Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-09
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, March 9.-Probably II will
b very much easier to get great deal Of
credit from Europe than great deal OF
gold. despite the rapid fall In exchange.
II the exchanges are moving In favor OF
this country on account of an outlook TOR
settled peace abroad the movement shows
how prophetic were Dean Johnson's words
last spring in his address on the effect OF
the swelling gold production when he said:
Since 1896 the gold holdings Of the great
banks Of the world have increased by over
one billion dollars. but much of this new
gold has been boarded to provide for the
extraordinary contingencies OF war Not
until the worlds peace Is comparatively
assured Will credit take wing and bring ali
the new gold into potential contact with
goods and securities Concerning the pre-
else effect upon prices and the rate OF In
terest. we can only speculate, but that
prices must tend upward and the money
market be subject to violent disturbances.
we can be reasonably certain.
These remarks were prefaced by the
statements that During the last seven
years great commercial nations have been
quence normal expansion OF credit has
been impossible
great rate The Union Castle Line steamer
Briton, which left Cape Town on February
q. arrived at Southampton today and de-
iivered 81 $50, COO gold for London account.
The Peninsular and Oriental liner China,
which left Bombay on February u, ar
rived at Plymouth and delivered $o.VOOUV
gold to be forwarded to London at once.
The Orient Pacific line steamer Oroya,
which left Melbourne on January 30. nav
ing on board 81, 10000 gold consigned LOT
London account. also arrived at FiymouIn.
A Union Castle liner left Cape Iown ,oo sz
with 81 100 GOO gold on board. and r ana
o. liner left Colombo with n,Ioo.OU goio'
both shipments being consigned TO Lohoon'
"a
The frmness of the copper metal market
during the recent lull and It's present ad-
yancing tendency with sales making FOR
delivery as far away as September, seem
to indicate that the iron market Will have
another great buying movement soon The
address OF Dr. Mussey before the New YORK
University School of Commerce and RI.
nance last night was from stocK-marh ~, !
point of view, distinctly bullish on the
United States Steel issues. He predcteu
that as a result of it's ownership OF plants
and It's Arm grasp on the known sources
of ore supply the steel corporation woulo
In few years control the steel ana IRON
output of the country
X
A man who has tried the plan and found
1t to work well says:
eff you have grievance against public
service corporation whether the particular
cause Is your gas or electric light bill, your
water bill or the fact that you have to
hang on a strap. you can get even by buy
ing the stock of the corporation. would
say that IL you find in the next few months
hot cyaS
spite of the SO-cent price. you should buy
consolidated gas stock.
Conjecture as to how extensive a reduc-
ton in the regular dividend rate the price
of consolidated gas stock has been dis
counting Is various. IL some quarters the
belief is held that the rate will be cut to
per cent, and in some 1t is believed that
the dividend will be cut in half, reduc-
ton to per cent, and something that
may be regarded as very improbable
Whatever the directors do, 1t should not
be too hastily assumed by Wall street
that benefits to stockholders begin and
end with the regular dividend.
Il
The fact does not seem to be generally
known that the Lackawanna railroad has
just let contract for a second tunnel
through the hill back of Jersey City and
Hoboken. This tunnel Is to be south of
the present one and is an absolute neces-
sity to enable the Lackawanna to handle
the traffic now pressing on It's Hoboken
terminal facilities. The new tunnel, like
the old, traverses the hill above the Erie's
present tunnel, which is to be used large
ly for freight traffic when the cut through
the heights for which the Erie recently
let the contract Is completed. The new
Lackawanna tunnel, which must be fin
in l..
100000.
The Tennessee Coal and Iron Companys
output of open-hearth rails is sold ahead
to February, 1907.