Evening star., 1906-09-07
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, September 7.-Inasmuch as
this Is Friday, some interests In the stock
market were fearful that the banks would
take advantage Of that fact to increase the
handsome profits which they have realized
recently by reason Of the abnormally high
rates for money. Except for this condi-
tion SPECTATORS looked for the market to be
specially strong and active today. but they
would not be surprised to see 1t more or
less irregular. On all reactions. how
ever. It was believed that there would be
substantial buying on the expectation Of
further large advances next week. 1t was
learned that the banks in some of the inte-
rior cities have recently advanced their
rates for call money. Yesterday. for In
stance. all the banks in Philadelphia
marked up their call rates from to per
cent. A Philadelphia banker who Is in town
this morning says that money is apparently
scarce in Philadelphia and that the bank
reserves are low, only one Of the large in
stttutions being well above the required
limit.
~
There was more enthusiasm with respect
to Amalgamated Copper this morning than
any other of the stocks which have attracted
special attention recently. It was claimed
very positively that there was a large accu-
mutation Of the stock by insiders between
LOT and ITO, and that this security was soon
to have very sharp advance. The large in
crease In the dividend declared yesterday by
the Westinghouse Air Brake Company has
encouraged men who are familiar with the
metal. as well as with the iron and steel
situation, to the belief that the Amalga-
mated Copper Company at the next dfyi-
dend period will declare larger rate Of
dividend than has been currently rumored.
It is understood that the prevailing opin-
ion in Philadelphia with respect to the re-
Baltimore and Ohio and Norfolk and
Western railway stock was that the
sales were made chiefly for the pur-
pose of supplying the companjy with the
funds needed to complete the New York
tunnels, and thus obviate the necessity of
calling upon the stockholders for additional
money next spring. Philadelphia interests
were inclined to believe that the Pennsyl-
vania Railroad Company would sell, If 1t
had not already done so a part, IL not all.
of its holdings Of Cambria Steel stock. The
largest buying of the latter security yester-
day was said to have been by q house which
has close connections with large interests
in the United States Steel Corporation.
Enthusiasm with respect to United States
Steel common Is increasing rather than
waning. 1t Is realized that by reason of the
large amount Of this issue outstanding 1t Is
impossible for the stock to advance as rap
idly as an issue Of which there IL only q
small amount and which Is closely held.
81
On the basis Of the earnings practically
assured for the coming year. and on the
basis Of the dividend that 1t is believed will
be paid, close observers are confident that
these stocks will steadily advance to con-
siderably higher figures. An authority in
the steel trade says that in his opinion It is
safe to predict that the net earnings for the
current quarter will be S39.e00000 Except
for the hot weather in August. he believes
they would have been $40,O00,000.
It is reported from Chicago that corn is
moving around that city. and the eastern In
terror is getting liberal supplies from CEN
tral Illinois at rate of cents lower per
100 pounds than the same corn can be
shipped from Chicago. The 'B1g Four" ana
Wabash roads are making rate of IL cents
per 100 pounds from Illinois points to the
eastern interior, as comparted with p cents
via Chicago. Eastern houses are -outbid-
ding Chicago in Illinois territory and are
getting more grain, proportionately, than
Chicago cash handlers. One Buffalo house
bought 6S, 600 bushels Wednesday, and 9TH
ers secured good-sized lots. The Cleveland
Grain Company and Indiana cash handlers
are outbidding Chicago, and have been for
several days.