Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-08
BULLS AND BEARS

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NEW YORK, September Sin view of
the large indicated loss Of cash by the To-
cal banle this week, and the expectation
of an unfavorable bank statement today.
the stock market was expected TO be an
irregular one during today's short session.
On the contrary. attention was called to the
fact that the actual figures Of the bank
statement for several weeks back have not
been nearly as unfavorable as were fore
Swallowed by the preliminary figures of the
day preceding. BY some It was thought
that today's statement would make better
exhibit than indicated by the known move
ments OF money as reported yesterday. II
the market should react appreciably today
1t was clearly intimated that there would
be substantial buying in anticipation of fur
Their advances looked for next week.
IS
Unless something unforeseen develops
large interests In the market look for clear
sailing next week. Under Secretary shaw's
plan 1t was expected that the rate for call
money would not be regarded as prohibitive
to the free buying of stocks. because quick
profits were anticipated on all transactions
made in the most active Issues. It was un-
derstood from authoritative sources that
yesterdays decision of the Minnesota su-
preme court in the ore case Is Of greater
importance. both to the Great Northern
railway and to the United States Steel Cor
poration, than was realized yesterday, ex-
cept by the large interests in both of those
companies, which have been familiar with
the case from the outset. 1t seemed to be
generally believed that an announcement Of
the lease of the Great Northern ore lands
to the steel corporation would be made soon
after ex-Judge Gary returns from Europe
next week.
II
So far as could be learned, the decision
of the Frisco directors to continue the
dividend on the first preferred stock should
not be construed as indicating a change in
the general dividend policy of the Rock Is
land and the Frisco directors. which was
adopted at the beginning Of the year. 1t
is understood that there has been some
question In the minds Of the Frisco direct
ors as to whether the first preferred divi-
dend should be continued at the regular rate
or dropped altogether. as was done In the
case Of the second preferred. The amount
required to pay the regular dividend on
the first preferred is only $4,000 and APP
parently the directors thought 1t wise to
present standard BY declaring the dividend
on the first preferred than to take the
small amount Of money required for the
payment Of it to apply on the extensive I'M
provements now being made. On the other
hand, shrewd students of low-priced Sc
curities are inclined to believe that there
will soon be general buying Of the Rock
Island and Frisco securities In anticipa-
ton Of the resumption Of dividends. which
may come sooner than was indicated when
the present policy was adopted
4
Pittsburg reports that the demand for
prompt pig iron has decreased only slight
~. while the supply il much less, leading
to still higher prices. Buying for next
year has become relatively light. partly on
account Of advances and partly because
most consumers are covered. Foundry iron
for next year Is no higher in the central
west than a week ago. Bessemer and basic
are being quoted higher, while foundry iron.
both east and west. Is higher. 30 far as
concerns asking prices. Indications point.
though not very decidedly. toward prices
for prompt iron gradually adjusting them
selves to prices for forward delivery. rather
than that the gap will be bridged the other
way. Some southern pig iron producers,
who were out Of the market for a year. pro-
Tossing to be sold up. have reappeared.
with November and December iron to offer. !,
These furnaces have concluded that the.
prospects for increased production as the
year draws to a close are sufficient to
warrant this action.
Buying Of finished materials Is on 4 much
reduced scale thus far in September. COM
pared with the very heavy buying during
July and August.
Specifications are very good. and with a
continuance Of the present rate there need
be very little new buying to keep all finish
ing mills running to present capacity dur
ing the remainder OF the year.