Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-18
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK. September 1s.-Eighteen
banks reported less than the required re-
serve In last Saturdays bank statement
against twenty-six In the week preceding.
Such change as this is very likely to ex-
plain why the preliminary forecasts. which
were for considerable cut In surplus re-
serves. were 80 much out OF line with the
actual figures. showing only nominal de-
crease in holdings In excess Of lawful re-
qufrements. The preliminary forecasts.
which are based on the transactions OF the
larger banks are frequently upset by the
aggregate of certain changes In the loan.
deposit and cash items OF some OF the
smaller institutions. In the week ended
September II last year seventeen banks re-
ported less than the reserve required: twen-
ty-five In the corresponding week In 1908.
thirty-fiys in 1862 and twenty-one In 1901
The city bank was responsible for 45 per
cent of the decrease in loans reported last
Saturday.
This stock market will make more or less
steady progress to higher prices SO long as
the money market outlook Is regarded as
doubtful" is the forecast of shrewd and
veteran observer of Wall street paradoxicai
methods. In q way this Is much the same
CEiIl& Us saying tndI LEdISdCllOuS IA tA0
stock market are likely to continue almost
wholly professional SO long as the specula-
tive skies are at all overcast, and 1t Is
maxim Of experience with many skillful OPP
orators to go with professional bull mar
ket while it Is professional, and get out and
stay our or go short when the public comes
in.
There is lot of truth in the statement
made by A. O. Brown & Co., that Tho
fact that stocks are pretty well concentrat-
ed in strong hands Is discouraging bearish
operators"
Vice President Vanderlip OF the City
Bank, whose public addresses in the last
three years have not only thrown consider
able light on puZzng features or business
and financial conditions at the time they
were delivered, but have proven to be &C
curately reasoned forecasts OF the outlook
will be one OF the speakers on October ~
the opening day OF the thirty-hrst annual
convention of the American Bankers As
ISOLATION in Washington. The subject OF
his address is not given on the program.
The second gasoline motor car built for
the Union Pacific has been placed in COM
mission. running between Lincoln and LIN
coin Valley, Neb.. distance Of fifty miles
This motor car service for short haul ana
suburban freight and passenger traffic Is
an important departure In railroadtng to
which attention has been occasionally d.
rected here.
The price of steel wire has been advanced
81 ton to keep pace with the advance in
pig iron and steel billets. The demand is
very heavy, and the American Steel and
Wire Company is reported to be booking
from $1,000 to 5000 tons more each month
than its normal business heretofore. 1t Is
also said that an advance to 1865 or $3.50,
or 10 to 55 points, will be made this week
in the tin plate stock. apace with the in
crease in sheet bars. Most, IL not all, the
tin plate makers have contracted for their
output almost to the end of the year, and
would-be buyers at this time would be COM
PEELED to go abroad for their requirements.
Idle mills are being started as rapidly
as possible. 1t Is reported that the United
States Steel Corporation is in the market
for from 10000 to 40 600 tons Of pig iron for
October delivery.