Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-14
BULLS AND BEARS
Special Dispatch to IN. star.

Special Dispatch to The Star.
NEW YORK, July A-Specuiative senti-
meDt with respect to the immediate future
/ OF the stock market was about as much
mixed today az It has been at any time
during the decline which has been In prog
ress almost uninterruptedly for some weeks.
Representatives OF large commission houses
and brokers on the floor said that during
the week they had detected considerable
amount Of buying by large interests. 1t
was also stated that some OF these inter-
ests had informed their friends that they
believed that standard stocks should be
bought at this time. The absence. how
ever. Of sustained buying Of general char
acter led many Of the speculative interests
to the belief that capitalists as a whole did
not believe that the time has come for
buying stocks on a large scale, either for
investment or speculation. The opinion was
very generally expressed that the market
would drift along within a narrow range
until those with large means were more
confident with respect to political matters
and various other questions which were
now regarded as potent factors in the stock
market.
prominent railroad man pointed out
that favorable feature In the railroad
situation in comparison with few years
ago was the greatly increased financial
strength of the smaller railroad corpora
tons. and the greatly improved physical
condition of this class of properties. For
Instance. the Iowa Central. which for
year or two was unable to earn its fixed
charges. would for the fiscal year Just
closed be able to show that the deficit had
not only been wiped out, but that a good
sized surplus in addition had been made.
This was arrived at after having made lib
eral expenditures the property during
the year. The property was now in better
shape In every respect than at any time in
Its history.
l.. s. Day. vice president and general man.
ager of the Minneapolis and st. Louis and
Iowa Central, who was in town yesterday
said that the earnings for both roads during
the new fiscal year would be even larger
than for the year just closed even though
the earnings for that period were unusually
good. He said that crops In the section
covered by both these roads promised we'll
he added that the reported shortage of the
oats crop was confined to certain sections
and was not general The construction of
the western extension of the MINNEAPOLIS
and St Louis was being pushed as rapidly
as possible.
Track laying would be begun within
rev days. and the contractors were under
agreement to complete the entire line OF
about 2io miles by November 1 next 1t
was expected that this line would material
~ increase the traffic of the present Min
neapolis and Iowa Central lines 1t was
claimed by those who are in a position TO
get authentic and even official informa ton
that while Secretary of the Treasury Lii
mantour Is In Paris important negotiations
looking TO the control of the Mexican Cen
trail by the Mexican government were likely
to be contaminated
The total gross earnings of sixty seven
railroads for the month of June were So
70s.eo2 as compared with s64 2o5, go in the
corresponding month Of the previous wear
an Increase of $500. $40. Or 13.14 per cent.
For the first week of July the total gross
earnings of thirty-five roads amounted to
1928. ISL. as against ST,322 26S In the same
week or 1905, an Increase of 1881 ,313 or
1903 per cent.
The Carnegie Steel Company, according
to Pittsburg correspondent, has the great
est tonnage Of untitled orders on it's books
IN the history OF the company. This re-
fers, not to contracts. but to actual orders
on which shipments can be made During
period when ON the surface trade has ap-
peared to be dull. manufacturers have been
surprised at the volume OF business which
rolls In day after day. There Is nothing
spectacular about the booking of steel
business. through the reformation caused
by the establishment of uniform and steady
prices. There Is no cutting and there are
no rushes to cover. Orders are placed Just
as consumers find they will need the ma
terial
Most of the agricultural implement
makers have already started their plants,
and others VIII within the next fortnight.
Their season begins nomnally on July J.
but usually they do not start making stock
hafore her he
Is the earliest start on record and indi-
Gates that a very optimistic view is held of
the prospective buying power of the agri-
cultural sections.
The steA plant of the Firth Sterling Com
pany at Demnler. resumed operations yes
terday after shutdown of two months.
The fires in the proJectile furnaces were
also lighted and work in this department
was resumed yesterday.
The total bank clearings of all the clear
| ing houses of the United States for the
week ending today Saturday. estfmatedD,
have been 81. 72o. 266,S17. as compared with
s., S91 .094 1886 last week and 81. 700 544 GAG in
! the same week a year ago. Gains COM
pared with the corresponding period in 1905
Were reported by the following cities: Bos-
ton 6 per cent; Philadelphia 1871 per cent:
Baltimore. 17.2 per cent: Chicago, IA per
cent. ana st. Louis. "A per cent. Losses
were sustained by New York and New Or
leans or As per cent and 100 per cent, re-
spectively. The total for all cities for the
week. compared with the second week OF
July last year. increased OF per cent.
J. S, Bache & Co.'s weekly review says:
THE bank reserves slightly above the
legal requirements, with little prospect for
an increase before the crop-moving ship
ments to the west set in. There are two
sources from which the bank reserves can
be replenished, either from Europe in the
form of gold shipments. or through liauida-
tion in prices and a reduction in loans. At
present the latter process seems to be in
progress. Pools and cliques find difficulty
in getting proper accommodation at the
banks and are obliged to tighten their loads
The clique-controlled stocks have been the
weakest stocks in the declining market in
the past fortnight.
"A word on the government report on
crop conditions: Another harvest Of plenty
will be the reward of the American farmer.
Conditions are perfect: Ideal weather for
garnertng the crops. Can the American