Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-02
BULLS AND BEARS


Special Dispatch to The Star
NEW YORK, June 2--With the inposf-
ton Of the new stock transfer tax an ac-
complished fact today the gloomy fore
bodings Of an extensive migration Of busi-
ness to other stock exchanges than those
In this state seem to have been forgotten.
The room traders. the class which the tax
Is supposed to hit hardest, whose opera
tons make large part of the daily asgre-
gate OF transactions are all buying and
selling as usual. and no tendency to In
creased volume is noted on the stock ex-
changes IN cities outside this state.
Neither has anything been heard of plans
to list this or that Issue. now dealt I'm on the
local exchange, on other domestic bourses
in order to obtain a freer market than can
be had here. and local brokers who bought
seats on the Philadelphia and Boston ex-
changes. expecting drift of business to-
ward those markets, seem to have missed
their guess. However, It is a little early
yet to make any definite conclusions in this
matter.
Fisk 6, Robinson say in their June In
yestment Bulletin:
1.-The railroad bond market during May
was comparatively quiet, prices In the main
holding firm, especially for the Older is
sues. The continuance of easy rates for
money and confidence in the general busi-
ness situation have prevented any except
trifiing declines in the market and should
soon lead to a broader demand. In gen
erai. the agricultural reports are either
very satisfactory or not distinctly adverse
and should contribute to optimism In the
business and financial world"
The circular contains the following In
vestment offerings. among others:
New York Central refunding BIS, to
yield about 1882; Michigan Central first
31as, to yield about 354; Buffalo and Sus-
quehanna first refunding As. to yield about
4o5; Chesapeake and Ohio general AIS, 10
is. to yield about 394. and Louisiana and
Arkansas first IS. to yield about Al
4
June Investment offerings by Plympton
Gardiner & Co. yield from $50 per cent TO
a ~ ner cent. The largest blocks of bonds
shown are: Pittsburg. McKeesport and
Youghiogheny railroad SIS, to yield $780,
Atlanta and Birmingham AS, to yield AS;
Southern Pacific refunding As, to yield
40 and Second avenue consols. to yield
of guaranteed stocks, which are tax eN-
empt, yielding 31a to IA per cent.
.
COMPILATIONS of railroad earnings made
by Wall street news agency show the FOL
lowing results compared with the CORE
spending period last year:
For the second week of May the gross
ernings of forty-one railroads aggregated
81 sos, O23, an increase of $502,342 or 1Oz
per cent For the third week of May the
gross earnings of thirty-six railroads ag-
eregated 1881, $40, an increase of $404,321
or asa per cent From July / to May 81
the gross earnings of thirty-slx rallroads
aggregated S3G0O13,1 1873, an increase Of $lS,-
9J1 III or $50 per cent. The gross ana net
returns of forty-nine railroads for the
month of April were: Gross earnings, $685.
So, 1874; increase, 81 ,3T5, 2o3; operating ex-
penses, S45, 532, 1856; increase, $500 6o; net
earnings, 1905, POS; increase, $1,o69,oSS-
The gross earnings increased 1.35 per cent,
operating expenses increased 1872 per cent
and net earnings increased go per cent
From July 1 to April 30: Gross earnings,
SCAT DIG, 1872; increase, S24 765, 1919. Operating
EXPENSES SAL 131, 761; increase, 1852. 6l2
Net earnings, S2O5 9s4 ,631; increase, So, s12,-
5S7 The gross earnings increased 30S per
cent operating expenses increased rs per
cent and net earnings increased 6.63 per
cent Reporting new railroad equipment
business the Railroad Gazette says:
THE following companies have ordered
cars from the American and Foundry COM
pany: The Atchison. Topeka and santa fe
Railroad Company, 1t is reported, 6oO steel
cars; the Big Bend Coal Mining Company
of PHILADELPHIA $50 steel coal cars; the
Lake Shore and Michigan Southern Rail
way Company, 1t is said, has ordered 4.Ie
steel cars
It is rumored that the Japanese govern
ment has ordered 800 freight cars from the
Western Steel Car and Foundry Company.
1t is rumored that foreign government
has ordered 500 steel gondola cars from the
Middietown car works. 1t is said that the
South and Western Railway Company has
ordered go box cars. The Metropolitan
Street Railway Company, it is rumored,
has ordered seventy-five cars. The Phila-
delphia Rapid Transit Company is reported
to have ordered thirty double motor cars.
The Lake Shore and Michigan Southern
Railway Company. it is rumored, has or
dered sixty locomotives from the American
Locomotive Company.
The monthly circulation statement is
sued by the controller Of the currency
shows that at the close of buiness on May
81 the total circulation of national bank
notes outstanding amounted to $4SS, 321s $40,
an increase for the year of $7OS2. 571. The
circulation based on United States bonds
amounted to $456.239 090, an increase for
the year OF S4S, $50, 062, an increase for the
month of 1901. 800. National banks to the
number of forty-nine, with aggregate
capital or ", i50,OOO, were chartered during
May. Twenty-Five of these banks were of
primary organization; twenty-five reorgan-
izations of state or private banks, and two
conversions of state banks. The last
months work increased the number and
capital of banks organized since March IA.
1900, to 2,5O2 and $147, 045, 800. The monthly
statement of the public debt shows that at
the close of business on May 81 the debt,
less cash in the treasury, amounted to
81, 900, 346 12S, which is an increase for the
month of 3.12S 1877. and is accounted for by
corresponding decrease in the amount
of available cash on hand