Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-16
BULLS AND BEARS

| Special Dispatch to he stas.
NEW YORK. September 10. - President
Ramssy's disayowal Of the backing Of any
i ethsr railroad In his fight for control OF the
| Wabash seems to render It tolerAhiy certain
that he has the support and co-opsration
i Of large interests IN the property itsslf.
| Andrew Carnegie IL supposed to b q con-
/ siderable holder OF Wabash securities. and
/ It 10 thought that he u alli0d with tho
Ramsey forces but the Rockefeller hold
/ fngs are believed to be the chief reliance OF
| fhs Ramsey campaign. It can hardly Be
| gathering to Mr.. Gould to note the eQuanim-
fty with which 80 large q portion Of the
rank and file Of Wall street regards the
chance that he may lose control OF some
/ OF his properties. This equanimity IL tenn
pered only by the fear that the Gould in
! terests may obtain possession Of the Mis-
souri, Pacific and use that great system to
| the damage OF its rivals in the west.
There is talk Of the possibility that st.
Louis Southwestern preferred may be
placed on a per cent dividend basis at the
| October meeting OF the directors.
| A second advance in petroleum prices for
| export has been made by the Standard Oil
| Company this week.
The bank statement was published well in
| advance OF the usual time for its appear
ance, ana the figures set forth q continue
ton OF the processes which made last
weeks statement q negatively favorable
showing. The same description might be
applied to today's document The decrease
| In actual cash, which amounted to 81, 463,-
QUO. was fairly well in accord with the av-
| erage of the preliminary estimates On the
| other hand. while a further curtailment In
the loan account had been reckoned upon
few ne0Dle nrSohai,1v I'D hat ho
auction in that item would attain such q
high figure as $20.S61 600 Together with
| the reduction in cash. the change in the
loan account was reflected in a falling away
In the deposit item of SIS. O69 600. In con-
sequence of the other changes. surplus re-
serves decreased only $196,e0O and the
banks now hold s.. cas- GOO in excess OF he
lawful requirements. Surplus reserves In
the corresponding week Of last year were
81. 353. coo. in 1903 S13. ia. GEO. and in I9O2
there was a deficit shown of 81 .642 Co., As
was TO be expected. the stock market upon
the appearance of the bank statement de-
veioped increased strength and activity in
all departments, with animation most pro-
nounced in those issues which had been
previously prominent.
The decline in foreign exchange since the
| first week of September has amounted ap-
proximately to 1hc. on the pound in sterl-
ing rates. From AS. 45a4. So so for demand
sterling at the close Of business last week
Friday. the market fell Nc on the pound
UP to Tuesday. when announcement was
made OF the engagement Of 81, 100000 gold
for import from London. During the re-
mainder of the week the course of the
market was irregular. rates alternately fall
ing and advancing in the succeeding days
In the main, however, the undertone was
steady. though demand sterling sold as low
as 4S4S5 In some quarters, the extreme low
figure After subsequent rally to 4.s5,
the market again fell to 4S4.9O yesterday
DUt recovered more than the lOSS I'd
the close OF business, when the quotation
was ABS. 15a4.S5.2O Sixty day bills closed
at 4.S2 25a4 IS. compared with 4.S2.9Oa
ABB week ago. Continental exchange as
well as sterling experienced a decided
slump
With regard to the future of the market,
{. Schumacher & Co. say: The supply of
commercial bills has increased materially
and we may expect much larger Offering
from now on. Some Of the largest cotton
shippers In the country do not care to han
die cotton until there Is liberal supply of
the staple. because there is moro or less
risk in early shipments. Europe does not
seem to be buying cotton literally as in
previous years, and unless the cotton mar
ket should break. we would not be sur
prised to see this staple move very slowly
this season. Large offerings of grain bills
have been made for delivery from December
to May, and all Indications point to large
exports of corn and wheat this year. It
looks as though exchange would remain
extremely low until after all our crops are
harvested money on call rose TO per
cent Friday. which Is another factor work
ing in favor OF lower exchange.
The total bank clearings Of all the clear
ing houses of the United States for the
week ending today were 81, 1872. 4S7, 225, an
increase of $50. 905 436 over last week and
an increase Of S171. 31504S over the CORE
spending week last year or 7.6 per cent.
AS compared with the same week last year.
Chicago and Baltimore increased 1873 per
cent, respectively; Boston. 40 per cent; st.
LCu U.S.. 11.8 per cent; Philadelphia II. II per
| cent. and New York, SO per cent. but New
Orleans recorded decrease of 25 per cent.
= II
Atwood Violet Co. say, in their re-
view OF the week. The week has shown
Improvement in stock market affairs, no
ma alter what the viewpoint 1t is quite
generally conceded that the alarm re-
garding the money supply for the coming
crop-moV1ng season was not fully war
ranted, or, rather, that the better under
standing Of the sources Of money supply
makes the situation moro satisfactory. It
has been demonstrated in q practical way
that Europe can furnish US gold even at
prevailing money rates. the demonstra-
ton being an actual import Of the metal.
With this in mind 1t Is a fair assumption
that any material advance in loaning
| rates here would be met by an influx OF
gold that would meet any requirements
and prevent any strtngency that was
with reason expected.
AS the money situation was the one
cloud in the financial sky. 1t was natural
that any favorable turn in that condition
would, In the same ratio. produce q more
cheerful feeling in the stock market. 1t
cannot be said with truth that all fear
has been dispelled, but certainly the I'M
provement Is so decided as to cause q firm
hope or a moderate belief that no great