Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-08

undoubtedly full of splendid bargains
there is no immediate dangr of famine
of stocks and bonds.
There was nothing in Mr.. Roosevelts
message to s!gnally affect prices one way
or the other. The novelty had been ex-
tracted from most of the departures he
recommended, and then again came the
reassurng consciousness that Congress
stood between him and many of the ex-
perimental propositions in the legislation
proposed. The speeches made by Mr..
Cannon, Speaker of the House of Repre-
sentatives, and word from leaders in
both branches of Congress had more
weight really than the Presidents utter
ances-weight market wise. There is
given fair assurance that Congress will
not do any more than it is obliged to
and that at most there can be no currency
legislation until the session is well adj
vanced. There is no unanimity of opin-
ion among bankers to what ought to
be done any more than there is among
politicians.
Sentiment so far as it has crystallized
in Wall street on the banking and cur
rency issues seems to be in favor of a
central bank as the one thing which will
minimize panics and insure stability in
business. That question is almost as old
as the republic and appears to be in no
immediate danger of a settlement. The
country has managed to get along with
out central hank since Andrew Jack
son knocked the United States bank in
the head seventy years ago. and it can
possibly exist a while longer without
going back to that time. although the
most intelligent banking opinion is that
the system ought to be reinstated with
such notifications as will meet the re-
quirements of the age.
X
x
hoe fr,at ;,,,,, o,,t
in the bond market. Many millions of
dollars of outside money has been in
vested in bonds during the last week
The commission houses, banks and hotels
are overrun with visitors with money to
invest. some of them acting for their own
individual account. and others represent
ing groups of friends. The amounts they
have to invest range from a thousand up
into the millions. Trustees and admin
lstrators of estates are very much in
evidence. Rich little communities in
every state of the Union have people here
now looking for bargains in bonds and
stocks. They have no trouble in finding
what they want or in locating people quite
willing to show what thew have.
/ called attention several times in these
letters to the leadership possibilities of
Reading. Union Pacific, Northern Pa
cifc, Southern Pacific and Shelters: In
each and every one of these stocks there
vancing prices. Four of these stocks
have scored recoveries of II to 20 points
To this list / now want to add Chicago
and Northwestern. whose friends pre-
dict a recovery of SO share within
the next six months. The name of Mr.
F'rick is most often mentioned in con-
nection with Reading. The Morgan
stocks have been strong, but compare
lively free from outward signs of manip-
ulation.
lndustrials to a large extent are dis
eliminated against by investors and spec
uators. These classes are not blind to
the fact that the big decline which has
taken place in most of these special
ties is directly traceable to foreshadowed
depression. but they fear. nevertheless
that the actual arrival of manufacture
ing curtailment will have a supplemental
bad effect which will still further put
down prices. Until they know more on
this, point they are charv about huyinp