Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-30
BULLS AND BEARS

| Special Dispatch to The Star
| NEW YORK, December 3o-New York.
| from the week ended November q to the
| week ended night before last. has lost g.
| $4,000 cash TO the Interior. although that
| In a period when ordinarily cash is gained
/ s.
| In the corresponding week last year the
| gain was a.. 10, coo. In 1908 It was $A,zo6.-
| coo. IN 1s0g Il was $6,e0S GOO and In 1894 II
| was s.2a go. 30 that this year this city is
| more han S15 600 behind the average
| of the previous four years In respect to the
| cash position ~ affected by the dealings
with the interior. II this amount OF cash
had been here this year It would have at
forded basis for sec. O0o. 600 Of loans. and
there would have been no such stupendous
money rates as those with which the spec
ulasve community was afflicted.
This goes far to bear out Secretary
Shaw's contention that It has been the
demands of industry and commerce, unless
the requirements of the interior signify
something else than that and not specufa-
| tive. which has been the chief factor In
Wall streets tight money market
leading money broker figures, from the
transactions In the money crowd on the
stock exchange, that the average renewal
rate for call loans this month has been
fourteen and fraction, and that the aver
age rate for new loans has been from 20
to % per cent This should afford commits
sion-house customers some idea as to the
probable state of their interest accounts.
The average of stock market prices made
a new high record yesterday.
The directors of the Metropolitan Securi-
ties Company have issued call OF S25 a
share on the company's stock. payable on
or before January 30 at the Morton Trust
Company. in order that $50 may be paid
on the stock, in accordance with the re-
quirements Of the plan for the union of
the Observation-Disclosures interests It
Is learned from official sources that the
necessary papers to carry out the merger of
the traction companies will be completed
by the lawyers early in January.
AS bearing the reports noted here re-
Gently, that the new Republic Steel-Tennes-
see Coal combination might have its hands
sufficiently full at home to prevent 1t from
carrying out its alleged plan to make things
lively for the Steel Corporation, it Is inter
esting to- note that the announced scope of
the international Power Company's new
ore land purchases would seem to indicate
potentially formidable competition for the
Tennessee Coal Merger Company. The
power companys latest Alabama acquisl-
tons are said to cover nine miles of rich
ore beds in Red mountain, the ore averag-
ing about per cent more metallic iron
than the bulk of the Birmingham district
does. and are said to put the company in
possession of a total of about 80 900 600
tons of ore of higher grade than the 4O9-
100000 tons owned by the Republic Steel
tennessee Coal companies. which are said
to be buying high-grade ores rather than
working their own low-grade veins.
AS matter of fact United States Steel
interests have contemplated the Tennessee
Coal proceedings with a composure that In
dicates anything but uneasness to their
enect on the Steel Corporation, which has
endured successfully the stress and strain
or Notation and business depression and
has perfected it's organization and strength
ened Its position while the Tennessee Coal
merger has yet to be noated presumably
at the inflated prices that represent the
cost of obtaining controD and has vet TO
be tested In competition.
The weekly market letter of Carpenter,
Baggot & Co. is a review of the year an
analysis of the present situation and
forecast. In respect to the future the let
ter says:
But few years in the history of the ex-
change have been so fraught with money
iIidhliis oppOftuMueS as has the present.
AT the beginning of the year the ma terial
recovery of prices from the undue depres-
Sion OF the previous year was looked upon
by many as unstable. Being mindful of the
low prices which had obtained, many skep-
teal traders ventured carefully on the short
SIDE of the market, only to realize their
misjudgnent.
AS the growth OF the crops advanced
ana real prosperity made itself manifest,
speculation turned more to the long side
but traders, still mindful of past exper-
fences. accepted moderate profits. and thus
much of the advantage was lost to those
who mistrusted the substantial character of
the advance, and the fun measure of bene-
hts has fallen to but few. 1t has been g
wonderful market throughout the year in
many respects
During the first half of January nearly
15o.0Oo,0OO In dividends and interest on
bonds will be released, and this, together
with the natural flow Of money to this CEN
ter. should almost rectify the abnormal
condition of the money market During the
past fifteen years we have had but two
similar money markets, and In both in
stances the change from the high money
rates In December to moderate rates In
January caused very marked benefits to
market prices
ut Is all important consideration. and a
surprising fact. that the level Of prices es-
tablished earlier this year has not since
been reached in 65 per cent of the active |
hsted stocks. 1t looks now as If the bull
market might be continued In full force for
while. 1t Is our opinion, however. that
profits should be taken on any pronounced
rise. as -stribution will surely be at
tempted"
The weekly financial review Of + q
Bache & Co. says: |
THE standard shares, such as AmaIpa- |
mated, Steels and IInion po,.;6o do,,jr.+aS /