Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-03
The World of
Finance and Trade
BULLS AND BEARS
Special Dispatch 10 The Sta.

Special Dispatch to The Star.
NEW YORK, February a.-The French
chamber OF deputies has authorized an I'm.
crease In the statutory limit of the note
circulation Of the Bank of France to z.
SVoooo francs. or about s1.leoooo. This In
an Increase OF about 500 COO 600 IL the for
eisn exchange experts are correct this in.
crease should lead 20 fairly heavy gold ex-
ports from this side. They have been say
ing that the inabilityNof the Bank OF France
TO issue notes In payment for gold was
practically the only obstacle TO such a gold
outgo.
The substance of the current and anna
rently weil-founded stories about the deal
Tor the Hill ore lands Is: That a Hill hold
ing company for the lands will be formed
with capitalization OF perhaps $3.50. ooo 900,
equaling the amount of Great Northern pre-
ferred outstanding. that part. IL not all. of
TINS capitalization will go to Hill road stock-
noioers on such terms as to give them
rights OF great value, that the holding
company stock will pay at least per cent
diVioends annually. and that the United
states Steel Corporation has hid 75 cents
a ton for ore in the ground (of which a
certain minimum is TO be used yearly and
20 cents ton to ship over Hill lines
The S25.OOOOo0 plant which the Steel Cor
poration Company Is to construct at Chi
cago indicates that It Intends to establish
something like secoWd Pittsburg In the
west. Some persons may think that tho
price reported to be bid for the Hill ores s
large, but It should be remembered that
Mr.. Schwab has affirmed that the ore hold
ings of the Steel Corporation were worth
at least 81 a ton In the ground and that
Andrew Carnegie, when asked G month or
two ago about this very deal, said that he
thought IL good thing for the Steel Cor
poration to acquire all the mineral rights
1t could.
There is belief in well-Informed quar-
ters,' say Edward Sweet G. Co., that prior
to Mr.. HIS departure for the south an ar
rangement was concluded between him and
Kuhn, Loeb & Co. by which the remaining
holdings of the Great Northern preferred
and of Northern Pacific belonging TO tho
Union Pacific were taken over by Mr.. Hill
and his associates. For some time past sales
of Great Northern preferred by houses iden-
titled with Kuhn, Loeb &c Co. have been
the only obstacle to an upward movemepe
in the stock"
Ax
If the prices named in alleged inside Cos.
sip for certain prominent stocks are fairly
Indicative of plans under way. then It can
hardly be doubted that before long there
will be important developments in the rail-.
road and Industrial world. Some Of the
figures heard are 500 for Great Northern
preferred 200 for Union Pacific. 80 for
Amalgamated Copper and 200 for Smelters.
-
* as
A stage has been reported In the stock
market where 1t seems almost certain that
the market cannot, for the time being at
least ha ssbfrlifpd'' nd a.
facts and events must provide the argu-
ments for further advances.
The aggregate Of new bond offerings since
January 1 is not far from s10o. 900 600.
-
In a market subject to such wide f1uctua~
tons and swings as Is the present ono
many traders make q mistake in averaging
their lines too closely.
Followers of Canadian Pacific say that
earnings from all sources will amount to
about 20 per cent on the stock in the cur.
rent fiscal year. 7k9
554
u X
When broker buys 10000 shares OF q
stock without putting up the price," said q
skeptical broker yesterday. II think the
orders must have come from China"
y
The per capita circulation of money In the
United States is now greater than ever be-
fore. The population OF the United States
on February l was estimated at S4,o77,00O
and the circulation per capita s31.SS.
The total bank clearings for all the clear
ing houses OF the United States for the
week have been So. 667, 23s. s13, an increase
of 7L409. 337 over the corresponding week
last year. or 266 per cent. So far as the
individual cities are concerned, New York
EXHIBITS a gain of 291, Philadelphia 1875.
Baltimore 23.s. St Louis 20.2 New Orleans
1871, Chicago 107 and Boston ID per cent.
The price of seats on stock exchanges out
side this city continues to rise. while MEM
berships here are stationary and off from
the top. 1t is almost impossible to escape
the conclusion that this is the effect of the
stock transfer tax. A bid OF So, 100 for q
seat the Pittsburg stock exchange has
been made. This is 81 900 above the last
price made some time ago.