Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-17
BULLS AND BEARS

NEW YORK. June 17-Although several
savings banks Of this city which last jan
uary paid interest at the rate of per cent
have announced that they will be able to
continue payments at that rate on July l.
q statement made by the Bowery Savings
Bank indicates that the July dividend will
be the last on per cent basis unless the
legislature repeats the tax upon the surplus
In savings banks. The Bowery Savings
Bank has 10000 depositors and $1OO. 600 600
assets. and IS regarded as a leach in the
matter Of fixing the rate Of interest upon
deposita
The Bowery Savings Bank statement is
as follows:
Relying upon the promises and pledges
OF the political parties In this state to re-
peal the franchise tax on the surplus Of saw
ings banks quite number of banks antici-
pated the action Of the legislature last win
ter by raising their rate of interest from
31k to per cent. There Is little probability
that the saving banks will any of them pay
per cent dividend at the close OF the
next six months unless this repeal is car
rfed into effect This tax of 1 per cent
on the surplus of the savings banks Is the
one thing which would prevent them from
increasing their rate of dividend above 31a
per cent"
Atwood. Violet & Co, In their weekly re-
view of the stock market, say: Stocks have
declined 10 to 25 points from the highest
prices attained two months ago, and the
average recovery so far is PROBABLY less
than points from the lowest quotations
reached. The market acts as IL 1T could be
bulled easily, and active operations by In
terests favorable to the constructive side
would easily produce satisfactory results.
We had the same kind of a slow firm mar
ket in June last year. followed by long
bull campaign serious decline does not
seem to us to be at all possible with such
favorable sustaining factors. We believe
those who are satisfied to carry stocks for
a moderate time will reap good profits on
purchases made at prevailing prices For
operators following daily fluctuations, we
advise trading on the long side, taking mod
crate profits on stocks bought on any shgn'
reaction. While stocks might take a de-
cided upturn at any time. the indications
for the Immediate future are for contin-
uance of a dull. slowly advancing market.
X
The American Steel Foundries Company
will issue only $3.OO0OOO instead of the
100000 OF bonds that was at first re-
to paying off the loan of Kuhn, Loeb G. Co.
The foreign exchange market was dull
week c. Schumacher & Co. say:
Large blocks Of cotton bills for Septem-
Der. October and November deliveries were
placed. Most of these were sold to bank
ers, who in turn are making time loans to
stock exchange houses on collateral. selling
them their demand drafts for fall deliveries
when such accommodations will mature"
X X
New steel rail- orders last week received
by the mills in the steel pool amounted to
5000 tons. worth s1,344000. The orders
were divided as follows: Big Four. 5000;
Chicago and Alton. $500: Buffalo. Rochester
and Pittsburg. 5000: Valley Roads, 1900.
and Cleveland Traction Company. 5000
tons. The price was s2s a ton
A. o. Brown Co. have this to say today
Of the stock market situation:
Despite the many good reasons put
forth why stocks should advance the bull
movement does not materialize. The chief
cause for this Is the attitude of the more
powerful financial interests. which are ap-
parently unwilling to undertake any such
movement at present although they appear
willing to extend support breaks. The
absence of selling pressure encourages mar
ket students to hope for the resumption Of
the upward tendency when the larger in
terests take it again. Meantime, a dull and
narrow market. with practically no definite
trend. is about all that is expected"
According to the Financial Chronicle the
total bank clearings of all the clearing
houses of the United States for the week
ending today have been 81. 419. 40s, go, a de-
crease of 1884 .667 from last week, but an
increase of 1923. O48,303 over the correspond
ing week of 1904. AS compared with the
same week last year. New York shows a
gain OF 4l.3 per cent; Boston. IA per cent:
Philadelphia. 1873 per cent Baltimore. 10
per cent; Chicago. per cent; st. Louis. IT
per cent and New Orleans. 1873 per cent.
The total gain for all the cities of the
United States. contrasted with that of the
same week last year, is Is per cent.
James Gordon. freight traffic manager of
the Atchison Topeka and Santa Fe, accord
Ing to dispatch from Chicago, is to be-
come the head Of the subway system of
New York, proposed by the Metropolitan
street railway interests, In place Of Paul
Morton. who. in accepting the chairman
ship of the Equitable Life Assurance So
ciety. resigned from the proposed new sub
way system.