Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-25
BULLS And BEARS

Special Dispatch 10 The STAR
NEW YORK. August N-A corre-
respondent at Pittsburg says: Tho
excitement has subsidized somewhat In pig
iron. but the market il still active at the
high prices already noted this week. Crude
steel is still scarce. and prices are about
what the consumer can afford to pay. Pro-
duction Is regulated to the supply Of pig
iron. which Is insufficient, and operation OF
rolling mills again Is regulated to the sup
ply Of steel. Pig iron is the controlling ele-
ment. and will be through the year.
.*
Clark, Grannis & Lawrence say: AT the
present time it may be profitable to take
another look forward with view to antic'-
pating somewhat the general movements Oh
the next few months The study OF price
movements in previous years shows thaA
generally each year has two points OF
high average and two points OF low aver
age. We had the first high average inns
year on January e. when twenty active
railroad stocks had ain average price OF
1S836-which IL the record. We are evl-
IDENTIFY approaching the second hfgh aver
age Of the year. The average OF the same
twenty stocks yesterday was 1875, which
Is lbs below the average OF last Monday
but today this small loss was largely re-
covered. Since conditions now are unques-
tionably better than they were last Jan
uary most of the good prospects then hav-
ing been realized and others appearing 10
take their place as the inspirers or conn
dence in future prosperity, it Is reasonable
to suppose that the average on this up"
ward movement will be somewhat higher
than that reached last January"
Ball & wichers letter this morning: 'The
v,vHn
their control, and are carrying their great
load Of securities with comparative ease,
and the current of events for the immediate
future promises to be so favorable that
there will be plenty of opportunity for them
to sell stocks at advancing figures
Il y
Negotiations for the purchase of the coal
and coke railroad in West Virginia are
said to have been opened by the Baltimore
and Ohio. AS the Gould system also wants
It, the object Of this movement Is obvious
The Pennsylvania made an offer for the
road, but the deal was not made. 1t is said
because Of the friendly feeling of the
owners for the Gould people.
Xxx
A Chicago dispatch says a large stock
holder in the Metropolitan Elevated Is
quoted as saying: 1.-THE elevated road mer-
ger deal Is not off. Late next month in
New York interests are coming back to
take up the matter with greater determi-
nation than ever. Metropolitan Elevated
stockholders however, will not sell for less
than par for preferred and fifty for COM
mon. The yearly report to June 20 shows
that the company Will earn per cent on
the preferred for the fiscal year. 1t Ia more
than probable that semi-annual dividend
Of IN per cent will be declared at the Sep
tember meeting"
4 \
The Vanadium Steel Company. with cap
italization Of $4,000, has applied for q
charter. and announces that It will build
and operate a plant just outside Of Pitts
burg for the manufacture of steel by what
Is called the Vanadium process. A flfty-ton
open hearth furnace and blooming mill
will be features. It Is proposed to manu-
facture only Vanadium and other alleged
steel products for tools and springs. Va
nadium alloy is said to produce steel
that Is more durable than that obtained
by any other process.
Negotiations are reported from Baltimore
to be under way for the purchase Of the
Knickerbocker Ice Company, an independ-
emit Ice company Of that city. by the
Knickerbocker Ice Company Of Chicago.
J. 8. Bache 6 Co.'S Weekly Financial Re-
view says:
lucIc SceInS u D0 d StTOuk DcdT party IL
work against the market, and this clique
is made up mostly Of the bears who have
been badly beaten in the great Hartman
coup. This element is disgruntled at their
losses, and utilities every opportunity to
hammer prices on any appearance of weak
ness. Their stock argument is the money
situation and the fall political situation in
its relation to ths present wave Of radical
ism spreading over the country. Opposed
to this bear element, we think are the lead
ers in finance and railways. including Har-
riman, Morgan and 20 Broadway group
who were responsible for the Pacific divi-
dend deals. Their b all arguments, we think,
are the crops and the prosperity Of the
country"
Carpenter. Baggot & Co.'S Weekly Stock
Review says:
prices must respond to crops, earnings
and prospects. and SO long as these point to
q long continuance In the same direction It
looks as II material or permanent declines
were not to be seriously considered.
criminatio min the selection Of stocks. II
for purely speculative quick trading, of
course the issues that are now active must
be used. but the patient trader whose at
tentions not wholly given to the market
might profltably buy the lower-priced stand
ard issues that have not been in the lime
light Of public attention recently. but which
may be brought to the front at any time.
THE industrial group Of securities has not
kept pace with the railroads in increased
dividends. although all show largely in
creased earnings. With the conditions Of
business present and prospective this class
Of stocks should make greater returns to
stockholders.