The Washington herald., 1906-11-25

good many brokers from whom support
might be expected were away on account
of the Yale-Harvard football match. but
except in a few cases the demonstrations
were not very convincing, as around the
low levels the buying seemed to be bet
ter than the selling. There was hardly
enough of the buying, however. TO re-
deem the character Of the trading, and,
taken on the whole. there was nothing to
enutle the days business TO consideration
from any other point of view than that OF
a traders market.
1t is always well after a rise to look
for a reaction, and the greater the rise
the greater the reaction. The law Of me-
chdnlcs. which, with some modification,
applies to the market, explains the de-
cline IN the last day or two.
While the bank statement was regarded
as favorable in showing an increase in
the surplus reserve, It was entirely with
out influence as a market factor. The
traders processing a dislike for the Great
Northern melon, entertained no pleasing
.antici2auons Of the Union Pacific annual
report said the large interests were .Iqui-
dating, and refused to be cajoled into q
cheerful frame Of mind by what they
looked upon as a very small sugar plum
In conservative quarters the assertion
was made that the improving tendency
manifested in the condition of the as
Sociated banks should not be diSregarded
and there is little doubt that the influence
OF this will be felt before long.
Rumors said the Union Pacific annual
report would be published within the
next two or three days, and did not
mlnce words in speculating Of its char
acter. II was not enough 10 say that il
would be disappointing or very bad. 4
WORD was chosen. a single word. the most
expressive Of a decayed or unhealthy con-
d.lion In the vocabulary of the talent.
and this was perhaps just as well. for It
Is impossible now that the document can
fan below al the anticipations expressed
regarding it.
On the decline in the stock the buying
seemed 70 be good, and while il was pos
slD.e that orders were put in for support
II Is by no means certain that there was
Tot genuine accumulation by interests
which knew the details Of the promised
document, and felt that after all it might
make favorable impression.
There seems TO be tendency TO exag-
gerate the Importance OF the effect on
loans Of ore certificates, which apparntly
some OF the banks will not be willing to
accept rs the equivalent of the reduction
in the price Of Great Northern when the
stock sells ex on December s. What an
pears TO be forgotten Is that the amount
Of Great Northern carried on margin is
small 1t has often been remarked that
Great Northern stockholders never sell. )"
and this comes nearer to the truth than
would be the case in regard to any other
active stock on the list.
Great Northern is very largely in the
strong boxes OF large interests instead Of
being carried on margin for speculative
account. and what little there is in the
street IS in loans made when prices were
much lower aid not since disturbed. so
that tue collateral FOR a long time has
been more than ample.
Few people have any idea OF the extent
10 which Great Northern is owned abroad
but those who have seen the list of stock
holders assert that not only does it look
Ike "a leas out Of the peerage," but that
The number Of members of the families Of
1ukes, earls, viscoUnts. marQuisss. and
oaronets shows that there is little danger
1f the extinction of the House OF Lords
through race suicide. It might as well be
.oniended that stock in the names Of these
people figures on the Wall street loans ss
hat 1t has been paid for by pawn Of the I
amily coronets.
According to an official Of the Steel Cor
ooration that company could now use
100000 tons Of ore a year more than
{ is using The statement is worthy Of
he most careful consideration. not only
n its bearing on the business prosperity Of
he company, but on the value Of the
Great Northern ore certificates, as II was
hat the Steel Corporation is likely to
make every effort to start mining opera
ion in the new property as soon as Dos
,IbIe.
The new ores are high In their proper
ion Of iron. and at a time like this # Is
-ery important to handle the most pro-
iuctive ores, as it costs no more to mine
md treat these than others from which
he product in pig iron would be much
mailer. The circumstance will probably
induce the Steel Corporation to take
ut as much good ore from the new
ands as 1t possibly can do so as to OBJ
ain the best results from the limited
and furnace facilities.
Missouri. Kansas and Texas was again
me of the strongest features of the
market, and the sustained strength OF the
took gained wider acceptance for the
eports Of buying in the interest Of whole
properties. The indications Of such buy
ng have been so strong for some time
hat the wonder is they did not receive
,eneral recognition earlier, but now, al
hough the traders have formed very
efinite opinions as 20 what is going or.
hey are nearly tin2id in the matter of
dining the movement apprehensive Of a
jam down" to give the large interest
n opportunity TO buy more at lower
rices. This timidity on the part of spec
lators Is giving an open field to those
ent on absorption.
What makes the Great Northern ore
Ian particularly interesting as an indI-
alton Of what may be done by the
nthracite roads in complying with the
Nv prohibiting ownership OF mining prop
rites by railroads, is the supposition that
) evolved very largely by George Z.
aker. president Of the First National
ank. Mr.. Baker is known to have spent
good deal of time with Mr.. Hill during
le latter's stay in New York. and there ,