Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-24
BULLS And BEARS
special Diseatch to The star.

80
Special DisDatch to The star
NEW FORK. July 24-Some SPECTATORS
were today rather skeptical with respect
to the character OF yesterdays stock mar
ket transactions and It was maintained
| that in view OF the Russian situation prices
were illogically and unduiy advanced 1t
was admitted freely that except for con-
ditions In Russia very substantial recov-
cry In our market would be In order. There
was genuine confidence regarding this
years crops, although. OF course. the spring
wheat crop was not out Of danger and corn
would not be certainty for six weeks or
two months. Men who are coming to town
every day from all parts of the United
States bring reports regarding business con-
ditions. which clearly show that the pros
perity which prevails throughout the coun-
try was even greater than has been gener-
ally realized here, although 1t has been
known that conditions were highly salts
factory. On the basis of this great pros
perity and the extremely bright outlook
prominent interests would be In favor OF
starting an active campaign at this time.
but In view of conditions abroad they are
Ct the opinion that such action should be
postponed until the foreign situation clears
up or at least assumes more definite shape
Y
Brokers who are watching the money
market closely are beginning to admit that
the recent reported stringency was more
CIR less artificial, An official of we'll
known trust company said today that In
his opinion the caution which the banks
and other lenders of money have exercised
would result in easy money next fall. when.
1t had been claimed, there would be Sert-
Gus stringency. He added that the institu-
ton with which he is connected had re-
fused to make loans over the end of
the year, and that all of its re-
cent time loans mature during the COM
ing fall. when 1t had been maintained that
money would be In the greatest demand
This trust company official said that he I'M
derstood that other institutions had loaned
large amounts OF money on the same plan.
He stated also that there was an abund-
ance of funds at this center now and he
was inclined to believe that there would be
plenty of money a few months later. and
that money at that time would not be an
adverse factor In the stock market.
A man who is familiar with conditions
abroad In a general way said that If the
Russian situation became more serious it
would undoubtedly result in the selling of
American securities to some extent. He
believed, however, that in due time addf-
tional trouble IN Russia would result in
further investments by Europeans in
American securities. on the theory that
they were much safer than foreign securi-
ties.
The western grain rate war is over so
far as the Burlington and Union Pacific
are concerned. On July 20 the former
road will restore the tariff previously in
effect on grain from interior Nebraska
points to Omaha Its reduction was made
to meet the Union Pacific payment of one
and quarater cents elevation to ell ele-
vators at Omaha, Council Bluffs, South
Omaha and Kansas City. It is expected
to grant the same allowance. The Rock
Island has followed the example OF the
Burlington. The fight on bridge charges
. for hauling grain to and from Council
Bluffs has been amicably adjusted, the st.
Paul reducing It's switching charge to 81
a car The Illinois Central, Yazoo and
Mississippi Valley. Mobile and Ohio, Gulf
and Ship Island and Frisco and Southern
have issued Joint supplement to their
tariff announcing q reduction Of one and
one-fourth cents a hundred pounds on
grain shipped from Omaha, Council Bluffs,
etc, to the southeast and Carolinas. Mem
Of the abolition Of elevator allowances at
Missouri river points.
1t is reported from Chicago that persons
who know the earnings for the half year
ended June 30 of the Peoples Gas Light
and Coke Company say that 1t Is certain
to earn more than $4,000. 900 gross this
year. In 1905 the gross earnings were
$12.2S4,363. so 1t would appear that the
10 per cent reduction in the price Of gas
which went into effect February 1 last has
really been the means Of a large increase
in consumption Earnings will be ample
to provide the present rate of dividends
5 per cent-and show a small surplus be-
sides.
The St Louis and San Francisco Is said
to have surveyed a line from Joppa, ILL.,. to
Jackson. Tenn, which forms link between
the Chicago and Eastern Illinois and the
Mobile. Jackson and Kansas City, and that
as soon as the control of the latter road
Is secured the construction of this link will
begin. It will give the Frisco line from
Chicago to Laurel. Miss, where 1t will con-
meet with the Colorado Southern, now in
course of construction across Louisiana.