Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-10
BULLS AND BEARS

NEW YORK. June 10-Mines-all mines.
whether coal. gold or copper--are wasting
properties" This is today about the strong
est bull point on the stocks Of the coal
railroads. especially the anthracite coaleFs.
The wonderful anthracite monopoly may be
near Its end from exhaustion of supply
toward the end of the present century. but
in the intervening years the ownership OF
unmoved anthracite win enhance immeas-
urably in value.
Atwood. Violett & Co. in their weekly
market letter emphasize this Fact saying:
The coal stocks-Reading. Ontario and
Western. Norfolk and Western. Chesapeake
and Ohio and Pennsylvania-are receiving
as much favorable attention as anything.
The paradox rs established OF coal lands
becoming more valuable in proportion as
the coal in them diminishes. The holdings
of all these companies In coal properties
chases of coal lands are now being nego-
tiated.
Foreign exchange movements are likely
to be watched for closely from now on.
The market is certain to be affected by
the financial requirements of the two bel
iigerent countries in the Tar east whether
they make peace or go on fighting. The
plethora Of funds abroad may be relieved
to an extent this way. but the ease Of
foreign money markets Is reaSsuring fact
as the crop-moving period in this country
approaches Exchange has been undoubt-
eddy kept down this week by the quantity
of ninety-day sterling bills which were
there is very little profit in lending foreign
money here. but 1t Is important to note
how foreign funds are pressing on borrow
ers on this side. The exchange market
/ d.vpt v1D fho arVrQr IA
for the entire absence of fluctuations In
rates worthy of note.
Throughout the entire week the market
for demand sterling ranged between 4.S8.95
ana 4.S7O5. while sixty-day bills were quoted
during the same period at 4.S0aASo To-
Since May Ii up to the present time the
average rate for demand sterling has been
4.S7. Variations from that level to the ex-
temporarily in the meantime.
But the market has always soon returned
to within five points Of that figure. Fluctu-
atoms In the rate for francs and reichs-
marks have been almost as insignificant as
those for sterling.
Secretary Shaw of the treasury. speak
ing to the Georgia and Florida bankers as
sociations yesterday. said: Suppose the
national banks had permission to Issue a
certain volume of currency, either proper
toned on their capital or on the amount OF
bOnd-secured currency. and were charged
time this currency Is out. Certainly aooi-
tional currency would spring into existence
where money is scarce and IL the banks
were compelled to pay per cent interest
thereon they would retire it as soon as the
rinch was over. 1t could be retired by
deposit Of an equal amoupnt OF iawfui
money at any of the sub-treasurfes. IL
would not be necessary TO reoeem edcn IN
dividual bill.
THE volume of money would be con-
tracted by the deposit as well as by tne
actual destruction of the bank bills so IS
sued The government should guarantee
the redemption of this credit currency, for
the interest charged would vastly more
than cover all possible losses. One quarter
Of / per cent on the currency issued under
conditions such as l have described would
nav the insurance. The only other plan
that seems feasible would be permission to
issue small volume of heavily taxed cur
rency based upon bonds Of the government
bonds. 1t seems to be. however. that the
low, could hardly afford to purchase any
kind of bonds as security for circulation
According to the Chronicle, the total bank
cIearings of all the clearing houses of the
United States for the week ending today
were 81, 40 S6O.2S7, decrease of $SSOOI3
over last week, but an increase Of $780,
361 over the corresponding week year ago.
AS compared with the same period last
year, New York shows a gain of ga per
cent, Boston u per cent, Philadelphia SD
per cent, Baltimore 12.6 per cent, Chicago
1874 per cent, st. Louis 80 per cent. while
New Orleans displayed a loss of 88 per
cent.
Dun's Review says: although trade re-
ports are still irregular, there has been i'm
proVemeHt tn response to higher tempera-
ture and less rain. Manufacturing activity
is fully maintained in textile fabrics. and
there Is an enormous output of iron and
Steel despite some reduction from last
months record breaking rate of production.
Building operations are large and materials
iii excellent demand"
Bradstreet's report says: 1.-THE situation
this week may be summed up In the phrase
better feeling, which is predicted on rather
more seasonabIe weather, allowing better
crop progress a larger volume of retail
wholesale. All increases of trade move
ment still point Enthusiastically to larger
gains in all lines over a year ago. Bank
clearings exceed all previous records at this
time. Money Is still very easy. Collections
have tended to improve Also
In commenting on the gross earnings of
railroads the Chronicle says that during
were revealed. Circumstances and condi-
lions were quite generally favorable. and
the month contained one more working day
than the same month of 1904. May having
had only four Sundays, as against five Sun
days in May, 1904
The preliminary returns Of the roads that
have SO far reported for the month of May
show an improvement over May Of last
year of s.. 500, 1856, or S.5S per cent.
Last year the returns as above showed
decrease OF 81, S66 ISL, or 3.4 per cent.
from the previous year. but 1t will be seen
that the present increase is more than dou-
BILE the decrease of 1904. Prior to 1904 the
railroads had shown phenomenal gains. In
May 1903 there was a gain of 81. 462 602. or
1892 per cent; In 1902, $4,619.627, or GIT
and in 1900, "a. 1874 .647, or 1923 per cent.
The London Daily Mails correspondent at
Simla, British India, says that the govern
ment of Burmah has refused to grant the