Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-20
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, January 2O.-The Illinois
Central has made temporary arrangements
with the Frisco to enter Birmingham. Ala.
and to use the F'risoo's terminals thar.
There are several applications for fran
chlses for Birmingham streets, which. II
granted. will give that city greatly improved
railroad facilities.
"a
Foreign exchange resumed it, upward
course again this week. sterling rates ex-
perfencing net gain Of nearly half q cent
on the pound. The market closed Arm yes
terday. with demand sterling quoted at Asia
4.S706, sixfy-day bills at 4. 6355aA8 866 and
cables at 4S756aA S706. compared with 4S65a
4.S666 for demand sterling. 4.6SAa48635 for
sixty-day bills and 4.87a4.8710 for cables on
last week Friday. There has been in prog
ress during the week extensive buying of
legations maturing abroad which were con-
tracted within the last sixty or ninety days.
when such a great stringeney existed In the
local money market. Ten days ago the
sterling market was approximately at the
gold export level, little further inducement
being necessary to precipttate shipments to
Paris. In the meantime the market has
risen half cent on the pound, and is now
farther away from the gold export point
than 1t was on the occasion mentioned.
-
The total bank clearings of all the clear
ing houses of the United States for the
week ending today have been s., 629. 435. 19O
an increase Of $916, 949.669 over the same
week last year. or Bis per cent
50
Another shipment Of 100000 in gold
prNiy1 IN, too, 40, gINt~o
coin was taken from the subtreasury by the
Fourth National Bank. This is the second
100000 shipment of gold to Mexico this
week.
The price of coal in Pttsburg has dropped
from 20 to 30 cents below the winter rate
Contracts for mine-run coal at 81 per ton
have been made and closed In the Pittsburg
district and an independent company has
closed contract. based on future delivery.
Carpenter. Baggott & Co., in their weekly
letter today, say:
There are many more bulls of the pro-
nounced type now than at any time since
the advance in prices began. The market
reactions have been Of such inconsequen-
tial size and the advances SO continuous
and pronounced that a bear Is now a rare
bird. Every attempt to break prices has
been failure. Bull talk, which not long
ago was too Eighty to be influential, is now
taken seriously and prices which it is said
certain stocks will reach make one dizzy to
contemplate. The outside interest in the
market is increasing, but is not yet large
enough to make it dangerous
The week has not developed anything to
impair optimistic temper. An excellent alb
sorbing power manifests itself, and few OPP
portunities have been afforded those who
are waiting to replace stocks at lower prices.
nor to the large contingent who are now
satisned with the merits of the bull move
ment but are waiting for bargains. This
OF itself largely prevents decline of i'm
portance.
The standard stocks have improved. and.
under these evidences of Substantially
many low-priced issues have shared the
benefits, and securities that are little
thought of by the tape readers in ordinary
times now attract attention by their activ-
ity, and also permit their patient owners
TO realize their cost and carrying charges,
and possibly a profit
J. s. Bache & Co. in their weekly letter
today, say:
While there has been considerable ir-
regularity In prices, the tendency of the
market has been distinctly upward. All
indications point to an active and increas-
Ing public participation In the market. and
particularly in the coppers Amalgamated
has been fayorite with the public since
the stock was well below par and has net
ted handsome profits to patient holders.
The buying movement in the coppers has
been growing steadily The copper market
Is stronger and more genuine than the
strongest market in the past decade. that
Of 1885,
Railroad shares seem to have broken
away from the fears of a drastic regulation
bill. and the feeling has been encouraged
to some extent by the apparent friction he
tween Congress and the President in regard
to his legislative program on several i'm
portant measures.
fhe steel companies and equipment COM
panies' shares have scored advances in
price. with the most pronounced gain In
Colorado Fuel and Iron
The business situation Is being heIped
to great extent by the open weather-over
the entire country. Railroad traffic has
been largely facilitated, congestion of
freight relieved and the roads placed in a
position to combat heavy weather with
much better success"