The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-28
GOSSIP OF VAIL STREET.

10 NOe uecTehNe III NOhNS Nbb buAh ~ ~"
companies had become lenders on a large
scale. Uelng'no longer under the necessity OF
maintaining an ultraconservative course. as
they had already made their reports 10 the
State Banking Department. The fact that
the surplus reserve was only slightly re-
duced swept way the hope OF the bears. who
had expected to find announcement for their
operations In thu showing Of the banks. and q
covering movement set in just before the
close.
4 better feeling in regard to the money
situation In London was Produced by enc
arrival at Southampton OF a consignment OF
upward Of EI, 900. 900 from South Africa. on
setting the continued Withdrawals for ship
ment to Egypt.
One of the best informed bankers in the
Middle West says thaC already money has
begun TO return to the interior cities from the
country banks. This indicates that the de-
mand for crop movem mt purposes has been
satisfied and thnt the marketing OF products
Is already restoring to other channels OF ousi-
ness the funds withdrawn to satisfy the usual
requirements OF the crop season. The same
authority expresses the opinion that after
the November settlements are made money
will be comparatively easy. As n result OF
the great business activity the commercial
community will turn In an unusually large
amount to the banks within the next week in
settlement of fall accounts.
Close observers Of the trading in United
States Steel said the stock presented q thor
oughly sold out appearance and that at no
time in years was the floating supply 80
small or the character of the buying better.
When the force OF these circumstance COM
bined TO make the rise the runIor that the
dividend would be increased at the meeting
OF directors on Tuesday next was revived.
but while there was nothing conftrmatory OF
| thEa rannrf n ~ afataI n N OOOI ant hOritV
that the statement of earnings to be given
out simulta neously with the dividend an
nouncement would be such as to make a very
favorable impression.
After early hesitation Amalgamated Copper
became on the publication Of the bank state
ment the leader of bullish activity, advanc-
ing rapidly on fairly large transactions aud
closing at the highest point OF the day. The
movement disclosed the existence OF a short
interest, the extent OF which could not be
determined. as the end Of the session inter
posed while covering was. still under full
Roadway. IL has been made pretty clear
within the last couple OF days that Amalga-
mated Copper has become a vori lite with
the public. who have watched the progress
OF the speculation in the stocks OF the minor
copper companies on the curb and made
up their minds that the trade cOndi1ions
which promoted this were not fully neglected
in the stock Of the company that is the large
participant in the prosperity Of the industry.
The feeling that Amalgamated would in time
lead the procession, instead OF bringing up
the rear. has become strong. and there has
been a good deal OF buying by the class OF
speculative investors which is willing TO wait
a reasonable time for the realization OF fair
profits.
II there was good buying Of Reading under
40 on Friday, as was contended In some
1 nnartoVa n further nnDOFfIDitV for the same
kind OF operation was afforded yesterday.
The stock was one OF the weakest features
prior to the publication Of the bank state
ment, and while, OF course, II cannot be said
that advantage was not taken o. the weakness
fE purposes Of accumulation, conservative
brokers showed a decided reluctance TO
buying 1t for customers except where un-
limited margins could be counted upon.
The wide fluctuations In the stock have tended
to narrow the class OF traders willing TO
speculate in it. although among the pro-
fessionals il still enjoys a certain amount
Of favor on account Of the rapidity with
which profits can be made II only the turAs
can be caught right. With this class of
operators ventures In Reading are, however.
regarded as something very much like betting
what the operators who have made the stock
their particular specially will do at a given
time. Investment buying Of a general
character no longer appears in this stock.
/ n value iN1y Nv NNhNN 49, ~
not. recognize It. and until IL is made palmer
they are not likely to buy.
That it was not safe to accept the decrease
in the September earnings of Jersey Central
AZ an index to the general results in anthracite
territory was shown by the publication Of
the Lehigh Valley statement for the same
period, with gross and net above those for
the corresponding month a year ago.
IL is again rumored that the annual report
Of Union Pacific will be published In the
near future. Nothing definite Is obtainable
in Official quarters.
The attention directed TO Mexican issues
by the prospects for an increase in the divi-
dend on Mexican National first preferred,
and the decla ration of an Unexpectedly large
distribution on the second preferred OF MeHi-
can Railway, has resulted In increased buying
Of the Junior stocks OF Mexican National
and Of the securities Of Mexican Central.
The statement Of Mexican National for the
air months was favorably received, and the
fact that the local political uncertainties
ha We no bearing on conditions in Mexico
was another factor in the case.
There is no truth in the report that E. Fl.
Hartman. will retire from the presidency
Of Union Pacific in order to succeed
A., J. Cassatt as president OF Pennsylvania
ONLY a resident Of the State from which the
1 COmDanY taxes HS ia We Cdu NY ~ uhNNNVi
of the Pennsylvania Railroad. 1t II doubtful
II Mr.. Hartman would remove his residence
20 Philadelphia even II offered a salary up in
the hundreds Of thousands. He could not
afford to make his home so far away from
Wall street: "
All the talk about the possible retirement
Of Mr.. Cassatt is premature. He has been
elected to serve three years as a director OF
the Pennsyivania Railroad and in all human
preba bility he will complete his term. By
that time he will have lived about the allotted
man Of three score and ten, will have seen
the completion Of the great work which will
be an enduring monument to his memory
and can then intrust to others the care Of a
railroad as nearly perfect as any in the world.
While there is work to do In connection with
the ma Rnihcent projects which Mr.. Cassatt
has undertaken be himself will do II y his
health IL spared, and az present there Is no
ground for serious apprehension on that
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