Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-05
BULLS AND BEARS.

NEW YORK, September accumulation
house opinion at the beginning of the week
might be summed up as follows:
I'VE think that stocks will go much
higher before they go much lower. but we
would advise purchase on drives only and
would watch the money market"
The street has once more come to the con-
clusion that the reaction that set In last
week was owing to an over-extended bull
account In the face Of certain hardening in
money rates. It does not say that prices
were too high, for 1t believes. in fact. that
they are destined to rise further. As for
the bearish character Of conspicuous por-
ton of last weeks operations. it Is to be
remembered that simon pure bear raids
rarely succeeded unless market conditions
are right. although bucket shop bear drives
may be successful. since their object is not
to provide lower level on which short
stock may be covered at a profit. but to
pocket safely the larger gains represented
by the wfping out OF customers margins ON
bucketed orders. Meanwhile 1t is a fact
that some of the strongest houses In Wall
street were buyers Friday afternoon
and Saturday morning. Other leaains
Arms found their clients disposed TO puy'
but advised waiting over the holiday:
1t would hardly be worth wniie 10 emu .u.
Boston frenzifed counter blaster that nave
not made good. but 1t Is interesting 70 note
that the last word Wall street had from
him last week was postscript 10 nus a5s
telegram on Friday in which he pace
brokers and traders to look out Tor ms ao-
vertisemept on Saturday dealing with cop
per metal. following which. he SAID, the
mysterious they whom he pursues or oy
whom he is pursued. would not have word
to say. After that, Lawson apparently went
into oblivion, for the time being, at ieast,
for there was no advancement on SATURDAY
and has been none since. 1t Is caicuiateo
that many millions of dollars of liability TO
customers was transferred by last weeks
break to the credit Of the big bucket SHOP
combinations the proprietors OF which are
or should be Lawson's most grateful Iollo"-
ers and stanchest supporters.
Peace between Japan and Russia Is not
bear point on business and the securities
market despite efforts to make 1t appear So
X
90 The Brooklyn Rapid Transit Company 10
an expanding, developing and improving
property.
The Lackawanna has opened Its Port
Morris brook freight route, over which
traffic will be exchanged with the New
York, New Haven and Hartford, using the
Lehigh and Hudson River.
The Treasury Department estimates the
population of the United States on Septem-
Der 1 last at So. 100000 and the circulation
Of money per capita at $31. ~. This Is the
in the United States. and compares with
$31 20 on August /, S31.16 on September !,
1904. and 5000 on September 1. 1903. Tho
increase in the total circulation as com
compared with September 1 year ago
$63, 379, 07O.
Day, Adams & Co. offer In their Septem-
Der circular Georgia Central first incomes,
Brooklyn Rapid Transit refunding As. Cen
trail Leather IS and Peoria and Eastern In
comes as speculative investments, and say:
1--WE beg to call the attention of our clients
to the following bonds, which. while not
possessing the absolute mortgage security
Of the average underlying. well-seasoned
railroad issues. appear perfectly safe as to
principal and practically certain OF paying
their interest until date Of maturity. 1t Will
be noticed that the largest profits In bonds
during the past decade have been In the
purely or sem1-speculative Issues. the most
prominent examples of which are income
and convertible bonds. securities OF project
ed or uncompleted enterprises and mort
cages on properties whose worth Is I'M
demonstrated. while the profit on this class
OF securities Is greatest. the risk Is COM
mensurate unless the most careful discrim-
nation Is exercised in their purchase.
1.-The bonds below described appear to be
covered by real assets In case Of foreclosure
and to possess sufficient stability of earn
ing power to preclude such action. They
all have broad and ready market and are
suitable not only for individuals desiring
high rate of interest with the attendant
probability of appreciation in value, but for
institutions desiring to invest surplus funds
profitably-either temporarily or for long
period"
The September investment list published
by Richmond & Co. contains among the
railroad bonds offered refunding issue to
net 4.63 per cent, and another to net 49,
and a number Of first mortgages. some to
yield as good as 1926 per cent. For short
time investment two issues of gold notes
are offered al prices to net $40 and s. 40 per
cent. A block Of city bonds and one of gas
company stock are included in the list.