Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-05
BULLS AND BEARS

! NEW YORK. August 5-The very true
/ comment is made that such moves those
| that have taken and are taking place in
| such stocks as Lacka wanna, Northwestern.
Omaha. Delaware and Hudson, Jersey Cen
| trail. Northern Pacific. Great Northern pre-
ferred and the like must be on buying by
men who know what they are about In
other words. it is well-informed. or. as the
street slangily put is. wise" buying. and
the genuine character of 1t as distinct from
manipulation is one of the most hopeful
| augur,es for bull market
| Some shrewd observers think that we are
going to have for some time a bu.l.sh rather
than bull market
| j. s. Zach & Co. take high bull ground
in their weekly financial review. saying:
Much more interesting. and of greater sig
| nificance than movement Of prices. were
| reports of enormous traffic earnings. such
| as to be of extreme Importance in moldfng
public opinion to appreciate at their true
value OF the standard railroad shares In
the long run IL Is earnings and dividends
that make prices. ard the conclusion Is in
evitable that. with excellent crops assured.
/ the standard shares will seek higher level
| Of prices. Advances in the equipment COM
panies shares reflected an increased volume
| orders either actually placed or in sight.
and this Improvement in turn was reflected
| in a letter market for steel plates. Conserv-
| alive estimates place the Steel Corpora
| tons earnings for July at little over $11,-
| 000.UOO. or nearly equal to the July figures
| of 1902 and 1903 Negotiations for the pur-
chase of 5000 acres of coal lands from the
| Pittsburg Coal Company call attention anew
| to the far-seeing policy of the company in
| adding to its already heavy holdings. at
least two years of prosperity are in sight
| for the steel companies. and this fact the
present price of shares has by means
| discounted
/
Commission house sentiment is not wholly
bulish at the end of the week. A. o. Brown
| Il Co. say: Notwithstanding the profess
| sional character of the trading some dis
| tribution of stocks is thought to have been
! effected lately which, If enlarged, will leave
the market more vulnerable to bear attacks.
| We therefore think it advisable to take
profits on the buges and buy only on re-
cessions in order to avoid being loaded with
| stocks at the highest prices"
| x X
| c. Schumacher & Co. say of foreign ex-
! change: I'VE think this price (4.S66O) is
! very high for this time of the year. as
| there a great many finance bills being
drawn, and believe that before long a sharp
| break is likely to take place in the exchange
| market. We do not believe that the cot
| ton crop is in bad condition, as generally
| reported, and think that Europe will be
liberal buyer very early in the season. If
| this proves to be the case we may expect
| the movement of cotton bills early in Sep
| TENDER. and 1t is very likely that the
! change market will anticipate this move
! ment 1t Is the general opinion that ex-
change will remain very high this fall. or
at about the present quotations We how
| ever, believe that with normal supply OF
cotton bills exchange will decline to very
| low rates, especially If the money market
becomes active. and at the present time all
| signs point to higher rates for time and
| call money this fall
The range Of demand sterling for the
| week follows:
| low. 4S64Oa4. SG45: close, 4.S6J5a4. $500. Net
| advance points.
A special meeting of the stockholders of
the American Steel Foundries Company has
| been called for September 6 to Is Exchange
| place, Jersey City, to act on the resolution
authorizing the issue of $4,000 900 bonds to
| be secredu by mortgage on the plants of
the company, and also upon the entire CAP
| ital stock of the Simplex Railway Appii-
ance Company and about 55 per cent of
the capital stock Of the Commonwealth
Steel Company of New Jersey, and author
| izing the offer to the preferred and common
stockholders of $350O00O of such bonds at
| so. the balance OF 81, JOG,O0O of bonds not
| to be issued at the present time The
stockholders will also be asked to approve
the conditional contract entered into be-
tween the company and Shearson Hammil
Anc. Company, acting on behalf of the
syndicate, which includes several directors
of the company. for the purchase of such
| part of the $3,J0O0O0 issue as shall not be
taken by the stockholders. For the purpose
of this meeting the transfer books will close
on August 10. The underwriting will be at
so, but commission to be allowed will de-
pend on the amount of bonds which the
syndicate has to take. but 1t is stated that
the price to the syndicate will not be less
than rs.
committee of stockholders of the Corn
Products Company has been selected and
authorized to request In writing from the
officers of the company detailed statement
of the condition of the company'S affairs
and the state of the trade, to be presented
to the stockholders on August 8.
According to the Chronicle the total bank
clearings of all the clearing houses of the
United States for the week ending today
were 50, 495. $50, 500, compared with ST.
100. 124,4S7 In the corresponding week of
1904. or an increase of 1914 per cent. Some
of the principal cities show the following
gains:
New York. SO per cent Boston. 1858 per
cent: Philadelphia, a per cent; Baltimore,
1868 per cent: Chicago As per cent; st.
Louis. As per cent; New Orleans. 1929 per
cent.
Today was a stock exchange holiday In
London and Monday is bank holiday,
the London stock exchange will not open
until next Tuesday morning.
A special committee appointed by the de-
positors of the Merchants Trust Company
has addressed to Douglas Robinson. one OF
the receivers of the Merchants Trust Com
pany. an open letter asking him to answer
a series of fifty questions relating to the
failed institution. The depositors want to
know If E Clarence Jones & Co. made a
bid of s.. 100000 for the entire assets as
was reported. and If the bid had been with
drawn. They also request information from
the receivers to other bids which were
made for the assets. They ask if it is not a
fact that the receivers have now on hand
practically 81. OC0 900 in cash and New York
city bonds, and, If so, why the receivers
now propose to pay only 40 per cent, or a
little more tnan $3O0O0O. to the depositors.
The depositors will hold another meeting
on Monday night. by which time they re-
quest that answers be made to their ques-