Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-12-29
BULLS AND BE AIRS

Special Dispatch to The Star.
NEW YORK, December dissatisfaction
is general that the call money rate did not
rise to extreme figures yesterday. as many
persons feared would be the case because OF
the three days interest charges involved In
loans on Friday and the shifting OF loans
incident to the closing days Of the year.
This Is accepted as gratifying proof that
the stock liquidation of the last few weeks
has been sufficiently extensive to greatly
relieve the local pressure of credit. AL
though 1t is not expected that the money
market will run on even keel for the
present. the feeling in well informed circles
is one Of greatly increased confidence with
regard to the monetary outlook. AS
sequel to this it is believed that operations
for an advance in the stock market are
likely to be resumed early in the year on a
technical situation greatly strengthened and
with natural conditions more favorable
than ever.
4
Sentiment is bullish in weil-informed
quarters on all of the anthracite coal stocks.
1t is pointed out that the consumption OF
hard coal so far this winter has been
greater than in many years past. not only
on account of the normal percentage OF
increase in demand always shown by this
industry, but also on account OF the fact
that so much clear cold weather had to be
endured this year, while at the same time
transportation hampered to only
comparatively slight extent owing to the
absence of snow
1t will be recalled that last winter was so
exceptionally mild that building operations
were practicable all the way through al
most without interruption. The activity IN
general business has not only caused con-
tinued extraordinary inquiry for bitumlnous
coai but also for the steam sizes of anthra-
cite. A continuation of seasonable cold
weather would make this season. it is as
serted, by far the most prosperous ever
known in the coal trade.
AA
A prominent railroad expert, in comment
ing upon the attacks that are now being
made by various state administrations
against the large railroad systems. calls at
tention to the absurd position in which the
management of the Great Northern Rail-
way Company is placed. The PACING coast
lumber interests, claiming that the manage
ment has not done all in it's power to sup
ply them with cars, have signified their in
tention of beginning receivershlp proceed
ings. At the eastern terminus of the Great
Northern the attorney general OF Minnesota
Has begun proceedings 10 TeSlIdiIl Tic GULF
pany from issuing stock with part of the
proceeds of which the management pro-
poses to buy additional cars and iocomo-
| tives to meet the demands of the Pacific
coast lumber shippers and of all other
classes Of shippers along the lines of the
system 1t Is the opinion of this expert and
of other prominent railroad men, particular
ly those whose headquarters are in the west
and who realize more fully than it is pos
sible for eastern interests to realize the at
titude Of western people toward the rail-
roads, that there will soon be revulsion
from the present hostile attitude and that
it will be realized that if the railroads are
permitted to carry out their plans and
methods the interests of the shippers and
the public at large will be better subserved
than by carrying out the plan recommended
by those who are now attacking the great
railway systems.
There was a time and not so very long
ago, when the death of a man of promi-
nence In the world Of finance. would cause
good deal of disturbance in the stock
market for one day at least No matter
| what the public knew or believed about
such a mans affairs his death was treated
as a calamity, which could not but be a
depressing influence upon security values
and consequently, the markets were sub
jected to pressure more or less severe until
some one. also of prominence" caused 1T
| to be made known that the affairs of the
departed had long been put into condition
| to meet the inevitable without disarrang-
| ing any OF the interests with which he had
| been associated. directly or indirectly. In
those days the public was largely at the
mercy of rumor mongers and less was
known as to the conditions of the big cor
| porations than is the case today. In those
| days 1t was difficult to suppress matters of
! interest to the holders of securities. and
more difficult to fool" the public sub
| jects in which the public is particularly in
terested. In the earlier days of the Penn
| sylvania Railroad Company. for example,
| the public knew much less of what was
| being done by the directors than is the
| case now. Under Presidents Scott and
| Thompson the annual meetings of the stock
| holders were about the only occasions
| when anything of the company's plans was
made public; for the rest of the year the
stockholders knew only what could be
gathered from desultory utterances by the
| officers or directors. And then the COM
panies were such little concerns relatively
! that a man who owned even a few thousand
shares of stock. was quite an important
parsonage at the meeting