Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-12
BULLS AND BEARS
speclal pispateh to Th. st.r.

| Special Dispatch to The Star.
| NEW YORK. January 12.-According to
| good Judges Of the investment market, the
January investment demand which usually
goes into gilt-edged bonds. Is manifesting
itself very largely in stocks Of high grade.
| measured BY their selling prices-such
stocks a. Great Northern preferred. Della
ware and Hudson, Pennsylvania and the
like. Speculative bond Issues are also
| coming into favor. One reason for this IL
| the absolute famine in respect to high
grade bonds at any but prohibitive prices.
i Another is the confidence of investors In
| the speculative outlook.
xA
| A foreign banker. who has shown him.
self to be an excellent Judge of values.
says that the high-priced stocks are still
| the cheapest on the list. Nevertheless, the
movement that has begun on the low-priced
Issues Enthusiastically appeals to the rank
ana hie OF public participants in current
able or willing to put up for margins
seems to be better proporuoned to the low
priced issues than those Of higher quota
t tion. beside the man of small means feels
that the high-priced stocks can score rapid
ana large declines we'll as rapid and
extensive gains, and that he stands bet
ter chance In a stock which he could prob
ABLY take up and lock away If necessary.
Here are few prices which some conf
dent optimists expect to see reached before
the bull market eliminates. for a while at
least: Copper, $50: Sugar, 200: Atchison,
100: Brooklyn Rapid Transit, par; st. Paul,
22o: Delaware and Hudson. 300; Erie, 60;
Great Northern. preferred. 400; Louisville.
D.
trail. 175 North American, $50; Northern
Pacific, $50; Pennsylvania, 10; Reading
go: Sloss- Sheffield. 10; Tennessee Coal and
Iron, us: Union Pacific. 200; Steel. COM
! mon. 90. and Steel, preferred 1875 = !.
These are not quoted here as tips, but be-
| cause they Illustrate what a good many
men, not few of them regarded as sane,
sober and conservative, think of the value
OF securities measured in terms of the
country's progress.
The Union Pacific dividend meeting will
probably not be held until February, so 1t is
said now In well-informed quarters. That
| is moro reasonable than to expect the meet
ing to be held this month, although Wall
street had been tipped of to look out for
early action. The dividend Is not payable
until April. From the same sources from
which comes the new information as to the
probable time OF the dividend declara ton
1t Is learned that the stock will probably be
treated so literally in the way of dividends
that a price Of S170 share. at least, is like
iy to be made prior to the forthcoming dis
bursement.
OF course, whatever is bullish on Southern
Pacific and the Great Northern and North
ern Pacific stocks. of which the Union Pa
cif1c holds so large a quantity, reflects
bullshly on Union Pacific. This holds even
II 1t is true, reported. that the Union
Pacific IS feeling out the Hill stocks that
1t holds free and unpledged. .,
A new high record level was shown by the
average price of stocks at the close last
night.
Compilations Of railroad gross earnings
made by Wall street news agency return
| with comparisons for the corresponding pc
RODS last year: For the fourth week of De-
cember the gross earnings OF thirty nine
railroads aggregated $13,273, 6s6. an in
| crease of s7s5. 1s1. or 2.29 per cent. For
the month of December the gross earn
ings of forty-onA railroads aggregated $685.
941, 69S, increase of ASST. 152. or S92
per cent. For the first week Of January
the gross earnings Of eleven railroads ag-
gregated $3.s27. 8s2, an increase OF s272,-
651. or 500 per cent.
Although the Mexican government has
spent 100000 on its work at Manzanillo
the harbor at that place has yet to be
improved to make 1t what it Is eventually
expected to be, the most important Next
can harbor on the Pacific coast. 1t Is
now known that a large part of the last
loan floated in the United States for the
Mexican government was for the harbor
improvements at Manzan1iio, which Is to
be the principal terminal point of the
Mexican Central system.
The General Asphalt Company of Phila-
delphia has declared dividend Of per
cent on it's preferred stock, payable March
/. The distribution calls for the payment
of 1892. 1872.
The committee having charge of the re-
capitalization of the American Bank Note
Company announces that more than a ma
jority of the companys stock has been de-
posted with the Bankers Trust Company
under the plan and agreement of De-
cernber 12 last The committee, therefore,
has declared the plan effective and binding.
~
Speyer g. Co. announce that the issue
Of 1000, 600 pounds 5 per cent bonds of the
Hokkafdo Company, Japanese railroad
company. have been floated by their Lon
don house and the Charter Bank Of Lon
don.
A prominent banker was quoted today as
saying that Pennsylvania stock was about
the cheapest investment In the list He
said:
THE company has a great record as an
ga rner and dividend payer, distributing 8
per cent for several years past. 1t Is held
in high esteem abroad
Recently. as is wen-known, an organized
movement has been undertaken to interest
French investment capital in the securities
of the company. Pennsylvania is earning
over II per cent or double the dividened
disbursement and the earnings of the prop
erty were never before appropriated 1t