Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-07
BULLS AND BEARS
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, October III the Lehigh
Valley gets the anthracite property of the
Coke brothers. for which negotiations are
believed to be again pending, it will get
mines that yielded 1.b46. 47o tons of coal
last year. and the railroads tonnage would
DO increased to more than 10000, 900 tons q
year. Presumably the Delaware Susque-
hanna and Schuylkill railroad. which Is
controlled by Coke Bros. would go with
the rest of the property IL the deal is
made. This road paid 0 per cent dividends
last year. The authorized capital OF Coke
Bros. is 100000, of which $780, 50 is
outstanding. The company's net earnings
in 1904 amounted to $6S0.961 and after the
payment OF per cent dividend there
was surplus. including that Of previous
years. Of $780,, 800.
X
This market will be all the better later
on for period Of dullness just now"
Dick Bros. s. Co. say. A. o. Brown Co.
say: While the monetary situation is so
uncertain the market is expected to remain
duh and professional in character"
y
Bartlett, Frazier & Darlington say:
when discussing the probability of higher
money rates it must be remembered that
many are provided with time funds which
will carry them over any possible period
of stringency. This will be factor in the
situation of more or less Importance"
The foreign exchange market, up to the
time when money rose to and per cent,
had rising tendency, and during the first
half of the week the sterling exhibited a
decidedly firm undertone, advancing Nc.
on the pound to ass. 45a4. So. So by Wednes-
day. On the rise in money demand, ster-
ling fell from the high point to 4s5. 20
yesterday, recovering somewhat, however,
toward the close to 4S5Aa4.S5.35 or prac-
tically the same figure at which 1t closed a
week ago. Sixty bills showed decline
of Nc. on the pound, yesterdays quotation
having been 4.s2a4.s2A. compared with
4.S2Aa4.S21s last week-Friday
The decline In long sterling is logically
accounted for by reason Of the continued
hardening of foreign discounts, the private
rates at London yesterday reaching the
creased tension in the foreign money sit
uation 1t Is obviously more difficult to secure
European funds for local employment
though without doubt a continuation of 6
per cent money here on call and per cent
for three months would overcome barriers
which might otherwise eliminate further
gold imports.
AS indicating the general tendency, fol-
lowing the advances in the discount rates
Of the Bank Of England and Imperial Bank
of Germany, 1t also looks now as though
the Austro-Hungarian Bank would shortly
take similar action, advancing its rates
from 314 per cent, at which figure it has
stood without change for almost four years.
c. Schumacher & Co. say of the probable
course of forcing exchange with relation to
the cotton movement: 1.-The supply of cot
Iii
the last week, and at the present time In
dications point to higher exchange mar
ket, as we believe there is very large
floating short interest and that a great
many maturities have to be met this month.
We also believe that exchange. under nor
NAL conditions chat Is, money loaning at
an average rate of 5 per cent to per cent?
would advance materially owing to the
deadlock between the spinners and growers
of cotton. 1t looks at this writing as
though the supply Of cotton bills will DIM
Irish and that the cotton season will be
very long drawn out and that cotton, gen.
orally shipped in from two to three months,
will probably require from two to eight
months before 1T Is entirely marketed.
Unless something unforeseen occurs
which will induce foreign sp1nners to buy
the cotton staple more literally we cannot
see any signs of increased exports. This
will naturally result in high exchange as
soon as money conditions righten and 1t
looks as though the imports of gold would
stop temporarily. The cotton market had a
severe break Of fully three-fourths per cent
a pound this last week. which naturally
should increase cotton exports and induce
spinners to buy. But this decline in price
has only taken place in the contract mar
ket, and not in the spot market of the
SOUTH and although spinners buy contracts
they cannot spin contracts and Will be
forced to buy actual cotton. AS long as
the south refuses to sell its cotton we must
expect diminished exports"
The total bank clearings of all the clear
ing houses of the United States for the week
ending today were So, u.s. 565, 40. an In
crease of SAB, 1877. 1856, or 1876 per cent. So
far as individual cities are concerned. New
York exhibits a gain of 22.6 per cent, Boston
25.6 per cent, Philadelphia $50 per cent,
Baltimore 35 per cent, ST. Louis 81 per cent,
Chicago 3.3 per cent, while New Orleans re-
cords loss Of III per cent.
Washington dispatches say that the
amount of refunding is increasing. The
total OF bonds exchanged yesterday was
1894 800 in 3s and 50. 752 200 In 4s, a total Of
50, 2s8, TOO. The total to date is SO, 5s4 $50.
The Chronicle computes the gross earn
ings Of thirty-one roads for the fourth week