The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-28
WALL STREET NOTES.


New York, Oct. g-General surprise
was expressed over the favorable cherae-
ter Of yesterdays bank statement and the
favoriJe showing IN regard to the increase
Ia loans was that the trust companies had
become lenders on a large scale. being no
longer under the necessity OF maintaining
On ultra.conservatlve course as they
had already made their reports 20 the
State banking department. The fact that
the surplus reserve was only slightly re-
dueed swept away the hope Of the bears,
who had expected to find announcement
for their operations IN the show of the
banks. ard q covering movement set IN
just before the close.
a better feeling in regard to the money
situation In London was produced by the
arrival at Southampton Of a consignment
Of upward OF 100000 pounds from South
Africa offsetting the continued withdraw
ais for shipment to Egypt.
one Of the best-informed bankers IN the
Middle West says that already money has
begun 10 return to the interior cities from
the country banks. This indicates that
the demand for crop-movement purposes
has been satisfied and that the marketing
Of products is already restoring to other
channels OF business the funds withdrawn
to satisfy the usual requirements OF the
crop season. The same authority eX-
presses the opinion that after the Novem-
Der settlements are made money will be
comparatively easy as q 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.
After early hesitation Amalgamated
Copper became, on the publication Of the
bank statement, the leader Of bullish ac-
tivity advancing rapidly on fairly large
transactions. and closing at the highest
point Of the day. The movement disclos-
ell the existence OF 3 short interest, the
extent Of which could not be determined
as the end Of the session interposed while
covering YVES still under full Roadway.
Il has been made pretty clear within
TIE last couple Of days that Amalgamated
Copper has become a favorite with the
public, who have watched the progress Of
The stocks Of the minor copper companies
on the curb. and made up their minds
that the trade conditions which promoted
this were not fully reflected in tee stock
OF the company. The feeling that Anal
gamated would ia time lead the process
sion instead of bringing up the rear. has
become strong, and there has been a good
deal OF buying by the class of speculation
investors which is willing 10 wait a
reasonable time for the realization Of fair
profits.
II there was good buying OF Reading
under 40 on Friday, as was c0ntended
in some quarters, the same kind Of opera
items was offered Yesterday. The stock
was one Of the weakest features prior 70
the publication &C the bank statement.
and while, Of course, IL cannot be said
that advantage was not taken OF the
weakness for purposes Of accumulation.
brokers showed decided
reluctance to buying it for customers eX-
Cept where unlimited margins could be
counted upon The wide fluctuations IN
the stock have tended 70 narrow the class
OF traders which is willing to speculate I'D
It. although among the professionals il
sun enjoys Q certain amount of favor
on aCcOa.nt of ths r3pidity with which
profits can be made. & only the turns car
be caught right With this class OF on
orators. ventures in Reading are. how
ever, regarded as something very much
like betting what the operators who have
made The stock their particular speciality
viii do at a given time. Investment buy
Ing Of a general character no longer an
pears in this stock. The value NAV be
there. but outsiders do not recognize II.
and until il IS made more plainly visible
they are not likely 10 buy.
The attention directed 10 Mexican
issues by the prospects for an incraos, In
the dividend on Mexican National FIRST
preferred, and the declara,on Il an un-
eNpectealy large distribution Oh tho sec
ond preferred Of MeSican Railwav. has
resulted In increased buying OF tie rnior
stocks Of Mexican National ana OF the
securities of Mexican Central The state
ment OF Mexican National foT the six
months was fav0rably rec lived. and the
TACT that the local political uncertainties
have no bearing on conditions in Mexico
was another factor in - case.
All the talk about the possible retire.
mCnt Of Mr. Cassdtt from the presidency
OF the Pennsylvania, is premature. Tie has
heen elected 20 serve three years as
director Of the PENNSYLVANIA. and in IN
probability he VIII complete his tenn. by
that time he viii have lived about tho al
iOtted span Of threescore and ten, will
have seen til comtIaJIon OF she great
work which will be an enduring monu-
mcnt To his msmrry and c.ip TheI, ,n.,t,s:
- others the care ot a railroad a. nearly
perfect as any m tI;s wbr:J. While there
: work 20 90 % conaC zion WITH the
magnificent roia'ts wHic1 Mr. q, vatt
has undertaken, he himself VII DO Il "
MS health Is sJared' AMI a. present there
is no ground Tor s1ri3Us appr,h.i sicr ON
that score