The Washington herald., 1906-10-12
WALL STREET NOTES.

WALL STREET NOTES.
New York, Oct. 1I.-There il, of course,
nothing discouraging in the fact that
bullish activity does not include the
whole list at this time. Were 1t other
wise, there would indeed be cause for
concern. The one factor which is not en-
tirely satisfactory from q stock market
point OF view is the money situation, al
though this is improving and viii con-
tinue to improve SO long as the large in
terests succeed in holding speculative op-
erations in check. An outbreak OF bull
ish activity in the general list would Sc
riOusly endanger the good that has been
accomplished in the way of restoring nor
mai money conditions.
On enormous transactions Steel com
mon rose to 50 at about noon, for the first
time since 1901. and with the high figure
there was heavy covering OF shorts. A
single transaction of 1880 shares was
recorded between and o'clock, an un-
usually large block even for this stock.
The highest point ever touched by Steel
common was %. in 1901, and in 1904 the
stock sold down to 3-S the sin1ing-fund
bonds selling at the same time as low as
6S "a There are still 4 good many in
VestOrs who hold bonds and stocks bought
at these prices. quite a number having
bought bonds at about 20 and taken ten
shares of common with every bond, max
ing q price OF about so for an investment
paying per cent. the price Of the bonds
and the stock combined being a very
low basis on which to secure the interest
return on the latter security. The bonds
have now crossed par. besides havinS
paid their per cent interest right along,
and the common stock has increased its
price skiold. Those investors not only
have their common stock for nothing, but
profit Of 20 points on their bonds in ad-
ditiOn, and many Of them are more deter
mined 10 hold on to the two securities
to-day than at any time in the past two
years.
The big block of Steel which changed
hands at 50 was taken BIZ an operator
who is often prominent in the manipula-
ton Of Reading, and most brokers be-
lieve that the purchase was made for
long account and did not represent the
covering OF "A short line. number OF
longer traders came into the stock on the
buu side at the high level, and it was
probably to discourage their operations
that the recession Of about half point
was allowed to occur in the late after
noon.
Southern Pacific took the place Of Union
Pacific as the bull card among the Harri-
man issues, as there was an appearance
of heavy realizing by traders and Others
who had followed the lead in the latter
when it was reported that the annual re-
port would soon be given out. There was
no great display OF enthusiasm over the
new bun leaders. as a movement supposed
10 be designed FOR the purpose Of faciIitat-
ing realizing IN another stock does not
possess the kind Of foundation which
commends IL, even to speculative traders
In some quarters il was said, however,
[ that the bullish talk on Southern Pacific
really proceeded from knowledge that
some financing would be announced be-
fore long, and that this would be made
the medium for conveying important
rights to stockholders. No attempt was
made 10 forecast the uses to which
Southern Pacific might apply the new
funds, and the story made no mention OF
the time when the matter would be taken
up for official consideration While
Southern Pacific really closed lower than
1t opened. brokers who watched the trad
ing closely said they could see evidence
Of very good class Of buying in the
stock.
A good deal Of Union Pacific was an
doubte,ily sold during the day, and in the
last hour the price dropped through 80
on q revival Of the report of q suit to
test the company's rights 20 retain the
land grants.
Rumor still says that the annual report
Of Union Pacific viii make its appearance
within the next few DAYS II is now un-
likely, however. that the expectation OF
the kind Is rather premature. The report
of this road is usually a very voluminous
document. its wealth Of detail involving
great labor and expenditure OF time in
/ its compilation. Last year it was not
finally given out for publication until the
first week Of December. although ready
for distribution ii couple Of weeks ear
/ lier. the DELAY being caused Dy the efforts
/ of the officials to trace a leak through
/ which the essential facts IN regard to the
earnings had been made public. 1t has
/ been the rule rather than the exception
/ for the road report TO be delayed consid-
/ .rably beyond the date cf the annual
meeting on account Of the amount of
clerical work involved. so that. although
/ the stockholders meeting was held on
Monday last. there will be nothing IN
usual IN the ease even If the full details
/ regarding the years results are not given
out for some weeks.
The advance in the Bank of England
/ minimum discount rate to-day will prove
! effective in stopping the gold export
movement from London to New York,
/ according to the expressions of opinion
made by leading international bankers
/ here.
The annual meeting OF the stockholders
of the Norfolk and Western Railway, at
/ Roanoke, Va, to-day voted to issue
! 100000 common stock, convertible into
/ bonds, 20 be devoted to carrying out the
/ plans for the improvement and equip
ment All of the directors and Off
cials Of the company We're reelected.
The annual meeting to-day Of the
/ Great Northern Railroad accounted for
more definite rumors as TO rights u be
/ expected on the stock in view of the
/ Gre deal. and a sharp advance in price.
/ Sentiment is also very fayorably influ-
/ enced by reason Of the very prosperous
/ year just passed, which showed increase
/ of about Il per cent IN the income.
4 Liverpool reports that the f=TH Of
/ Chambers. operators on the Cotton Ex-
I change, has failed Absence Of remit
tance from the United States is believed
to be the cause of the failure.
NEW YORK GRAIN.
! New York Oct u.-Cash markets: WHEAT