Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-08
BULLS AND BEARS

/ NEW YORK. May S-Now that the coal
| strike Is settled to the satisfaction OF the
4 financial community. and the disturbances
| following the San Francisco disaster have
| been pretty thoroughly eliminated
| stock market factor, there Is disposition
| to take broader view, and base commit
ments in stocks on intrinsic values which
are known to exist. and which. it IL con-
| fdently believed. win be further enhanced
by the continuation Of business activity
throughout the country. Crop conditions.
it is pointed out. up to this time, are en-
| tirely favorable, and the indications point
to another big yield Of winter wheat.
Notwithstanding yesterdays sharp adj
vance In sterling exchange. which may
| somewhat curtail the amount OF fresh gold
| imports which win be received the best
judges declare that the money market need
give no further uneastnees. The volume OF
/ gold already received and in transit from
| abroad will be sufficient, in the opinion Of
bankers. to supply all demands for money
| the fact that New York will regain a large
percentage OF the funds shipped to the
| Pacific coast within the last two weeks.
wicb ioWes on nd ION. ornsnS is
| not regarded as of any particular signif-
| canoe. Brokers say that the early declines
in the London prices are due to the shift
| ing Of accounts from that center back to
| New York. Within the last fortnight. 1t
| is understood that some large traders clos
| ed out their accounts in the New York
| market and transferred them to London.
| In this way they were able to escape the
| heavy carrying charges which would have
! to be paid on this side because Of dear
| money and at the same time were not
compelled to put up big margins. With the
| approach Of the London settlement this
| week such accounts are being closed out In
London and will be again placed in the
1 New York market The heavy sales of
Icff ,Io bod ,xl@.,
also understood to have been in quite a
large measure for accounts of this sort
| carried by New Workers.
Some of the best market judges state
| very positively that the short interest in
the market Is still large and that only
comparatively small proportion Of 1t has
yet been covered.
They also believe that considerable diff
| Guilty will be experienced by the shorts
when they attempt to retire their con-
| tracts.
| ~
| A dispatch this morning from ST. Paul
| says that what was apparently hearing
| of little significance before the Interstate
| Commerce commission yesterday developed
| into such Importance during the progress
4 of the testimony that E. A. Prouty, repre-
| senting the Interstate Commerce Commits
| sion, announced that the hearing would
have to be before the full commission at
| Washington. 1t developed at the hearing
| that reimbursement of the fiat wheat rate
| to Chicago from Goodhue. Mimi, so
/ as to put 1t on parity with the Redwing
| rate would necessitate a lowering of rates
| along the railroad systems in southern
Minnesota and to distance of 100 miles
south Of the Minnesota boundary in Iowa.
Officials of the railroads declare that 1t
would mean millions in loss Of annual rev.
| enues besides throwing out Of equilibrium
q system of rates which has been con-
| structed and evolved after years of ex-
| perience and adjustments
| There were no subscriptions to the new
| issue of preferred stock and collateral trust
| bonds of the Columbus and Hooking Valley
Coal and Iron Company, which was offered
to the stockholders Of that company, and
the whole amount Of the new Issue will
be taken by the underwriting syndicate.
|
| 1t Is reported from Philadelphia that the
| Pennsylvania Railroad Company has de-
| cided against the adoption Of metal rails.
| after experimenting for many years with
numerous kinds The metal tie does not
offer so resilient a base and does not lie
| so firmly in the stone ballast as the wooden
one does.
~.
| There seems little probability that the
| Lake Carriers Association will be troubled
by long strike among It's employees. Yes
terday charters We're made just If there
| were no talk OF strike, winch Will De set
| tied, 1t is generally believed, in a day or
| two.
| AT a meeting of the Independent coal OPP
| orators of Pittsburg last night it was unan-
| imously agreed to form permanent organi-
CATION. The meeting was held in the office
of the Pittsburg- Buffalo Company. While
| the formation of the proposed organization
| is probably due to the controversy among
the coal operators at the recent wage-scale
conference with the miners, the object of
| the new association Is not to antagonize the
| Pittsburg Coal Company any others con-
| cerned in the mining Of coal that will not
be identified with the new organization,