Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-09
BULLS AND BEARS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 9.-Wall street is
displaying some of the eternal phenomena
that accompany growing bull speculation
IN stocks. such as a dearth of messengers
and late work in the brokers office. 1t al
ways happens SO when speculation runs into
millions share days and more Bootblacks
who have regular stations In and around
the financial district and have hal emer-
gency training of this kind before are be-
ing pressed into service to make deliveries
ana comparisons. So are office building
porters and the like.
The perceptibly poorer elevator service in
the Wall street district is owing to nothing
but the way in which their accommoda-
tons are being taxed by the greater number
or messengers now running about, plus the
fact that all the regular messengers have
TO be in many more places at once than
when the market is jogging along comfort
ably at the rate CT few hundred thousand
shares day. The increased attendance
IN the customers rooms of brokerage houses
adds to the burden. At night the financial
district Is ablaze with light from brokers
offices until and 10 O'Clock, showing that
clerks and bookkeepers are still at work
TO clear up the business of the day.
Employees of all firing large and small
are affected alike. A house may have
made transactions in only few thousand
shares on given day. but 1t is likely to
have its work held back by some of the
houses which have dealt In hundred thous-
and shares or more and will take hours to
make comparisons, and then, of course, the
correction of mistakes that will occur adds
a factor of delay. 1t is impractib to pro-
vide mechanism for such emergency days
as these. 1t would involve for one thing
the employment of larger office forces than
would be needed for probably nine months
in the year.
~
In certain Wall street quarters it Is ex-
pected that the Bank of England will adj
vance its discount rate on Thursday on
account Of the reduced ratio of reserves
to liabilities at a time when the continent
and South America are making heavy de-
mands on London for gold. If the bank
rate Is raised, it is expected here that we
Will export some gold.
Information that comes through financial
channels is to the effect that the State De-
partment at Washington is not concerned
over the Moroccan affair and that it does
not believe that any serious trouble will
develop.
Some shrewd traders think that If a cam
paisn of distribution seems practicable 1t
will be short, but on a tremendous scale
while it lasts.
According to a recent report the Interna-
tonal Power Company interests, represent
ing large holdings of American Locomotive
preferred, have opposed the declaration or
a dividend on Locomotive common. This
is not SO. AS matter of fact the directors
of the American Locomotive Company have
not yet taken up the dividend question but
should they do 1t is said that the pre-
ferred stockholders would not object to a
reasonable distribution on the common.
London has received word that the French
government is considering the advisability
of increasing the statutory limit of the note
circulation of the Bank of France by ap-
proximately $500 100000. The amount In
circulation is now about 5000 100000.
xw
Stockholders of the Mitchell Mining Com
pany will have the right to subscribe to the
bonds of the La Dicha and Pacific railroad,
the bonds to be sold approximating $1,000
coo. They will be a lien the road to be
built. The La Dicha and Pacific Railroad
Company has received concessions from
the Mexican government and It's road will,
when completed, extend from Acapulco, on
the west coast OF MeSlcU, VIA La DlCEa,
where the mines and shelters of the Mitch
ell Mining Company are, to Las Balsas,
where connection will be made with the
Mexican Central system.
About fourteen miles of the first section
of this road has already been graded. Be
yond the shelters and mines surveys are
being made and contracts are being con-
Guided for the material and work necessary
to quickly finish the rest of the line.
x
X
When the directors of the United States
Cast Iron Pipe and Foundry Company meet
this afternoon they will receive a report
showing great improvement in the financial
strength of the company.
1t is understood that it has upward of
IS COO, 900 of quick assets In excess OF liza
biIities and has no floating debt except cur
rent obligations, and that is does not make
use of any of It's bills receivable. There is
S12, 800 900 of Cast Iron Pipe common stock
outstanding, and consequently only 1926, 900
will be required TO pay the dividend on
that Issue.
Reports come from Birmingham, Ala, to
the effect that the Tennessee Coal and Iron
Company has made such radical reductions
in costs that the economies will soon be
reflected in the selling price of the stock.
1t is now selling first-class steel rails for
$2S a ton and making what practical iron
men say are enormous profits.
The production of steel rails is being grad
ualy increased and wire and nail works
are to be added, as well as pipe works. The
construction of these works can all be
easily paid for out of the current large
profits. Ore values are increas sing In Lake
Superior, in Spain, In Denmark and in all
other ore fields. Owing to this 1t looks as
If iron and steel will sell no lower than at
present for a long time to come.
Dick Bros & Co. have issued to investors
a letter about Cambria Steel in which they
say:
THE Pennsylvania Company's ownership
of over 500 600 600 of the stock nP tba rar,