The evening world., 1905-11-09
K4LLSZREE,Z
THURSDAY, Nov. ;.

H-2TTFNU kN-D ~
stock market. The high rates for call
loans-ranging from s to IA per cent
have upset the plans of many bull op-
orators. besides soaring away most of
the small spectators. Nobody wants
to carry marginal stocks over night be-
cause OF the uncertainty OF the none
tary situation. The first call loan re-
ported to-day wal at 8 IL per cent.
During tho forenoon, loans and renewals
asre made at 5 per cen and fears OF
q money s~trinsency began creeping
through the street. Suddenly the rate
jumped to - per cent. and thence
quickly to II per cent.
Some one undertook to relieve the
stock market depression by circulating
srumor that the Secretary Of the Treas
wy wa considering the a~dvisability OF
depoating abou, .2o.oOo,oco Of additional
government money In the New York
banks. This rumor was discredited by
bank presidents generally. A member
OF the Clearing House committee ex-
pressed tho optnton that no such action
. on the par, Of Secretary Shaw was
necessary, Tho United states Govern
lment should not meddle With the money
market oxcspt as q measure OF last re-
asoft 70 avert a crisis" said this banker.
faad1nss And there 10 no crisis In sight.
tMoney may continue Arm for some time
come. but the New York banks will
4 handle the situation without dlsaster.'
win the sensaH.onn rise m tho rate
for call-money the banks began calling
some Of their loans and insisting on
1 removals at the higher rates. In many
Instances borrowers refused to pay
higher rates and sold the stocks that
1 they were carrying.
Heavy selling Of the local traction
4 stocks couttnued to-day and a large
number OF important speculative ac-
1 counts were l~iquidated. This llquida-
+. ton, quite naturally, was accelerated
\ By the fare-up In money rates, There
. were exciting reports from tame to
time that the banks were calling loans
indiscriminstely In connection with
the weakness OF the local traction stocks
and Consolidated Gas, much significant
,nHik IL heard about future franchise
.~prospectsL The political speculative
feoatingsnt has about reached the con-
olusson that TAmmany will be In no
position 70 grant any public favors for
yssous nms To come. there Is a growing
belief tsat Mayor Mcclellan and she
> new board Of estimate will interpret the
4 vote Of last Tuesday as an admonition
that the peoples interests must In no
way be trined with. Tammany there
fore carrot be expected to bestow any
subway franchises on favortes.i Politl-
tians who were induced to buy local
traction stocks on the assurance OF a
rise In price IN the event Ola Tammany
victory are nov very much ~disgruntled.
F'rhnt elements OF strsngth were not
lacking In the market was -syidencei
by the determined backing given to
snielters. Reading. Pennsylvania. New
York Control and Erie. There was con-
siderable quiet buying OF New York
'aacsntrai on3theo expectation OF an In
=erease In tho dividend next year.
q Thh road reports for October an In
Grease In cross earnings OF 1851, b57. and
an increase In Rross for the ten months
ended Dot. IL of a little more than S.
10000. 1t 10 estimated that an Increase
Of N,5co.oo will be shown when the
whole YEARS earnings are published.
Missouri Pacific has ,umbied a nttls
o than 5 poinfs within the past
few days. There has been no particular
attack on this stock, It's weakness hay-
Ing developed mostly from inside sell
Ing, Rumort abound that the present
dividend Iate Of 5,psr cent e bore
earned and pad s per cent per aanunI
since the middle OF 1901. From July 1
20 Dot. 81 of the present year Mia
sour PArdfe has lost S54465 In gross
earnings ss compared with hast year.
Nevertheless the officials Of the eoS-
pany expect that the total net earn
tngs for 1896 viii amount 70 slS,oO00oo.
3 per oeut dividend. Neither President
George j. Gould nor any OF the Mis-.
souri, Pacihc directors will discuss the
Possibility n reduction In tho divi-
dend rate.
There has been a noticeable lapse OF
bpecuAhtve interest In Canadian Pacific
the past two days. The leading bull
operators IN this stock are believed 10
be surveying the field preparatory 10
another forward movement. There u
no pool stock offered on the market
and the Canadian Pacific SPECIALISTS N
the Stock Exchange are stiil advising
their friends 10 buy for a rise, Presl-
I dent O'Shaughnessy. or the Canadian
\ Pacific system. to-day denied the report
that outside interests had boBkht con-
troll OF this road. He saws that there
"a no danger whatever OF n change
!. OF control.
Holders Of Reptblio Iron and steel