Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-06


cial review, say:
Except for the unfortunate conditions in
Russia, there does not seem to be cloud
on the horizon. The year starts with the
traction deal practically consummated All
indications are as active speculation on
sound basis Of value. While it is possibly
true that some industrials have discounted
the prosperity which seems in store. many
are still selling below their intrinsic value
as dividend payers; while the bulk of stan
dard stocks have shown compare lively lit
tie advance in quotation during the past
six months, although for the companies
conditions have improved materially. There
is always the danger of accident, and it is
to be hoped that speculation will keep with
in such bounds that If the unexpected comes
there Will be ability to protect without Sc
we're setbacks. 1t ds probable that higher
prices will be the order for the coming year
with the natural reactions which always
occur in a normal bull market whenever
the enthusiasm of speculation oversteps the
line of safety
In their weekly review Bache & Co. say:
Under the influence Of the money market
security prices remained irregular and very
nervous throughout the entire week. Ana
conda showed at one time net decline of
sixty-eight points from the high prices of
the preceding week and Amalgamated de-
cline of seven and a half points. Public
speculation in these stocks seems to have
been more extensive than elsewhere in the
list, and stop orders were freely en-
cOuIteTGu Dy Unc ueS1lne. Inc Snake-Out mas,
however, improved the technical position of
the copperS. SteelS, on the other hand
were well supported, and selling of Steel
common from London was well taken
American Locomotive was in good demand
at sharp advance in price on the strength
Of rumors Of an early dividend.
Among tbs railroads Union Pacific, Read
ing and New York Central were well
bought on recessions and Rave every ap-
pearance of going higher in time. Atchi-
son was bought by London. and after long
period of inactiOn seems at last to have
been taken in hand by the bull leaders
The Pennsylvania group was inclined to
show dullness, although these stocks are
cheap at going prices compared with many
of the standard shares.
THE business situation is all that can be
desired. The continuance of favorable
weather is enabling our railroads to move
a. very large tonnage expeditiously, reliev-
ing the congestion of freight and helping
general business largely. 1t will probably
mean very favorable railroad gross earn
ings for December and heavy increases In
net earnings for the month. since the oper-
ating expenses will undoubtedly show large
decreases.
1.-The market Is still in strong hands. but
it's immediate course will depend on the
money market. If former years are any in
dication, money rates should show a grad
ual easing up from now on. We look for
higher prices this spring and for an active
public participation in price movements In
siders may distribute stocks when money
becomes easier. In a market of this kind
there are apt to be severe recessions, but
on such breaks stocks are a purchase, as
prices for the most part are still on
sound basis of values.
Carpenter, Baggot Co. say in their
weekly letter:
1.-The market test is now on. If prices can
be held against present conditions it Is quite
possible that the rampant bull market. which
has been entirely too generally proclaimed
and believed, may be seen. On the other
hand a prolonged bear market does not
seem at all probable, with basic conditions
good and stocks SO strongly held, but a
break of some consequence Is always pos
sible.
1.-THE relief so much wanted is no doubt
an elastic national currency that will oper-
ate as it does in other financial centers, eX-
panding and contracting as the require
the possibility of such ridiculous money
markets as we have had for weeks and do
not as yet seem to be at the end off,
The total bank clearings of all the leading
clearing houses of the United States for
the week ending yesterday were So, 449, 34s,-
ss4, an increase of 1908, 96s, 656, or 21.2 per
cent over the same week last year. So far
as the individual cities are concerned, New
York exhibits gain of 2S.5 per cent: Chi
eago, 236 per cent; PHILADELPHIA "a per
cent; Boston. 22.2 per cent: Baltimore 1913
per cent. and St. Louis 81 per cent New
Orleans records a loss of IL per cent
The Chronicle computes the gross earn
ings for nineteen roads for the fourth week
of December at 1885,, 7sS. an increase of
s438,7 TIA, or 4.79 per cent.
4
The statement of condition issued by the
Lincoln Trust Company, in response to the
call issued by the superintendent of state
banks for the quarterly report as of Jam
uary /, invites especial attention by reason
of Its maintenance of large deposits
amounting to more than SIT. 900, 600 and its
showing of surplus and undivided profits of
more than 100000. The actual earnings for
the year represent almost 80 per cent upon
the $5O0,O0O capital stock of the company,
which completed its third Year Of business
on November of this year. The company
is in no way affiliated with other corpora