Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-01
BULLS AND BEARS

| Special Dispatch to The Star.
| NEW YORK, August 1-'Inside' selling
Is not always safe clue TO the probable
course of stock 1t sometimes happens
that insiders. we'll aware OF brilliant pros
poets for their company. will make a mis-
| take as to the temper of the stock market
| or as to the absorbtive power of such a
public as may be In 1t. At the present time
! 4: Is worth noting that some important
| interests in the American Smelling and Re-
| f1ning Company learned little lesson In
TINS regard last winter that is likely to be
remembered. When Shelters common
| crossed 30 last February these interests
thought that the range of prices throughout
| the stock market was pretty high, and that
a good reaction was due in the near future,
and although having every confidence In
their own property. they thought that for
the time being good deal had been dis
counted, especially in view OF the general
market situation as 1t appeared to them.
So they sold Shelters common from 90 up
| to par and probably parted with fully $780,
COO shares. OF course this all went al good
pFofft-at least 40 points on the average
but the upshot Of 1t was that the outsiders
had to replace their line above par and
were out In the neighbirhood of 10 points
Smeiters common was then, 1t Is now. a
per cent stock. but there seems to be no
doubt that the net quarterly dividend will
be at the rate of 9 per cent, II not at 7
per cent, and 1t seems likely that inside
stock will not be supplied so freely as 1t
might have been but for the little exper-
fence related here.
Hints have been heard from time to
time or deal by which the American Hide
and Leather Company would be absorbed
by or merged with the so-called Leather
Trust. Presumably the Central Leather
Company, practically re-organiza ton of
p har and
something more, may now be regarded
occupying that eminent position, and adj
wees from wisconsin say that the Central
Leather Company now owns more than 30
| per cent of American Hide and Leather
stock and has recently bought six indie
pendent plants and will be interested in the
new corporation of n. r. Allen Sons Tan
merry Company Of kenosha Wis. owner of
the largest independent tannery In the
world. 1t Is a Wall street fact that for
weeks past the buying of Central Leather
stocks, recently moved from the curb to
the stock exchange. has been gilt edged
and all that inquiry has been able to de-
velop Is that this buying is based on the
companys situation and prospects.
The Sielcken administration which now
has charge of the Kansas City Southern,
deals a slap to the recently elected Harri-
man regime in the statement of June earn
lngs and for the fiscal year. made public
| today. The statement shows for June:
Operating expenses and taxes. $436 235; in
crease. sol, 45l Net earnings slU0 1O5: in
crease, $14.015. Fiscal year: Gross earn
ings. $6,621, 1913; increase, S1T743i. Operat-
| ing expenses and taxes, $J.O47 go; increase
s347,so1 Net earnings, s1.5s0 1853; de-
crease. S1I0.423.
The explanation is made that the dis
crepancy between the net earnings for the
twelve months ended June 80 now reported
and the aggregate of the monthly reports
heretofore made occurs because since the
present management assumed charge, on
June 1 last 1t found an amount of $500, 237,
covering repairs and the equipment, car
ried in other accounts, but which. in the
| Judgment of the present management.
operating expenses.
| Refined copper at 15ssc to 155sc for cleo
troiytic and 1o14c to 1J1Ac. for Lake is sell
ing higher now than at any time since
| 1901. The record prices were made in
| 1899. when on sheer manipulation of the
metal market, electrolytic sold at 1S&c
| The present market is regarded being on
| the whole very genuine. and 1t is believed
| that prices will go on a Ice. basis.
| big speculation in the stocks of copper
| companies is going on In London, and Bos-
| ton, the headquarters for ''coppers' in this
| country. has been bullish on these shares
| for some months past.
| The Chicago, st. Paul. Minneapolis and
Omaha railway companies have declared
the regular seIni-annual dividend of 3h
per cent each on its preferred and common
stock. payable on August l to holders of
! record on August >.
| There may be-something in suggestion
| made today that competition buying for
| control of the Allis Chalmers Company is
| going on. the idea being that because of
| certain valuable electric and other patents
| which the Allis Chambers Company owns
| possession of that company would be very
| desirable for either the general of cleo
| tric of the Westinghouse corporation.
| Seaboard Air Line interests control the
| Churchfield corporation. which is reported
| to have decided to build 300 miles of, rail-
read to its extensive soft coal properties
| In Virginia, south of the Pocahontas fields.
1t is continental rumor that NJ. White.
| while here as Russia's peace plenipoten-
| tiary will endeavor to interest American
| bankers in a Russian loan.
Passed Pharmacists Examination.