Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-27
BULLS AND BEARS

Special Dispatch TO The Star.
NEW YORK, January 27.-As an evil
dence OF the effect OF the decision of the
appellate division of this state that the tax
on stock transfers Is constitutional the gov
erning committee OF the Baltimore stock
exchange has decided to permit trading In
stocks listed on the New York stock ex-
change. Attention has previously been
called to the fact that the value of the seats
on the Boston and Philadelphia exchanges
has increased more rapidly than the price
OF seats on the New York stock exchange,
largely on account of the tax law in this
state. which was upheld yesterday.
-
William Solomon d Co. are Offering first
men collateral trust sinking fund f,fty-year
per cent sold bonds OF the Manila Electric
railway and Lighting Corporation, a ma
1ority OF which were taken at private sale.
fhe remainder offered at 100 and IN
.erest to yield per cent. The special fea-
lures OF the security enumerated are: sAb
soute control or the street railway ,o-er
ana lighting business Of Manila: a ffty-
year franchise covering the entire business
% 'ue company; sinking fund to redeem
the entire authorized issue of bonds priSr
10 maturity and before the expiration of
the franchise: net earnings OF the company.
equal to about twice the interest charges
It's new power plant"
Up to date the average movement NJ
freight cars In and out of Altoona Pa
over the pennsylvania railroad has been
"'ooo day, which indicates that the
freight movement over that road will
snow the largest tonnage in the history of
the Pttsburg division. The enormous
uainc rs due principally to the unusually
Carpenter, Basgot & Co. in their weekly
letter say: ~ N'
conditions during the week have not
changed materially. The open winter is of
great benefit to railroad earnings per
mlttlng freight handling at q minimum
cost, Which viii cause pleasant reading
Tor stockholders when the net earnings for
January are compared with the correspoud-
ing month OF previous years. Considering
these conditions and the amount of trafic
offered We predict that January net earn
ings this year will be greater than in any
corresponding month I'm the past history
OF the country
The railroads are not the only benefci-
aries A vast amount of work that is
usually either wholly or partially suspended
In the winter Is In full swing. to the benefit
OF steel producers. the building material
trades. the wage Garner and In a thousand
other direct or indirect directions
Dealers in seasonable goods have cause to
complain. but the movements of general
I1aL the open winter
is also benefit to that important branch
of industry. The stock market is usually
sensitive to crop news, but the present de-
cline in the wheat market passes unnoticed,
but will probably be considered later.
j. s. Bache & Co. say in their weekly re-
view:
The market this week has been a mys-
terry. To all outward appearance II has
seemed heavy to the point of breaking.
There was no new development to explain
the uncertainty, but pronounced selling
movement was in progress throughout the
entire week with pressure in evidence on
the mining group and on Union Pacific.
The most plausible explanation of this
weakness was that the western group of
operators, SO prominent recently in Ten
nessee Coal and Iron. had rIquidated their
stocks and taken the short side of the
market. Whatever the source of the SELL
ing, stocks were wonderfully well taken
ana the market rallied Immediately on the
removal of selling pressure.
1T was apparently something similar to
the small boy-drawing stick from the
water and looking for the hole. The I'M
DERIVING strength and strong buying power,
on recessions such those of this week.
are impressive. 1t promises higher prices