The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1906-09-26
HEARD on THE BouRsE.

New York. Sept 26.-It Is thought
today that shaw will deposit no; less
than see 600 in the national BANS
before oct. / As is is now with time
money : to IL per cent the situation
is not safe the business interests Of
the country are beginning to suffer as
wen as the spectators; even the con-
seryative element are now in favor of
treasury Intervention. 1t is supposed
we have finance bills in Europe com
ing due in October amounting to from
$500. GOO. 600 to s5OOOo0,OoO; this is
about 500. o00. 600 more than last year
this time England does not like to
see any more gold coming here, but
Mr. Mitchell says we can get it If we
bid high enough for it. Commercial
paper, best names. almost unstable
at 7 per cent and the treasury taking
out of circulation 5000 geo per month
through collection of surplus revenues
The bears got in some good work
on the stock market because MI. Shaw
made no announcement OF relief to the
money market. This is the first real
slump as it may be called. the mar
ket has had for weeks. but we are sure
TO have more if money relief does not
soon come. 1t is next to impossible
to get any more money from abroad,
even Mr.. Mitchell, who is just back,
thinks we have borrowed more money
over there than has ever been done
before, and he looks for still higher
rates of interest. There is one thing
sure high money is acting a blight
on what promised to be one of the
finest bull markets this country has
ever seen.
The highest authority in Wall street
has it sure that Hartman has both
the Baltimore & Ohio and the St. Paul
and this will enable him to carry out
his coast to coast line and will remove
St. Paul competition to the Pacific
coast absolutely from Union or South
ern Pacific, and it also accounts for
the buying of Southern Pacific by Mr..
Friek. 1t means par and higher for
the latter.
AS soon as the Anaconda dividend
came out as advance from 1874 to
$50 for the quarter, Gates & Com
pany turned sellers. They dumped
Anaconda. Copper, Reading, Steel and
Union Pacific right to the bottom at
the close. almost demorahzing the
market. The story is that J. w. Gates
was privately informed the dividend
would not be less than 16219 when
it came as only $50 he thought a
trap had been laid for him and he
walked in. So he jumped out at any
price.
The Cuban war news and the New
York state politics had a depressing
effect on the stock market. One
broker put it; TOO much Hearst and
not enough Shaw. and 1 will wait till
it is reversed" ]. D. L.
Copper metal is selling for delivery
for the first half of next year as high as
20 cents a pound. the highest price in
25 years. The income to Amalgamated
from the Anaconda holdings alone viii
pay 81 on copper stock.
one of the leading brokers says the
nomination Of Hearst will have bad
effect on the stock market. but l am
a bull and think good stocks should
be bought on a scale down. Shaw is
sure to make an announcement that
VIII put the market up. No matter if
Hearst is nominated, he is not elected
yet.
II looks IKE accumulation IN Smelt-
ers and if il is, woe to the shorts who
stay too long. They have had several
bad squeezes and as it has been quiet
so long it looks as If they intended
to get ready for another one after
the middle OF October when money
gets IN better supply. The New York
banks lost $5,400.500 to the sub treas
ury so far this week Money in Chi
cago is being loaned at 6 Y to ga for
so to 80 days to good business houses.
The big demand and tight money is
beginning TO pinch business.
The Rock Island came out with a fine
statement of earnings. Like all of
the railroads, its gain in net is over 81
per cent more than last year l am
told to buy the preferred on any weak
spots as it viii commence to pay divi-
dends the beginning of the coming
wear