Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-13
BULLS AND BEARS

hardly appear unduiy inflated by compaf1-
SON with past years In the FIRST place the
record-breaking volumes OF bank clearings
throughout the country tell Of unprece-
dentcd prosperity In trade and industry. In
the second place, loans here are many mil
lions OF dollars less than In periods of
smaller corporate earnings and lower divi-
dends. Last Saturdays bank statement
allowed loan account OF $1.06i, Dor, 200. a
decrease OF $50 100000 compared with the
amount reported on February II. 1905.
which was within 81, 500 600 OF the largest
loan account last year.
One commentator on money market con-
ditfons says: TT is evidence of prosperity
that cash Is not accommodating in the New
York banks, and while that prosperity lasts
ways will be found to provide all the money
needed for business" This Is not the kind
OF talk that Wall street likes to hear. 1t
provide all the money needed to carry its
securities and would especially like TO know
now how money is to be provided for this
purpose In the next few weeks or months.
1t would like TO know IL the money Is to
be provided by starving business or by
liquidating stocks or If a substantial store
of credits will be available abroad for use
here, especially IL the Algecarfs conference
ends In assuring the peace of Europe.
Apparently the leading bankers of this
city believe that there will be sufficient
supply OF cash and credits for Wall streets
needs. How else can one account for the
large issues of new bonds and stock an
nounced since the first of the year and
now coming In considerable quantity and
with no little rapidity?
President Bacon of the Tennessee Coal,
Iron and Railroad Company announces
that stockholders of record March l
next Will have the privilege of subscribing
for the new capital stock recently author
lied. equal at par to 15 per cent of the par
stock held by them, respectively, at the
price of 500 a share. payable as follows:
twenty-five per cent on subscription, 70
per cent on July 49, % per cent on October
IT, 1906. and Is per cent on February 1.
1907. The company's transfer books Will
close February u The subscription
privilege expires on April IL next
y X
January made another record, this time
in respect to pig iron production. which
was 2095,797 gross tons. Apparently the
pig iron market is entitled to the reac-
ton that has set in. Pittsburg dispatches
say that there is reason to believe that the
net earnings of the United States Steel
Corporation for January were slightly IN
excess of those of last December, when
they were S11 ,051 ,16T. Last year the jan
uary earnings were S6,S1O,S4I. In 1yOo the
earnings for the first quarter of the year
were So, $50: in the same quarter, 1904,
S13. 45232; in 1903, S25,o0s, 70T, and in 1902.
500, 715 457.
Inc pennsylvania RdllrOad Company mas
placed a supplementary order for 12,JeU
tons Of standard steel rails with the Cam
bria Steel Company This makes the total
tonnage placed by this railroad vompany
242, 800 tons for 1908 delivery. Several
other rail contracts were closed the latter
part of the week. including 5000 tons for
the New Orleans-Great Northern railroad;
also about 1900 tons for trolley lines, in
Guiding 1000 tons for the st. Louis Trac-
ticn Company, 500 tons for a trolley line
on the Pacific coast and 500 tons for an
eastern railroad. The new business booked
by the various rail mills since the LIST of
January now aggregate a little over 100000
tons domestic account and about 5000
tons for export.
The zinc industry Of the Mississippi val
ley is beginning to attract more attention
than has been devoted to 1t by outsiders
in years.
In 1904 the worlds production of spelter
was 618,770 long tons, of which the United
States produced 1853, 100 TONS and combined
Europe 1870 tons. OF the total production
Of the United States in 1904 the Mississippi
valley. comprising the Missouri and Kansas
districts, supplied 1l9, 19S short tons. or
about 20 per cent of the total spelter of the
country. The ore production of the Mis-
souri-Kansas district for 1904 was 266. 7a3
tons of the value of S9.797.677.
Referring to the filing of suit by the
Westinghouse Company against the Ais
Chalmers Company for infringement of the
Parsons turbine patents, an officer of the
Allis-Chalmers Company said today that his
company had been engaged for several years
past in the development of the steam tur
bine, and that 1t had proceeded with great
elaboration under the best technical and
legal advice. Said this officer: The tur-
bine recently placed upon the market in
cludes many important and new features
that are recognized by experts as marking
a decided improvement in this art.
THE Allis-Chalmers Company acquired
some time ago from the Parsons interests
the right to all their turbine patents In this
country, except those granted prior to Sep
TENDER IL, 1900. which constitute the only
Parsons rights purchased by the Westing-
house Company, none of which the Allis-
Chalmers Company has included nor de-
sires to use In Its turbines. The Allis-Chal-
mers Company thus has the benefit of all
the Parsons patent rights and experience
since 1900, under agreements also covering
all future improvements and experiences.
The company welcomes an opportunity to
demonstrate the basis for Its claims and the
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