Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-10
BULLS AND THE BEARS |
Gossip Of the Stock Market
in Wall Street.
Special Dispatch to The Star.

| Special Dispatch to The Star.
| NEW YORK. May Done Of the largest
briage builders in the country says:
| From all 1 can see the steel business
| next year will be better than this years.
The present lull in the iron trade indicates
nothing In view of the sustained demand
for finished steel products"
A broker whose hobby is the coal road
| stocks says:
| III there are any purchases In the stock
list that look like absolutely safe bets they
| are some Of the coalers. OF them all favor
Norfolk and Western. At the going price
it returns almost 4 per cent, a yield almost
sufficient to board the stock II carried on
margin. For several years the company
has been charging from s., 600. 600 to s., 500.-
009 out Of net earnings to betterments and
| carrying over an average of $780, 600 surplus
| after that and paying dividends. The pres
ent per cent dividend Is safe, and it has
| been admitted that the directors expected
to Increase the rate to per cent at the
| last meeting, but postponed this action at
the request of the president until after the
end OF the fiscal year. Norfolk will soon
| sell up around 70, in my opinion, on buying
| by substantial investors, and when the divi-
dend Is increased you will not be able to
| Jake on so much below par
| Northern Pacific's earnings are an encour-
agement to those who expect an increase
| in the dividend. From July last to the
end OF April, gross increase. $3,O96, 553 over
the corr espondlng period the year before.
II am one Of the poorest men in the
street for you to consult" said the active
head of an investment house today II
rarely see or know the things and facts
which would enable me to form an opinion
as 70 what particular stocks Of the mar
ket In general will do this week, next week
or this month Or next month. AS for the
| day-to-day market, sometimes do not see
the tape OF hear a. quotation for hours at
a time, and what Wall street wants to
know Is what the market is going to do
Immediately. Next week Is eternity. Never
theless on what / have seen and learned
lately am grea' bull on all good stocks.
l am buying for interests that plan cam
paignS and don't scalp for turns that buy
on scale down and sell on a scale I'D.
| 1t is nothing to me that the so-called pub
| lie is Indifferent. Values are increasing
steadily, measured by good general busl-
| handling corporations and the railroads are
| sharing prosperity. The crop outlook is
| excellent and l am convinced at bank
| credits will be largely increased tbs sum-
mer as a result Of the transactions be-
| tween the government and the leading in
| situations"
Coal trade conditions are an excellent
| measure of Industrial activity. The Coal
Trade Journal says today: while specu-
| lation has its ups and downs and is now
| passing through one of the downs, the facts
| remain that all general conditions are good
and no fear need be felt of financial strn-
gency. Hence coal tonnage requirements
will continue on the same high basis as at
| present. Despite all the remarks relative
| to lack of demand and sundry efforts at
restriction. the fact remains that the btu
| minous tonnage for the first three months
of the year was more than for the same
= 1act md fin1
as have come to hand fol the month of
April indicate that that is in advance of
the corresponding time last year. Some
what irregular are the reports from the va
rious trade centers.
While the general tone is unsatisfactory,
cry correspondent can seq some bright
feature in the situation, and all seem
agreed to the good future outlook, some
placing the time of period of revival nearer
in the immediate future than do others. In
anthracite the month Of May. with it's
higher cost price, starts out with good de-
mand, which is expected to improve the
| month goes on and the time for another
duction in discount approaches. From now
on large tonnages of anthracite may be ex-
pected. with probably one or two record
breaking months The fact remains that
record breaking will not be so easy after
October l, as transportation is always more
or less impeded at that time, and the
shortening days interfere with outside
work.
The American Shelters Securities Com
papy, which will succeed to the business
of the American Exploration Company, has
capital Of 81, 600. 600. divided into $1,000
600 of preferred stock, series A, 6 per cent;
| $50, 100000 of preferred stock. guaranteed
| 5, and $30OOO.OO0 common stock. The
American Shelters Securities Company
will be controlled and managed by the
American Smelling and Refining Company.
and the officers of the two companies will
be almost Identical.
Under the original organization of the
American SHELTERS Exploration Company
there were taken over from the Guggenhem
Exploration Company all of it's property
interests with the exception of the Espe-
rama gold mines. To these properties has
recently been added. at cost of $1600,0O0.
the Central Smelling Company of Missouri,
which is tributary to the lead Smelter of
the company at Alton, ILL.,, having capac-
ity of 125 tons of pig lead daily. 1t Is esti-
mated by the officers of the smelling COM
pany that the business and profits of the
American Smelling and Refining Company
will be increased not less than so per cent
on account of taking over these and other
properties.
speyer & Co. notify holders Of their tenn
porary certificates for United States Of
Mexico per cent gold bonds of 1904 that
the bonds themselves will be ready for de-
livery at their office on or before May 1,
and will be issued upon surrender of the
certificates. Certificates surrendered must
the bonds delivered in exchange will carry
the coupons due on that date. AS the first
drawing of these bonds for the sinking fund
Is before May 20 holders of the certificates
are required to present them for exchange
at once.
meeting of the executive committee OF
the New York Central Railroad Company
was held today, at which the sale of $lO,-
OOO. 600 debenture bonds of the Lake Shore
Railway Company to ]. P. Morgan CO.
was ratified. 1t is stated authoritatively
that the proceeds of this sale will be de-
voted in various ways to the general inn
provement of the Lake Shore system, ana
are not to be used for the purchase of
Erie common stock or any similar object,
as was stated by us several days ago.
The board of directors of the Lake Shore
Railroad Company and the Michigan Central
Railroad Company organized today by re-
electng the retiring officers.
The stock exchange management has
taken no definite action regarding the stock
transfer tax The law becomes effective
on June /, the date of the closing of the
courts for the summer, and therefore the
NV Of no lax