Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-17

Special Dispatch to The Star.
NEW YORK, February 17.-For the first
week in February roads reporting show
net Increase of 1858 per cent
Two years ago when money was a drug
and prices of stocks were down. profess
sional Wall street was violently bearish,
arguing that the glut OF money showed
that the country was not prosperous Now.
when stocks are up. professional Wall
street, with characteristic intelligence, is
violently bearsh because the country Is so
prosperous as to make money worth its use.
X
IF the speculative skies were all rose
color and IL stocks were strong / would be
disposed to sell them now" said veteran
broker today. las 1t Is, with the market
sloppy and with bear clouds ali over. / be-
lieve that there Is only one thing to do. and
that is to take advantage of all declines
and breaks and buy them
It Is logical to assume that business Will
continue good throughout the country unth
it appears that there are signs OF an I'M
portant change 1t is logical to assume
that as good crops will be raised as last
year, until it is demonstrated that TINS is
not so. 1t Is logical to assume that the pun
side of American stocks Will continue the
winning side. as 1t always has been IN the
long run A per cent or per cent money
market has never harmed discriminating IN
vestors who had confidence In their posi-
ton and adhered 20 il, for they have always
seen their principal appreciated and the
dividend yield on their stocks increase
l. r. faI
after all his laundering in the Index, would
keep quiet while the important develop
ments In the copper industry which have
begun were progressing. All stock exchange
houses received from him today circular
calling the Montana settlement, with the
deal that Is expected to follow. very harsh
names, and limiting at court proceedings TO
block it. The circular concludes with an
offer to pay "a very large amount OF
money (real money, perhaps for three
months put on 100000 shares of United
Copper, and the same for 100000 North
Butte at $40.
The Lawson circular must undoubtedly
be interpreted corroborating the theory
that the stock markets puZzling course for
the last month has resulted from the active
efforts of an organized bear party:
A sane view of trade and financial condi-
tons is uttered by former Controller Eek
els who says: 1.-The situation in this coun-
try is very sound. There is no evidence or
over-extension of credit or promotloh.
Money will be tight. but there will be no
stringency. Tightness of money will be
caused by the expansion of business in all
directions. So far we can see, this Will
be, as it has been legitimate and logical.
There IS no sign of false or fictitious pro-
motions There are no pups as they say
in Wall street. There may be no surplus in
the New York banks. but there is plenty OF
surplus in the rest of the country
X !;
The suggestion of liquidation by the
speculative public is much more reasona-
BILE than talk of distribution by insiders.
X x
The total bank clearings of all the clear
ing houses OF the United States for the
week ending today were $2.917.0S4,S31 an
increase of $751;, 513,314 over the correspond
ing week last year, or PA per cent.
X x
The Baltimore and Ohio is figuring on
placing orders for 20, 900 freight cars, which
will probably all be steel and steel under
framed. Deliveries cannot be made before
next winter.
-fF !: x
Only some SO 600. 900 of the Mexican Cen
trails new financing represents the crea-
ton of new securities. The rest is but an
exchange of certificates.
x
Wall street is wondering If the Union
Pacific Illinois Central deal is likely to be
terests In the two companies which might
be inferred from the resignation of Stuyve-
SAINT Fish from the Mutual I4ife'S self in
VeStigating committee,