Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-02
BULLS AND BEARS

NEW YORK, January 2.-Eor the Whole
OF this month at least, the best banking
opinion obtainable is that money rates will
be easy only as they may look SO in COM
parison with those that obtained in Decem-
Der. 1t is doubtful II the interest charges
to commission house customers on last
months accounts averaged In excess of 10
per cent There are many firms who made
such a good average between that time and
call money borrowings that they were able
to charge their customers as low as per
cent and still make little money III in
terest. A broker is justified in charging
+ something for his credit.
+ *
The open winter so far has meant great
zeal IN the way OF net earnings TO the rail-
roads. with the enormous traffic offering.
Heavy storms or protracted severe cold
at the same time keep down gross earnings
because much business in sight cannot be
handled at all.
X
Belief persists that the ST. Paul wants
the Kansas City Southern and that the ST.
Paul plans contemplate a great gulf as
well q great Pacific coast railroad sys-
tenn A ST. Paul announcement of impor-
lance, presumably relating to the financing
of Its extensions. is expected by or about
the middle of this month.
4
There does not seem to be anything In
the way Of such change in control of
the Brooklyn Rapid Transit Company as
win assure harmonious cooperation with
the consolidation traction interests on the
Manhattan side of the East river but the
demand that would certainly be made for
Inn = o., IL
legislation apparently stands in the way
Of combining the Brooklyn Rapid Transit
with the rest of the cty's traction system.
THE truth about Lawson is" says vet
eran broker, that you can't string your
following for more than a year and have
any following left. 1t is fact that even
in the bucket shops. where Lawsons tips
were most eagerly taken at first, the play
ers have long since begun to copper any
position he advises. The trouble has been
with Lawson that the following he created
at first soon found that II could never tell
what he was doing. He has excused his
various theftS, his statements that he was
really long of the market when he had been
yelling panic and the like, on the ground
that lie was tricking the system, getting the
system to bid prices up so that he could
unload, and so forth.
so today Lawson's erstwhile following
doesn't know whether to believe that there
is any such bear pool as he processes to be
managing, whether, matter of fact
Lawson is long or short of the market or
In 1t at all, and whether the mortgaging of
his house, the proclaimed losses of the al
ieged pool and Lawson's own statements
that ne is risking bankruptcy are to be
taken at their face value There is such a
thing as being too tricky
In the course of publishing himself broad
cast Lawson has contradicted himself
many times, and whether or not he has
been aware of it has frequently made out a
good case for the system while endeavor-
ing to demolish It. In this mornings broad
side statement, for instance he made 1t q
point that the Amalgamated Copper Com
pany owned but half the outstanding stock
or Anaconda CAS- matter of fact 1t has
been understood that the controlling inter-
est bought by the Amalgamated in 1889 was
almost 10 per cent? Then Lawson went on
to say:
The insiders loaded up with the out
standing shares; then put afloat the stories
OF wonderful new discoveries underg round:
that caused the price of Anaconda to be
bid up by buying 1t with the treasury OF
the Amalgamated"
If that statement of Lawsons is true,
then the Amalgamated certainly owns a
good deal more Anaconda than 80 per cent
counting in the stock alleged to have been
oouS III III tile DluOJIR-uD process. linen. II
it is true. not that great strike" Of new
copper has been made at the Anaconda
mines, but that discoveries have pecu ma dc
which show that the Anaconda ore beds
nave hitherto unsupported continuity and
permanency (Which is the real fact al
legeO, then the Anaconda shares and the
Amalgamated shares, on account of the ir-
creased holdings of Anaconda, should he
worth more, In view of the strength of the
copper metal market.
However LawsOn's account of the rise
in Anaconda does not agree with certain
known facts, among others that the ed
vance in the shares began in London. " here
it was ascrlbed on good authority to buy
ing by the Rothschilds and allied in.er-
ests. Moreover, Lawson proves too much.
Why should not the insiders unload their
Anaconda on the Amalgamated's treasury
II they were going to use that treasury to
buy Anaconda stock at all?
Frank A. Vanderlip was quoted today as
saying: ITO my mind the new year dawns
with big promise. On every hand one may
read the most encouraging signs 1 have
little patience with the current pess.n,ism
i am most optimistic"
On reading this a longtime member or
the Wall street community, who recalled
Mr.. Vanderlip's address before the Bankers
Association In Washington last October,
said: Perhaps trees will grow to heaven
after all"
Three new high records have just been
established by the Pennsylvania railroad
Pittsburg division. The best record for a
single days haul on the division was the
last day of the old year, the best record for
one month was made In December, and
1905 was the best year in the roads his
tory. Last Saturday there was 6,4I0 cars
handled-trains west bound The biggest
w n
1892 cars were handled. The average daily
movement for the year was about 4,75U
cars. Another record broken was that of
the number of cars handled in and out OF