Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-09
BULLS AND BEARS

Special Dispatch to The star
NEW YORK. February ga broker, who
is big bull on the stock market, says:
Z can't see what makes so much bear
ishness In Wall street when you note the
conduct OF the market in the face OF pages
of bearish-looking news
A profoundly disguised trader who turned
bear lately and went short OF stocks said
this morning:
Don't tell me that Wall street % all
short Of the market. I know better: II 10
loaded up with stocks and waiting for the
big phiianthropists to put prices up and
make everybody rich" Nevertheless, Well
street is full Of bears who refuse to be-
lieve that they have much company on the
short side.
~
Rights on the new Canadian Pacific stock
issue are figured as worth about $12 q
share. making a total OF about $50 share
In rights which Canadian Pacific stock
holders have received In the last four years.
In addition to about So q share In regular
dividends, on an average distribution Of
about 121k per cent a year. According to
the announcement made by Sir Thomas
Shaughnessy. president of the road. the
Canadian Pacific stockholders will meet
on March 10 to act upon the recommended
ton of the directors that the ordinary
share capital OF the company be increased
from the present authorized amount of
$11O.O00O00, Of which the amount of $101.-
10000 has already been issued, to $780,
oOOOO0. The increase Is to provide for in
creasing the facilities of the company ON
every section Of its system.
The directors had decided to make an is
sue Immediately of $20.2SO.000 OF ordinary
capital stock, being $S.6OOO0O already au-
thorized by the shareholders and $11 $50 600
of the proposed increase, making Lie to-
tai amount outstanding 1921 ,6S. 900. Share
holders of the ordinary capital stock will
have the privilege of subscribing at par in
the proportion of one share of new stock
to five shares of their registered holdings
on the closing of the transfer books on
April 20. neE..
=
Cable dispatches announced this morn
ing that the measure which was passed
by the French chamber of deputies on
February 3. authorizing an increase In the
statutory limit of the note circulation of
the Bank of France to $500. 600 francs, or
about f232 100000 has been adopted by
the French senate. This ID an increase of
approximately s40,O00.O00 The present cir
culation of the Bank of France amounts
10 6lSl,SSltVU against WHICH Tic lHstieU-
ton holds Ella, 522. 600 gold.
4
A few weeks ago some of the foreign ex-
change experts were saying that this In
crease in the limit of note circulation would
lead to heavy gold exports from this side.
There were some very well informed men
who refused to take this view and their
opinion seems indicated by the fact that
Paris began to loan money here this week.
through a rather free offering of French
finance bills in the foreign exchange market.
1t is an Ill wind that blows nobody good.
The prospect of coal strike has already
resulted In such an increase of business for
the coal companies that they bid fair to
make up in the next two months for the
under consumption of coal on account of the
mildness of the winter. It is pointed out
also, by friends OF the southern coal and
iron companies, that the coal strike should
benefit those properties. All the contracts
with the union miners in Alabama extend
until July. It is said while the Sloss, Ten
nessee and Republic companies are working
with non-union men Should the strike ex-
tend in Pennsylvania. southern coal fields
should feel the effects In a beneficial way.
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