Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-23
BULLS AND BEARS

Special Dispatch to The Star.
I NEW YORK, September ga rather
striking statement with regard to On
tarie and Western is made in the New
Ravens annual report. which seems to
indicate that Ontario stock can be re-
garded as established on per cent div
| idend basis. In referring to the purcha Sc
Of the Ontario and Western road. on No
vember 1, 1904. the report says the cost
OF the stock Of the road was $13.963, 197.
less dividends received shortly thereafter
| of $S74.SOO. making the net cost to New
York. New Haven and Hartford railroad
$13, los, 1877. A careful estimate warrants
| the statement, the report states. that the
| earnings of the New York. Ontario and
Western Railway Company will justify
| the payment Of dividends on its stock
sufficient to cover the interest charge in
CURED by this investment, and the con-
troll secured Is valuable for the protec-
ton of the interest of this company in
| many ways.
c. Schumacher & Co. say of the foreign
exchange market: Exchange has not
yielded very much under this higher rate
Of interest. as the supply Of cotton bills
during the last week has diminished con-
siderably.. We understand foreign spin
ners are not buying the staple as liber-
ally as expected, and 1t looks as though
exports of cotton will be very slow from
now on. We understand that the ex-
change which is coming on the market at
present is all drawn against shipments
or contracts made some months ago. Con-
tinued large offerings of grain bills for
late delivery and the eventual shipment
OF large quantities Of cotton inclines us
to believe that exchange will not advance
materially over the present figures. but Is
soon as these bills actually appear upon
the market
Should this forecast be borne out. gold is
likely to come here from abroad In liberal
flood. The statement was made several
weeks ago that with demand sterling in the
neighborhood of 4.S4 the yellow metal
would be ilsperatiyely attracted in guam
tity. provided. of course. money rates
abroad did not advance out Of all proper
tons with rates here. The foreign ex-
change market closed a week ago at 4.SS1oa
1880 for demand sterling and fsis alb
ruptly on the following day. the decline be-
ing continued on Monday to 4.S+9Oa4S5.
from which point it promptly rallied In the
two succeeding days. advancing to 4.so3Oa
4.S54O on Wednesday. Then rates fell on
L. to 20 points, only to be succeeded by
anothe- advance yesterday. which carried
demand sterling up to 4.S5Aa4.S53O at the
close. The extreme range of demand ster-
ling covered about 11-cent on the pound
and represented a net advance for the week
of ten points. The market for Sixty-day
bills was very WIDE the bid and asked price
at tlHleS UelHS Ito OF per cent apart,
though the quotation at the close yesterday
was 4.S2Aa4.S2k. or approximately the
same as the end of last week Continental
exchange experienced much the same ir-
regularity as was shown In sterling.
There Is every reason why a man who Is
a bull of the country should welcome the
airing of business methods which has been
taking place this year.
To take a bear attitude on the strength
Of 1t is very much like selling stock short
when bad statement Of operations made
for period several months more gone
by Is made public. The only sane view to
take at present Is that the things that
have not been done right in the past will
be better in the future as q result of the
publicity given to some corporation waAs
and better standards will obtain.
According to the Chronicle. the total bank
clearings of all the clearing houses of the
were s2.547. 974,2s an increase Of s516.s7O,-
1872 over the same week last year, or 25.4
per cent. New York increased 80 per cent,
Baltimore 299 per cent, Philadelphia 21.S
ia per cent, New Orleans shows a de-
crease of 1873 per cent, and st. Louis Of "a
per cent.
duced capital stock of the Northern Sc
curities Company will be opened on Sep
TENDER &c next, and will remain open until
noon on October q. when they will be
closed for the purpose of the annual meeting
OF the stockholders. to- be held on Novem-
Der -. Owing to the closing OF the North
ern Pacific Railway Company's stock books
{for the annual meeting OF Its stockholders.
delivery Of Northern Pacific stock against
the claim tickets therefore will not be made
until after October f. Other deliveries will
not be Interrupted.
The Textile Manufacturers Journal says:
The sales of wool in the principal markets
Of the country, exclusive of Boston, for
the week ending September g. as compared
with last week and the corresponding week
last year has been follows:
This week. Last week, Last year,
pounds. pounds pounds.
Domestic. ...... 1888, 400 l. 459, 100 1850 900
Foreign. 1899 900 SIT. 800 S57, 400
Total. ......... 1902, 400 s2,27e.0O0 2.417, 400