Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-28
AND BEARS


market has ali the earmarks OF going con-
siderably higher II adverse factors do not
develop
Little Is heard now with respect to money
and not much is said regarding the cleo
lions next autumn Not few banking In
terests profess to be opposed to a cam
paign for higher prices at this time, but
they also admit that apparently the market
Is IN strong hands and that further re-
coveries and advances are almost certain.
1t is generally believed that factors like the
Russian revolutions, the possibility of high
er money In the fall and UNPLEASANT devel-
opments at the autumn elections are being
largely dfsregarded and the large crops and
excellent condition OF the steel trade and
general business is being discounted In the
stock market
--LeAding railroad men confidently assert
that there are serious rate wars be-
tween the railroads of the United States.
There may be cutting of rates from time
to time for special reasons, as there has
oeen recently by several Of the western
roads because Of difference between two
OF them over the elevator charge at Omaha.
west this morning this matter is to be adj
tusted sooner even than the railroads which
were interested anticipated.
/
The joint convention of the miners and
operators of eastern Ohio In agreement
adopted new scale yesterday afternoon
Tor two years. Operations at the mines will
be resumed within the next few days Under
this agreement 5000 men. who have been
loie Tor four months will return to work
The new scale differs but slightly from the
wage scale of 1903.
-
The Virginia state corporation commission
yesterday declared the Churchman two-cent
railway mileage act Of the legislature in
conflict with the Constitution OF the United
states, and therefore null and void and en-
tered an order dismissing the proceeding
The attorney general Immediately took
steps to appeal to the Supreme Court of the
United states. The act provided for the
sale OF 5oO-mile ticket books of the railways
at cents mile.
The total bank clearings of all the clear
Ing houses In the United States for the
week ending today Saturday estimated)
have been sass. S33. 123 against s., go, 202.
osS last week. and $2,27s, 400. 794 in the cor
responding week last year. Gains, as COM
pared with the same period in 1905. was re-
ported by the following cities: New York,
151 per cent; Boston. IL per cent; Phila-
deiphia, 14.5 per cent; Baltimore, 1875 per
cent; Chicago. 1862 per cent: St Louis re-
ported decrease Of Is per cent and New
Orleans of GA per cent The total clearings
of all cities for the week showed an increase
or l3.6 per cent. compared with the volume
in the corresponding week last year.
1t Is not believed that any differ
ences which may have existed or which
may come up from time to time between
the ofacials or directors Of the large rail-
road systems was allowed to come to am
open fight. The situation which has existed
with respect to control OF the Illinois Gem
trail Is cited as good example. 1t is be-
lleved also that relations between the
Standard OIL and the Hartman interests
and the Hill party will become considerably
more friendly. and more closer traffic re-
latdons will be established between the rail-
roads which those respective interests rep
resent.
A weli-know cotton authority from Texas
who Is in town, says that the outlook for
all crops in Texas which have not been
harvested Is gratifying. except for cotton.
He says that the latter crop does not look
well at the present time, but that 1t Is still
in such q condition that a very good crop
may be realized or that an equally poor
one may result. He says that one of the
most striking features in the general situa-
ton in Texas Is the very large influx OF
homeseekers. particularly In the northwest
ern section Of the state.
X
There was some disappointment yesterday
over the failure Of Southern Pacific to make
further advance 1t was easy to be seen
that considerable profits was INDUCED
in. but 1t was equally obvious that the buy
ing was Of a good character. Men who have
been familiar with the movement of South
ern Pacific from the outset expected 1t to
halt for time at about present prices or
at two points higher, and to sell off several
points before the upward movement shall
be resumed. These men assert that they
do not look for dividends on Southern Pa
ciac mex month, and that, In fact they ex-
pect the stock to sell at considerably higher
prices before q dividend Is declared. They
further assert, however, that In their opin-
ion next year Southern Pacific will be re-
ceiying g. dividend sufficiently large to carry
the stock on marginal account.
Carpenter. Baggot & Co.'S weekly letter
says: THE pessimistic gale which blew so
fiercely from an unknown somewhere has
disappeared. and now come just as mys-
teriously the sentimental breezes that are
laden with considerable confidence and
hopefulness. AS Is always the case In stock
and the extreme Of the downward course
has been at least temporarily reached ana
the market has materially recovered.
1.-The big financiers have returned and ex-
press themselves as well satisfied with the
present and prospective conditions of bust
ness, and plainly state that the depression
that has prevailed was unwarranted They
all seem to be in favor Of higher prices.
The banking interests have also taken
hand at changing the adverse sentiment
that has long prevailed against the stock
and Investment markets.
y
J. s. Bache & Co. say in their weekly re-
view: 1.-THE keynote of the advance in prices
during the past fortnight has been un-
doubtedly due to the bulltsh attitude of the
Standard OIL party. Mr.. Rogers declara-
tons at the annual directors meeting last
week and Mr.. Rockefeller's remarks at the
St Paul meeting Thursday did much to de-
fine the position OF the Standard OIL group
toward the market Heretofore doubt as to
the position of Standard Oil had more to do
with the liquidation which eliminated on
the 18th instant than the Russian situa-
ton or any other outside factor. The adj
vances have mostly occurred In securities
with Standard Oil Affiliations: other pools
and cliques put up their specialties when
they found that group of fnanciers bulltsh
on the situation.
"Wfthout doubt reactions are necessary
and indicate healthy condition Of specu-
lation. but for the time being, barring the
Russian DEVELOPMENTS, q higher range OF