Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-03
BULLS AND BEARS.

NEW YORK. July 3-That successful
| revolution in Russia should be regarded as
! In tho long run. bull point securities
| has been insisted upon by well-informed
! men all over the world. The London Statist
says:
Looking beyond the immediate future, 1t
seems to us that bright future lies before
the Russian people and degree of pros
| perity they have never before enjoyed, and
| It should be recognized that no country can
grow in wealth and prosperity without
every other country in the world gaining
some benefit therefrom 1t may be by in
vestfng their money to advantage in the
prospecting country. It may be by exchange
| OF produce. or 1t may be by the ability to
purchase the produce they need. There can
| be no doubt whatever that free. pros
porous Russia would enormously increase
the prosperity of the world and would give
a great stimulus to the trade of neighbor-
ing countries.
The point has been made that when neso-
tiations for peace In the far east actually
begin Japan's ENJOYS might take an atti-
tude in requiring guarantees that would be
of material assistance to the revolutionary
party in Russia
An important fact in the situation is ad-
duced by Robert Goodbody & Co. in their
weekly Market Review. which says: "One
thing is probable, that If there IS revolution
now in Russia, Japan can hardly get much
oe an indemnify
Wall street was prepared last week by
rumor, although 1t was contradicted, for
the announcement from the other side that
Mr.. Takahashi, the special finance commits
sioner of Japan, on his arrival in London
yesterday had stated that Japan would take
tho 10
new loan here and in London, and on the
continent. Details regarding the loan. he
said. were unsettled, but 1t would prob
ably be $15O,O00,OOO. and would be secured
by the tobacco monopoly. Last weeks de-
malls although issuing from an authorita-
tive quarter. were hardly convincing
Forty-eigbt national banks. with an ag-
gregate capital OF 81. 532. 500, were incorpor-
ated in June. Divided by classes two OF the
organizations were conversions or state
banks. sixteen organizations OF STATE or pr
vate banks and thirty association primary
organization. The aggregate amount or
charter bonds of the banks was $71S,NO,
uut a trifie in excess OF the minimum
amount required by law. On March IA,
1900, there were in operation but 3.617 ma
tional banks. By reason of liQuidations,
consultations and failures the net increase
in the number of national banks since that
date was 2133. the number of associations
in existence on June 30 being 51.7o0. with
authorized capital stock Of SS01. 800 315;
bonds on deposit to secure circulation, S46s.
066, $40; circulation outstanding for the re-
demption of which lawful money has been
deposited, S33, UJ0392. The net increase in
capital stock and circulation from March
IA, 1900, to June 30. 1908. was S1S5 .022 DO
and $2i1,311.077. respectively. In the last
Der of banks of 364, capital S24. 49,. $50 bond
deposit S52 .o5O,2oO. and circulation $40 4S4.-
712.
A 1Jyt Of do ol,ydn xryhi oh,
legal Investments for New York savings
banks. is offered by Redmond & Co. for
July. The list includes bonds of the city
Of Brooklyn. the Chicago, st. Louis and
New Orleans railroad: Chicago Milwaukee
and st. Paul railroad; Chicago Burlington
and Quincy railroad; Des Moines and Fort
Dodge railroad; Louisville, Henderson and
St Louis railway; Cincinnati, Hamilton and
Dayton railway: st. Louis and San Fran
cisco railroad: Terminal Railroad Associa-
ton OF st. Louis: Chicago and Erie rail-
road: Consolidated Gas Company OF New
York: Syracuse Lighting Company: Consoli-
dated Water Company of Utica, N. Y, and
Pere Marquette railroad The prices at
which the bonds are offered give interest re-
turns ranging from 3.65 per cent to 43c
per cent, with some exceptional issuing re-
turning higher rates up to about SIS per
cent.
1t Is expected that the act legalizng for
savings bank investment the $40 600 600 out
standing first consolidated mortgage As OF
1852 of the Atlantic Coast Line will be
signed by the governor of Connecticut this
week. 1t was enormously stated here last
week that the act was to legaliZe the At
lantic Coast Line collateral Is secured by
Louisville stock.
A. o. Brown s. Co. say: Sentiment is
generally optimistic. and the consensus of
opinion is that a Considerable advance will
be seen during July. We advise buying
the active stocks recessons, particular
ly the coalers, fractions. grangers and
steels.
Blair & Co. have issued circular of the
investments which they have to offer. There
is included 100000 Mason City and Fort
Dodge first mortgage IS at % and interest.
yielding 40 per cent; 100000 Republic
Iron and Steel first mortgage IS, at 9S1a
and interest yielding $40 per cent; $780,
coo Kansas City railway and Light first lien
refunding 5s. price 101 and interest, yield
ing 4S7 per cent: $3.50 900 ST. Louis and
San Francisco refundng mortgage 49, at
sou and interest. to yield about 4.55 per
cent. together with large number of
other well-known bond issues.
X
A committee, comprising John Fl. Davis.
Rudolph Kleybolt. George NJ. Pynchon and
Jefferson NJ. Levy. are asking deposits Of
Green Bay and Western railroad "B. de-
bentures with the United States Trust Com
that the certificates of deposit be listed on
the stock exchange The committee Is of
the opinion that the earnings of the road
warrant an interest payment on these de-
bentures and there being no trustee, they
regard 1t as essential that steps be taken