Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-05
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, February 5.-There has
been some criticism or the policy OF tho
present Delaware and Hudson Company
management in that Il has created now
securities rather rapidly. II can be said
IN the first place. and VITA entire truth,
Thar the criticism does not come from any
but small interests in the property. In
the second place. IL can be pointed ont
that the stock of the company has, under
the present management. attained high
record prices. In the third place, this
criticism apparently ignores the benefits
which have accrued from the fssue of nav
securities. not only in the way OF in
creased equities for the capital stock a. a
result OF expenditures for betterments and
the like. but I'm the way OF enrichment OF
the companys treasury. There was prac-
ticaiiy no new financing for years until
the early part OF 1904, when s7,00o.00o
stock was issued to retire $4,000 600 OF
New YORK and Canada railroad IA per
cent bonds and TO pay for the reconstruct
ton and rehabilitation of the Chateauua
and Lake Placid railway. Last year there
was issued $4,000, 900 Of stock to retirs
the $loo00,0p0 of Albany and Susque-
hannas3tss issued To refund and per
cent bonds maturing this year.
The new financing this year consists of
an issue OF s1.0eo.o0o Of stock TO retire
sli.000000 of percent debcntures is
sued to pay for $4,000 900 OF good trac-
ton securities. TO pay for s2loeo.eeg
cutoff at Wtlkesbarre which will save at
least 5000, coo a year. and TO pay for other
improvements. As a result of the nnane-
ing of the last three years wholly by the
issue Of stock to the amount OF s1p;eo0,Is
600, the company will in the end ,ertjth
its treasury by about s32. Gee, 0o0 OF stocks.
bonds and real property.
As some rather. .well-infprmed msss VIEW
the situation, there may be strike in The
bituminous coal industry, which is a hand
to-mouth affair and I'm which, especially
In some western sections. there has been
a great deal of trouble for months past
in satisfying the requirements of consumers
This would seem to indicate that the mine
workers might be in better position for
bituminous strike than the operators.
In the anthracite field there is a distinct
difference. Since the last strike and after
the operators had caught up with the ex-
ira demand following the dearth of supplies
during the strike, process OF mining and
storing excess of coal has gone on
which was materially helped in the last few
months by the fact that while production
beyond the normal flor the defensive
reasons stated the consumption on ac-
count of the mild weather has been well
below normal
Anthracite shipments aggregate now more
than GO, eco tons year and competent
estimates are made that the operators have
on hand reserves of mined coal To about 80
per cent of this total at least. As produc-
ton, although at a reduced rate always
goes even in The most desperate strike,
1t would seem that the mine workers would
go into an anthracite strike this year great
ly handicapped
There is another reason why strike In
both coal industries at once is not likely,
and that is concerned with the problem or
raising funds to support the strike. The
mine workers union has about 3500C0 men,
bers. How long would the defense fund or
So, coo 600 which the miners say that they
have. last in support of the miners and
families?
recruited from the contributions of other
unions IL the industries of the country were
Frustrated by general coal tie-up? In
Wall street the view of sensible men Is
that sober counsels will prevail in the de-
alterations of both operators and miners,
and that an adjustment of differences Will
be effected without that last resort strike
or a lockout.