Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-14
AND BEARS

| NEW YORK, July 14-One of the
shrewdest of the unknown large speeula-
| tors In the street-a man whose name Is
| rarely mentioned in the days talk as q
| market factor, but who has probably, at
| times. had an interest not far from half
| million shares-thinks that the long side
/ OF stocks win be found to be the most
profitable for some time to come. There
| are many men more talked about than he
who agree with him. AS for the judgment
| OF important banking interest. concerned
more with the investment than the specu-
lative futures of the situation. 1t Is as
! nearly as can be ascertained. that the crop
| promise. the quantity OF money In the
/ country and the additions making by In
creasing circulation and new gold. the tre-
mendous stock of new wealth. which VIII
come out of the ground this year. the state
of trade and industry and the prospects OF
still greater activity and the absence OF
any really menacing conditions. do NOT
| warrant sales of securities at the preVahlns
prices.
The credit situation may look rather over
| extended. but to large degree this Is on
set by lack Of anything resembling an
over-extended speculative position. at least
| SO far as Wall streets commission houses
are concerned. Money rates may work
! higher soon and stay up for while in the
fall and early winter. but If this Is Drouent
| about by large crop requirements ana tue
needs of a commercial and industrial DOOM
| that kind of bull market that mas oeeh
known to accompany high degree of gen
eral prosperity would not be an impossl-
bility.
Compilations of railroad gross earnings
made by a Wall street news bureau show
the following results, compared with the
| ziy,rr rio dc In OF
For the fourth week of June the gross
earnings of thirty-eight railroads aggre-
gated $40, 425, 094, an increase OF $24S,36S, or
IA per cent. For the month of June the
gross earnings Of forty-five railroads ag-
gregated $50, 4I6, 63S, an Increase or $3.ooo.
9T9 81 per cent. For the first week OF
July the gross earnings of twenty railroads
aggregated 1888. $50, an increase OF va
sO25, or 4.52 per cent. The gross and net
returns of eighty-four railroads for the
| month of May were as follows:
Gross earnings, $107, 1S1. So; increase,
| 50 76S 45O. Operating expenses, s73 .99O. S46;
| increase. $685. $50 Net earnings. vs., 's4.-
479; increase. So, 1885, 61.
| The gross earnings Increased 0W per
cent operating expenses increased 9o3 per
cent and net earnings increased 1903 per
cent.
From July to May 81 gross earnings,
1876 81 900: increase, 20: ~. ope s
1l4,994 Net earnings. 1888. ,sla3; increase
S24. $50, 453. =
The gross earnings increased 4.oo per
| cent, operating expenses increased so per
cent and net earnings increased I.G per
cent.
Reference has been made here to the way
in which the banks have been losing net IN,
creased circulation. 1t is now estimated
that almost all the government bonds un-
der the government deposits Wnlch Will
have been returned by tomorrow noon I'M
der the treasury call will be used as basis
of more circulation. Practically % per
cent of the bonds released under the vari-
Gus calls for the return of public funds this
year 50 far have been SO used.
Coal and iron are the commodities TO
watch and facts about them are the sta
tiSticS which must be studied by any man
who would be best informed as to the prob
able cause of security values. In the study
attention should be especially directed TO
what looks like the inevitable domination
of the coal and iron industries by the Ala
bama field.
Alabama is expected to move up next year
from the fourth to the third place among
the states that make pigiron. and practical
steel and iron men say that only few
years will pass before it will be first AS it
is now, pigiron is quoted the world over
Birmingham delivery. One fact more
advance Alabama to supremacy, and that is
the growing demand for open-hearth steel,
A statement was published today that by
1910 at the furthest the production of open
hearth steel would exceed the BeSsemer out
put Bessemer production in this country
Increased 100 per cent from 1894 to 1905,
while the open-hearth output increased 700
per cent AS for COAL the prediction of a
well-informed man is that Alabama coal
will be delivered in English ports in the
next few years cheaper than coal Of equal
grade can be mined in England.
X X
Export lumber to the amount of 16. 775 coo
feet was shipped over the Gulf and Ship Is
land railroad in June. The total amount OF
export lumber shipped in the fiscal year
ended June 30, 1905 amounted to over 226,-
0O0.00o feet, as against $4,000, 600 feet dur
ing the previous year.
=
Some serious thought is being given to the
commercial consequences of what appears
TO be inevitable and speedy change In
the complexion of the British government
The signs of the times indicate that a lib
emily the ministry of a party without a
leader and without policy.
The Buffalo and Susquehanna railroad has
established somewhat novel industry,
which promises to be a good freight con-
tributor. Just north Of Muleton Pa on
the main line, mountain of sandstone Is
being developed commercially. The stone is
of particularly fine quality, and almost I'M
limited in quantity After being cut from
the top of the mountain the stone Is lowered
by endless chain directly into the cars of
the Buffalo and Susquehanna. Among ntl-
merous orders one for 400 carloads was re-
Gently received.
Bull tips are out on American Ice stock