were bidding for money at ~
per cent This would indicate that there
was no fictitious tightness in the credit
situation that developed during the session
X
Some shifting of speculative account TO
London, where they can be carried On
cheaper money than here is reported 10
nave been going on lately.
III the anti-pass movement started by the
pennsylvania to become effective at the
end of the year and Joined in by the Jer-
sey Central and Reading, with the I.ebich
valley in sight. becomes general railroad
passenger earnings should Increase consid-
erably. 1t is said that it would take ten
coach train daily to carry the deadheads
on the Pennsylvania lines east of Pitts
burg. If the deadheads have to pay after
this year the percentage of passenger
traffic cost 10 gross receipts should de-
crease.