Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-26
BULLS AND BEARS

NEW YORK. June 26-Railroad business
continues to satisfy traffic managers. THE
general traffic situation with US is satisfac-
tory said an officer of the Atchison rail-
way today. THE crop outlook continues
excellent and q fair volume of general bust
ness Is being governed accordingly The
road has Idle cars. but that Ia natural
condition at this season. In another month.
however. provided the wheat crop Is not
lost as 1t was last year. AFTER the harvest,
there Will not begin to be cars enough on
the system to handle the traffic"
There are parts of the southwest where
business Is becoming very active. although
that condition Is by no means general
said an officer OF the Rock Island In
northern sections the crops are little Later
than heretofore, which accounts for the
circumstances. There Is a very fair mis-
cellaneous tonnage moving and the volume
of business is perhaps to 10 per cent ahead
Of last year. These Increases will be ma
terially enlarged. however. II the present
crops turn out WELL
I'VE have not SO many idle cars as at the
beginning of June, reports an officer of the
Burlington railroad. although the increases
made to rolling stock during the year give
us larger available supply than we had
a year ago. Everything now hinges upon
the crops. and il they are as large as now
promised. the road will be swamped with
traffic Business conditions are healthful
and the present volume of traffic is slightly
ahead of last year.
IA year ago the railroads were struggling
with serious conditions growing out of the
floods west says an officer OF the st. Paul
railway AT present we have none of these
elements to contend with and June earnings
will prove great deal better than last
year. The crops are in fine shape, gener-'
ally speaking. and corn has made up some
of it's former backwardness. There is no
worry about the future. If we get within
10 to % per cent of the grain yield now
promised, earnings will continue to in
crease" -
Robert Goodbody & Co. say in their week
1y letter:
THE market has so far proved our de-
duction to be probably correct in that stocks
and not bonds have appreciated in price in
the last five years. bonds being payable In
fixed sum in gold. In fact, probably.
while gold Is falling in value bonds will
stay rather under than over what their real
value would be II the money standard were
steady. the practical result being that bonds
now. so far this powerful influence goes.
are rather under their intrinsic value and
are likely to remain under 1t, which means
that bonds as a class are an investment In
which people get fair return In interest,
but cannot hope for gain in the principal
in the near future"
Such considerations as this might throw
some light on the increasing popularity of
bonds that have a speculative value as we'll
as a mortgage value such as those which
are convertible into stocks.
Dividend and interest disbursements next
month will apparently break all previous
records. The Journal of Commerce e5tf-
mates all payments at $140.3OO.0OO. q gain
or about $o,5OO,OCO over the distribution In
July, 1904. and about 100000 more than
In January last.
Compilations made by a Wall street news
agency show that around the end Of the
month and the first of next month &C. 197, $50
will be paid out in the form of dividends 10
the different holders of the stock of the
national. state and trust companies OF this
city; The national banks will distribute
2,9O9. 800. the state banks s6G6. $50 and the
trust companies 81 21 go.
The individual bank paying the largest
dividend Is the Fifth Avenue State Bank.
distributing an amount equal to its full
capital and 45 per cent extra. The others
paying the highest rates are the New York
County National, 30 per cent: the State
Bank. % per cent Chemical National, %
per cent; United States Trust Company %
per cent; New York Life Insurance and
Trust Company, 90 per cent: Knickerbocker
Trust Company, 20 per cent and the Cen
trail Trust Company. Is per cent. OF the
disbursements made at this time the state
banks are credited with the largest average
dividend rate. paying 1856 $50 Oil a capital-
Zation of s.. 100000, equaling 7.S4 per cent.
The trust companies next. paying
s.. 261 go on a capitalization of $35.S75, 900,
or 7.31 per cent. The average rate of ma
tional banks amounts to only 3S9 per cent,
or S2D9.JO on a total capitalization of
STA. 100000. The total dividends paid by
the three classes of banking institutions
will be a canita liza ton of 81 10 tHD
There Is growing feeling of confidence
IN heavy traffic during the late summer and
fall months, says an officer of the North
western railway. June is nearly over and
there have been no serious results from ex-
cessve rainfall. Usually we feel safe when
the month has passed, and the crops that
get through IT safely ordinarily are large
ones.
IF history repeats itself in this instance
the yields of grain all will be large enough
to keep all of the railroads extremely busy
for many months to come. Our present
traffic is slightly ahead of last year"