Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-30
BULLS AND BEARS

| Special Dispatch 10 The STAR
NEW YORK, September 30.-RuTnor had
| II this morning that the City Bank, which
was the heaviest lender on cali yesterday.
had q reserve In excess Of 81 per cent yes
terday morning.
Plenty Of acceptances Of the treasury's
refunding offer are Indicated by the appli-
cations at the subtreasury for the with
drawal of bonds.
Charles Minxeheimer & Co. have issued a
pamphlet on preferred stock Investments In
which they say: One OF the striking feats
about the present situation In securities Is
the large return that dividend paying pre-
ferred stocks make at current prices. There
are many sound and by no means now
issues yielding from well above per cent
to considerably in excess of per cent, and
1t seems to us that either too much weight
u being given to speculative considerations.
by which we mean the outlook for large
appreciation in principal. or that the merit
OF the leading preferred shares listed on
the New York stock exchange are not
adequately appreciated by men of larger
or smaller means who can give occasional
attention to their holdings
Ten general considerations are set forth
In favor Of preferred shares an Illustration
table of Industrial and railroad Issues Is
varying from about 4.10 to 81 per cent and
some suggestions are offered by way Of spe-
cial reasons tending to assure the CON-
tanuity and permanence of dividends in the
case OF particular issues. Other considera-
tons of merit are also indicated.
The stock exchange firm Of Atwood, vio-
lett & Co. dissolves today and the new firm
of Carpenter. Baggot & Co. begins business
next Monday morning, being members of
the New York Stock Exchange. the New
York Cotton Exchange, the New York Cof-
fee Exchange the Liverpool Cotton Asso-
ciatfOn, the New Orleans Cotton Exchange
and the Chicago Board of Trade.
Demand sterling closed last week Friday
at 4-S5Aa4.85 30 and sfxty-day bills at4.S2Aa
4.62h, from which level rates were advanc-
ed to Asa. 7Oa4.85A for demand sterling by
Wednesday, marking the elimination of the
upward movement which extended exactly
kc. on the pound from the preceding Friday.
This advance In rates was brought about
by marked failing on IN the quantity Of
bills offered at time when sharp de-
mand developed to cover maturities run
ming OF In early October. The advance in
the market. together with the rise of Bank
of England minimum discount rate to 4
per cent. placed London gold for the time
being beyond the reach OF our bankers The
slight furry in local money rates toward
the end Of the week, when call funds ran
up to per cent by reason of the prepara-
lions for heavy payments to be made
around October I, changed the entire aspect
of the local exchange situation.
On Thursday and Friday, particularly
Friday, the market broke sharply, demand
sterling falling from ASS. 7Oa4. S5N Wednes-
day TO 1880 yesterday morning. as the
logical outcome of the increased value
placed upon the use of money here. The
close was steadier. with demand sterling
quoted at 4.S5Aa4.85.3O. or exactly the same
as week ago. Finance bills were offered
very freely at the time when she will buy
our cotton. Spinners' stocks abroad are