Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-13
BULLS AND BEARS

NEW YORK March lathe steady drain
on the banks through the s1btreasury has
been such a feature of late that in most
brokerage Offices an item that has long been
passed over OF particular moment,
the statement OF subtreasury transactions,
has come to be regarded as an important
Item OF daily news. In fact. q recent inter-
esting development In the speculative COM
nnunity has been traders selling of stocks
on the day-to-day figures. showing loss OF
cash by the banks. Practically since Oc-
tober l there has been a monotinous con-
tinuity OF reports OF such loss, only broken
now and then by day or two OF gain.
On Friday and Saturday, chiefly on ac-
count of the treasury deposits made by
Secretary Shaw the banks made a gain OF
several hundred Thousand dollars, but this
was all wiped out yesterday and at the
close of business last night the subtreasury
was S30f,0o0 ahead for the week. and this
morning had a debit balance of only SfS.o25
at the clearing house The fact that the
Secretary has this week made additions to
the list of government depositaries is taken
In some quarters TO indicate that he Is pre-
pairing to make further deposits of public
funds next month if the treasury's condi-
ton permits and the state of the money
market warrants 1t.
Annual reports of larger Berlin joint
stock banks reflect Increased activity in
German trade and industry. Pressure
caused upon bank resources attracts com
ment. Foreign dispatches say that there
has been heavy Berlin buying lately or
London bills for the payment to Japan for
account OF Russia of the expenses Of main
tanning Russian prisoners. Foreign centers
are said to be withdrawing their Berlin
balances, and there is a strong demand for
sight drafts to meet payment abroad. The
elgeschelleschaft is negotiating loan
of 90 100000 francs, Servian, for the Serv1ln
government. The gold import movement in
augurated by the City Bank this week ap-
pears unlikely to go very far unless 1t IS
closely related to our excess of exports OF
foodstuffs. manufactured articles and Sc
curities.
What was regarded as something of a
hint to the holdest OF Metropolitan Street
Railway, Metropolitan Securities and In
terborough stock who had not deposited
them as yet was a statement circulated this
morning 20 the effect that II Assemblynan
Shanahan's anti-merger Dill should become
a la wthe 1nterborough-M Metropolitan Com
pany. while being entitled to retain its
present holdings OF the stocks of the vari-
Gus companies would lack power to ac-
quire any additional stock OF those COM
panies.
X
From Louisville comes report which is
said TO be semi-official, to the effect that
the Louisville and Nashville will show
earnings for the current year equal to
about 20 per cent on the stock. In the estf-
mate of earnings is included of course. the
amount spent for improvements and
charged to operating expenses as we'll as
the equities of Louisville and Nashville in
the surplus earnings of the Nashville Chat
tanooga and ST. Louis, the Monon and the
Georgia railway and from other sources
The income Of the Louisville and Nashville
has so grown that the company could now
pay present dividends and put ST, 900 900 a
year into improvements out of surplus 1t
can do this without counting on its equities
from the subsidiary and controlled roads
named above.
No little interest has been attached in
Wall street to the western tour of the Gug-
genheim party and Guggenheim- New
house conference in Salt Lake City. pre-
sumably on the subject of merging some
| important copper properties. 1t is under
stood that IL anything is to be done as q
result of the trip the real business will be
transacted here.
CURB QUOTATIONS..