Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-08
BULLS AND BEARS


Southern Railway common would seem
properly to be of the long-distance kind.
The road has made marvellous progress and
| Its common shares commend themselves to
men who can afford to buy and wait for
their profits and dividends. but there are
no developments indicated which appear
| likely to reward efforts to move the stock
| up now, although 1t Is suggested that the
demonstration this week might be related
| to the steady progress of the Georgia Cen
| trail income bonds For the final week of
| railway were about $1.2250O0 an Increase
OF nearly $4,000. For the full month the
estimated gross earnings were $3,7S5.00O.
gain of $2o2, coo over May, 1904
For the first eleven months of the pres
ent fiscal year the company made gross
earnings of $44.250,00O. or 81. $50. 600 more
than for the corresponding period Of last
Atlantic Coast Line. the Louisville and
Nashville and Southern railway are prac-
tically IDENTICAL 1t is evident that there will
| be no ruinous competition between these
roads.
Heretofore the Seaboard Air Line has
acted more or less independently In the
| matter of rates. but the indications are
| that the men who now control this property
will work in harmony with those who con-
troll the three other properties.
X
"Sold to a standstill' is the comment of
some shrewd traders on the market. AT all
events. prices no longer respond with sharp
breaks to the successive unpleasant devel-
opments in the Equitable affairs, anyway.
Apparently because the market was re-
garded unpropitious at this time, the
campaign in the Pittsburg coal shares
which began with their listing here has
not been kept up The following conserva-
tive opinion about these issues Is expressed
by James Carothers & Co. of Pittsburg:
Until there is some improvement in the
| trade, or until some steps are taken to care
f1r. ax,& xlal~@ @1,a
bond isspe. we feel that stock sold at any
considerable advance from the present level
may be bought back at a profit. The Pitts
burg Coal Company has a magnificent coal
acreage, which probably cannot be dupli-
| Gated in western Pennsylvania But, con-
| sidering its present financial resources and
condition, 1t seems to us that it cannot
afford to carry all this acreage. valuable
| 1t is admitted to be. 1t could probably
| tighten its load at cost or at small profit.
If 1t should pursue this policy and wipe out
| its floating debt we would feel confident as
| to the future F."
Treasurer Roberts of the United States,
In an address before the Kansas Bankers
Association at Topeka last night, paid his
respects to the fantastic program of Bos-
tons vociferOus bear for a general run on
| the banks and teetotal panic when he shall
press the button. Mr.. Roberts said:
Thomas w. Lawson is attracting notice
by his assaults on Wall street and what
ii
master movement in his warfare, the with
drawal of all deposits from all banks on a
single day. Such a run would call for all
the currency In all institutions, for the de-
posits are $12,5000 100000, five times the
money in lation-$2, 500, OOO, 900. Only a
marvellous imagination could offer the sug-
gestion. To carry it out would be as easy
as to drink up all the streams. to breathe
up all the air. The depositors in CONNER
| cial banks. we remember, are also in large
part borrowers.
They agree to leave 10 or 20 per cent
to their credit against their loans. When
they draw their funds they must pay their
debts In savings banks the loans are, as
a rule. subject to early call. A demand
for deposits would fall at once on the
borrowers, who perhaps have been gath.I-
| ing in their funds to wipe Off their mort
cages. No sharp line divides the debtors
and creditors.
"A run on all deposits would call for the
liquidation Of all debts. If it were posi-
BILE to draw out all the money in all the
banks, what could be done with it? You
have seen excited people before single
Institution. One gets his cash. hesitatcs,
goes home. hides it away, returns and
wants to put 1t back. Or thief waylays
him, or promoter captures him, or he
falls into riotous living. On wholesale
scale, the scheme would mean anarchy,
ruin, not for spectators only, but for
every industry.
1.-The structure overthrown however would
not be the currency; it would be credit in
every branch. Mr.. Lawson may be Sam
son. and The System may be a gaza and
the pillars of its gates under his hands,
but the financial heavens are far above his
reach; they will not fall at his beck, to
let him pick up quail However doughty he
| may be, and however his battles may rage,
he can no more affect the currency than
he can the planet Jupiter"
x X
There is absolutely nothing in the theory
that because the marlborough appeared be-
fore the rapid transit board apparently in
a kind of alliance with the New York and
Portchester railroad there has been or is
any prospect of understanding between
| the Portchester road and the New York,
Boston and Westchester, which is in dis
tinct alliance with the marlborough. 1t
sec ms that the Interborough's dealings with
the Portchester road were intended only to
elicit a strong representation to the
traffic needs and possibilities of expansion
in the upper part of the city.
The Portchester road has not been able
to obtain the right to build In the city an
advantage of which the Boston and West
chester has not been slow to avail Itself
since Attorney General Mayors recent de-
cision confirming previous decisions as to
the validity of its charter, for 1t has con-
struction gangs at work now on it's line in
the city and expects to have 5000 men en-
ployed by the end of the month.