Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-24
BULLS AND BEARS.

DO.GO uBO ~ 6SttN
NEW YORK. June 24.-Although the for
eisn exchange market showed some further
improvements in rates early this week, the
market was subsequently irregular and
rates declined v cent on the pound to 4e7.
The decline was followed by another adj
Vance to 4.S7 05a4.S5.15 for demand sterling
at the close yesterday and 4.s5.20a4S5.3O for
s'xty-day bills. compared with 4.G.asa
1870 and 4.s4.15a4.s5A for demand and
sixty day sterling. respectively at the end
OF the previous week. The high level was
was quoted at AS1. 20a4.S7A. and the low on
thursday. when demand sterling sold for
time at 4.S7.
The result of the weeks operations In the
exchange market show an insignificant net
loss. amounting to 5. to los. points In
sterling rates. Continental auctuated In
much the same manner as sterling, and
closed the week without any change of
much Importance Locally, one OF the
chief features of the exchange market has
been the continued sale of bankers finance
bills. The volume OF these put out has
indeed been rather larger during the past
week than for some time previously, and
at present no small quantity of foreign
money is finding employment at this CEN
ter. A good deal OF this Is French money,
though the amount available from Paris
would be materially curtailed II the dis
count rates there should advance much
further.
C. Schumacher & Company say: The sup
ply OF commercial bills contracted further
and will soon reach the minimum II the
contraction keeps up. AS consequence
foreign exchange will be subject to a further
rise. which will terminate as soon as the
bankers sufficiently anticipate the shipment
of the coming cotton crop. by drawing
their long paper in round amounts. This
will probably be the first week In Septem-
ber
The Textile Manufacturers Journal says:
The sales of wool In the principal markets
of the country, exclusive Of Boston, for
last week, and the corresponding week last
year, have been as follows:
This week.L week. Last year.
Pounds Pounds. Pounds
Foreign. i,Ss2SSo $500 $500
Totals. .......... 2.oos2oo 2,527, 100 ss52, 200
Dividends have been declared as follows:
American Nut and Bolt Fastener Com
pany, an extra dividend Of 3k per cent. pay
able July 3, books closing June y, and
Manufacturers Light and Heat Company.
the regular quarterly dividend of ~ per
cent. payable July 1, to holders of record
July l.
The total bank ciearings Of all the clear
ing houses Of the United States for the
week ending today. according to the Ftnan-
cial Chronicle. have been 81, 151 ,269. 271. de-
crease of $216 ST., DOB from last week, but
an increase of 1872 925 9o4 over the same
week a year ago. New York, as compared
with the same week of 1904, shows a gain
Of 17.9 per cent; Boston, 26S: Philadelphia,
21.4: Chicago PSI; st. Louis, 12.1. and
New Orleans. ESQ, while Baltimore shows a
decrease of LIS. The total cities reporting
for the week show an increase of III per
cent. as compared with the same period
of 1901.
The total gross earnings of forty-two
roads for the first week of June were 81 COL
1S2. an increase of $3.50 541 over the same
week last year, or o-:D per cent, according
to Wall street news agency. The gross
earnings for thirty-eight roads for the sec
ond week of June amounted to $7,5SS, 443.
against $7,l73,gf5 last year, an increase of
s414.5ss. or SIT per cent
The weekly financial letter of Atwood Vio-
lett & Co. says:
Nothing has occurred during the week
detrimental to the real value of Wall street
securities. On the contrary, considerable
evidence of improved sentiment and re-
stored confidence has been manifested in a
decided advance in prices, greater volume Of
business and a pronounced change during
the past three days from the recent dull
and narrow market to one of marked activ-
itg. -'-
Whatever unfavorable factors exist are
fundamental market conditions. Wall street
seems to be satisfied to leave the solution
of the Equitable Life affair to the very
capable people who have the matter in
charge. Peace negotiations between the
belligerents in the far east are looked upon
as progressing with satisfactory rapidity,
with both sides anxious to terminate the
struggle. Crops show rather less deteriora-
ton than usual the season advances, and
prospects for yield better than the aver
age continue excellent. Railroad traffic
and general trade are satisfactory, and
recovery Of the iron and steel trade from it's
recent hesitation is reported.
1.-The heavy dividend and bond interest
payments on July / may cause a temporary
advance in money rates around the close of
the month, but in our opinion not of suf-
ficient duration to disturb stock speculation.
These payments seek reinyestment and usu-
ally cause strength in high-class securities
Foreign complications are talked of, but at
present are not considered as anything more
than an incident which diplomacy will be
left to adjust"