Evening star., 1905-11-10
BULLS AND BEARS

|DULL0 AuU OLhnl
NEW YORK, November 10.-"Everybody
short on stocks an hollerin' wolf.' said q
laconic Wall street veteran this morning,
adding: II expect the stock market to
show strength that will surprise some OF
these iniuns."
Such rates for call money ~ have OBJ
tanned this week affect the customers In
the stock exchange houses only as they
lead to margin calls. So far az interest -
concerned. II. Is the broker who has to 90
the worrying. theoretically he can charge
his customers what interest he pleases A.
q matter Of fact and practice It IN rarely
that more than per cent Ii exacted.
This more than makes a fair average for
the year, as a rule. Up to the period OF
hardening money rates this fall Wall street
has for about eighteen months obtained
their credit supplies at from III to 81 per
cent and charged their customers and
per cent. At the present time broker
who should charge his customers more
than per cent would have hard time
making explanations.
He could have borrowed time money this
WSch IL per cent IOT UiOuluS dHd a.
from Az to ~ per cent for the same period
He could have laid in ample supplies any
time from September to November /.
Some confidence begins to be felt that
gold imports may soon be resumed as re-
suit of the higher rates for money here
and the shipments of cotton and grain.
Cotton exports for the FIVE days ended yes
fnr6o hnt orYY1p r0d uyft
l0s.033 bales last year.
LICK Bros. & Co. say: 1.-The weakness IN
the stock market and the liquidation which
Is causing 1t should not be surprising to
any one who has given proper attention to
money market conditions and to the other
disturbing factors In the present situation.
Unless there Is some relief in the money
market we do not look for any important
or permanent improvement for the time
being. although after this rather heavy
tensive rally Is to be expected at any time.
In our opinion. however, 1t will be rather
dangerous to get bullish on rallies of this
sort"
Bartlett, Frazier & Darlington say: mo
one should feel disappointed at the showing
made by stocks yesterday. for there has
been ample warning and the result Is one
that might have been expected from the
continuous aggressive manipulative tactics
in the market. With surplus reserves down
to $2.O00OOO and specialties being marked
up three and four points day, a slump in
stocks was inevitable. We can say that
Secretary Shaw has in reserve from $3O,-
100000 to $50, 100000 of internal revenue re-
ceipts. which, under his own ruling. he has
Ora cd IN hn Two Nt,.z Il.
are available for deposit with the banks In
the event OF a period OF severe stringency
here. We can say on the highest authority
that the Secretary has no intention OF de-
posting any funds at the present time and
he sees no reason why funds are likely to
be deposited In the Immediate future"
Edward Sweet & Co say: 'fMr Wander
lips reputation as a prophet stands even
higher today than ever"
Chandler Bros. & Co. say: THUS far the
decline looks to US like prearranRed affair
with the Standard OIL interests consenting
to and assisting the weakness and encourag-
Ing the high rates for money. It is certainly
causing a radical liquidation of weakly held
stocks and already has wiped out many ac-
counts Such declines usually culminate
after few days In a sharp break II this
program should be followed now we would
consider buyers of stocks on such a break
extremely fortunate owners, as we believe
the market would then be ready for q very
important advance At present, politics. high
money and inside apathy are too great a
handicap"
A .. Brown & Co. say: 'The outlook Ia
not favorable for improvement in the stock
market. as it Is believed that further lto-
uidation and consequently lower prices will
De necessary to strengthen the position of
the bahkS''
T. A. Mcintyre & Co. say: "The heavily
overloaded pools will either be compelled to
borrow elsewhere at much higher interest
rates or liquidate, and the chances are that
likely they will decide upon the latter
course. There is nothing the matter with
the prosperity Of the country The specu-
latfve position of the market has simpIy
been overstra1ned. and, pending q proper
readjustment. 1t would be advisable to fur
ther tighten speculative holdings or refrain
from buying until the present aderse tech
nical speculative position has been cor
rected."
Compilations of railroad earnings made
by Wall street news agency show the fol-
lowing results. compared with the corre-
spending periods last year:
For the fourth week Of October the
gross earnings of twenty-six railroads ag-
gregated 81. 428. an increase of s194, $50.
or LII per cent.
For the month Of October the gross
earnings Of twenty-eight railroads aEgre-