Evening star., 1905-10-05
AND BEARS

NEW YORK. October B--Commission
house literature today was tinged with
pessimism By yesterdays littlc furry In call
money. The general effect Of the advices
Of those houses however. was that unless
reckless attempts were made to bid up
prices In the stock market. no severe set
back need be looked for. and in time the
money market would become sufficiently
easy to allow the factors OF great pros
perity to come into play. Not few COM
mentators were inclined to regard the
money Developments of the week as pro-
cess OF putting the breaks on headlong
speculation for the rise, which had become
rather pronounced.
q
AB more or less explanatory of the jump
In the call money rate yesterday the fol-
lowing story was told by Wall street
news agency today: "A certain large COM
mission house borrowed a few days ago
from certain large bank $3.0OO.o00 on call
at 5A per cent. Yesterday the commission
man called up the cashier. Money. he said
was lending at per cent. Woul6 not the
pank make the loan at 8 The bank re-
fused The commission man argued
Very WELL replied the cashier. Go and
DorroW 100000 or whatever is offered at
Hve ana see If you can get enough to pay
off our loan of $3.00O.Oo0' The commission
man replied that he would pay off the loan.
There was not much money at five. Two
hours later the bank sent up word to the
stock exchange to loan 100000 at per
cent. The original commission man bor-
roWed S2oO0.0c0 of 1t: others borrowed the
rest In small lots.
From up to OK there was no bank
money on the floor. Possibly the bank did
little teiephoning TO other banks. The Of
and Irregular
Bulls on securities find encouragement In
the sustained improvement reported In the
bond business.
Chicago city railway company was given
to the Chicago city council committee on
local transportation yesterday and the
Union Traction Companys plan will be
ready on Monday. 1t will differ from that
OF the southside company only In details
where the conditions affecting the two cor
porations vary The ordinance presented
to the committee Is an elaboration OF the
offer made by the City Railway Company
to the city last week.
Its main points are: A request for an ex-
tension. OF renewal. Of franchises In such
streets as 1t now occupies for twenty years,
and IN consideration of such extensions or
renewals the company valves absolutely all
of Its ninety-nine-year rights. and such
other rights In the way of unexpired fran
chises as 1t may now have.
The plan provides for a single Scent fare
COW ering continuous journeys. with Through
transfers to the Union Traction lines at
outside points, rehabilitation of the system
within three years and payment to the city
of 3 per cent of receipts for the first i've
years. per cent for the next two years.
7 per cent for the next ten years and
10 per cent year for the remainder of
the twenty-year term. Provision for
purchase by the city are Included and the
plan Is to be submitted to a referendum
vote.
X
The Price Current says: 'It has been
another favorable week for late-maturjng
corn A record crop is practically cer-
tainty. A high percentage will be of good
to excellent quality. There has been a
continuance of the favorable conditions for
the start of the winter wheat croD'