Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-01

cent and New Orleans 422 per cent while
Boston shows the slight decrease of O.S per
cent The total per cent gain for all the
cities was 2S.5.
X
European political affairs dominated the
exchange markets this week. The threat
enng aspect OF the Morocco affair early in
the week was such an unsettlng influence
on the Paris money situation that discounts
| there rose sharply. while the rate at ster
ling fell with similar abruptness as low as
% frs Ii C. This decline in the Paris
check rate on London, with a coincident
rise in francs here to 5.15X, less 1-s2d pre-
cipitated the engagement early in the week
OF $4,000 600 gold for export to the French
capital.
Sterling rates at this center rose from
4.S7 0oa+S .15 for demand bills at the close
| last Friday to .S7.20a4.S7A Monday, and
that marked the elimination of the upward
movement in the exchange market here.
subsequently the market weakened, falling
daily until yesterday demand sterling drop
ped to 4.S6.9Oa4.S7. on account Of the furry
In money rates, net loss for the week of
about 1-32 of per cent The quotation for
| sixty-day bills at the close yesterday was
4.S5 15a4.SoA, compared with 1896 4.S5 30
at the end of last week.
| Atwood Violet & Co.'S resume of the
market for the past week says: ....
The stock market for the past week has
developed strong upward impulse, the
| controlling influences being the widespread
! belief that the outlook fer the crops and
general business is excellent and that stock
prices have not yet discounted the favorable
prospects for larger dividends which the
arrangements of several corporations are
considering. and to this may be added the
scarcity OF stock offerings Strength is nat
urally augmented at this time by the de-
mand for reinvestment Of the regular semi
annual dividend and interest payments due
on or about July /. The amount of these
pn afaSS A 2ftn
largest on record.
"A subject of great Importance to invest
OrS In stocks has recently been made promi-
nent by some of the highest authorities call
ing attention to the great increase in the
worlds supply of gold and it's influence on
credits. values and prices of commodities in
general 1t Is subject looking far beyond
ordinary market factors, but of vital inn
portance to the holders of securities and
decidedly favorable to higher prices in the
REIMBURSEMENT of values which may come as
the supply of gold grows with the produc-
ton OF each year. We inclose an article
on the subject, which we commend to the
careful consideration Of our friends Some
OF the best authorities claim that this has
oeen market factor in stocks for a year
past. although not generally Recognized.
and others consider 1t as certain to enha nee
values In the future. Higher prices are a
natural outcome Of an increase In the buy
ing commodity"
Tne rate Of sterling at Paris after the
early depression to % francs experienced
| SUBSTANTIAL Improvement. rising to 25
| francs 161sc. Thursday. The advance in
sterling at Paris simultaneously with the
decline here preciuded the possibility of
negotiating further engagements of gold
| FOR shipment broad. and indeed the Paris
consigrments were made feasible only by
| the special discount allowed by the Bank of
France.
c. Schumacher & Company say: 1--WE
pointed out some weeks ago that our ex-
| port movement of gold is not liable to
assume great proportion between the time
| when cotton bills will begin to come on
| the market or when such a movement is
| at least anticipated by our bankers We
| do not think gold exports will be a factor
| of Importance in shaping our money market
| for this summer. Exchange for future
| deliveries remain very strong owing to the
| fact that there Is still very brisk inquiry
| from bankers who are making time loans
| for the accommodation of stock exchange
houses and importers"
The Keystone Telegraph Company of
| Philadelphia has sold s7O0OOO of a total
| authorized issue of 10000 900 first mort
| gage thirty-year gold bonds to Fisk &c
| Robinson. The proceeds from this sale
| clears up the floating debt of the company
| and provides 1t with a working capital
| commensurate with the extensive charter
| and franchises. The remainder of the is
| sue will be reserved for the purpose of i'm
| proving and developing the property of the
| company and for acquiring the securities of
other telephone companies.
|
|
| The Keystone company owns a conduit
! sy stem of II 500 454 duct foot capacity. To-
! Gated In 229 miles of street. and 1t has a
| liberal charter from the state of Pennsyl-
| vanta covering every county in that state
| and every state in the Union. and a per-
| petual franchise covering the city of Phia-
| deIphta. neither of which contain any re-
| strictions as to rates. The gross earnings
| Of the company for 1905 are estimated at
| $685. $50, against 1854 $50 last year, an in
crease Of about $S1, $3.50.
| The Chicago and Eastern Illinois, S. 00O,-
| 900 of the f1fty-year 4 per cent refunding
| mortgage bonds of which have been pur-
chased by Redmond q Co. and J.. & w.
| SeIigman & Co., is a road of large earning
power. having paid dividends since 1883.
| Surplus applicable to dividends on the COM
| mon stock for the year ending June 30.
| 1904. amounted to more than IS per cent.
The road Is Of great value to the st.
| Louis and San Francisco system, furnish
| ing the latter company, which operates
| over 5000 miles of railroad. with its en-
! trance to Chicago. The bonds just sold are
part of an authorized Issue of $55, Co., 900, of
| which $34, 626 600 is reserved to retire prior
| liens and 1884, 900 improvements and ex-
| for nf no MOI