The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1906-10-16
HEARD ON THE BoURsE.


Most of the banks reduced rates on
the call loans that have been running
along for the past six months at Y
per cent The tendency of time money
was also. to considerable extent, easy,
sixty days at per cent. and n for
six months. Even mercantile paper
will soon be plentiful; for the pool to
allow outsiders in the stock market to
make a little money.
The buying in St. Paul is Of the very
best, but stock will have rights Of
about % points inside of the next
thirty days, and that. they say. will be
after the election is over.
One of the best posted of the larger
brokers told his best friends there was
just three things to do to make money
in this market-that was to buy on
very small recession Steel common.
Union Pacific and St. Paul, and then
/ to buy some more St. Paul; that the
big fellows would not for an instant
allow the market to become democrat
lied; they would step in to support it.
All they had to do was TO buy one of
the above-named stocks and the mar
ket would support itself, and if the
market started to run away before the
election they would stop it at once by
selling Union Pacific or Steel, and they
themselves will make a few election
/ scares. so as to get the people out to
vote and defeat Hearst. and to make
their henchmen do little of the work
they are paying them for. and, in the
meantime, incidentally, milk the mar
ket and gather in a few stray dollars.
They are so successful in this game
they forced a Chicago plunger to drop
ten thousand shares of long stock that
he bought at higher prices last Friday.
Even +. d. Carley, the old-time pro-
phet, is waking up again to the game,
and telling his friends to buy the good
rails on any reaction, as the market is
oversold; that on this big crop of
wheat the market cannot go down more
than a few points, but it can go up ten
points.
The Vanderbilts are now coming to
the front. Big Four is up on it's rights
and business. The New York Central
is buying new equipment by the whole
sale-fifty-six passenger cars in one
lot; twenty five baggage cars from the
Pullman company, besides seventy that
| it turns out of its own shops; five hun
dred steel 50-ton freight cars and forty
locomotives. No wonder the Iron Trade
Journal says shortage of spot iron
impends and furnaces are much behind
BY the first of November the entire
rail capacity of the United States for
| 1907 = two million tons = will be
booked.
Moral, of course. is to buy Steel COM
mon.
The bond market so far this month
| is far better than at any time since
June. Steel fves above par, and the
rates of listed bonds are higher than
last year. the best kind of trading be-
| ing in convertible bonds. The advance
in the bond market always comes be-
fore the big trading in the stock mar
| ket, and this looks to be the time TO
| buy stocks.
The Republican Iron and Steel COM
pany have just made an ore deal of
their own. which. in its way, is as big
thing as the Hill deal was for the
United States Cteel company.
| Hepeated euorLS nave been made 10
break the stock list by active traders
| taking the short side, but the marginal
accounts are so small and stop-loss or
ders have been so scarce that they have
not been able to bring on a serious set
back Certainly the investors have
| shown no effort to sell stocks, and the
| real strength has been more displayed
on weak days, when trading has been
| the smallest.
There is one thing sure, further eff
forts will be made to put the mark ct
down on pre- election scares, and there
is a large crowd of traders who are
sold out and On any setback they will
be only too glad to flock into the mar
ket to buy stocks for the rise that is
sure to come.
The bond market is already better
| than at any time this year. ] L. D.
/ ryWW