The Washington herald., 1906-11-13
WATCH WAGE SCALE
Traders Await Outcome of
Demands for Higher Pay.
SHAW DECLINES TO GIVE AID
Secretary of the Treasury Does Not
Believe Business Interests Are SUI
fering Harm from Conditions OF
Money Market-TWenty Per Cent
Asked During Day for Cali Money.

Asked During Day for Cali Money.
New York, Nov. 12.-In addition TO the
gtringency Of the money situation and 10
other causes making in greater OF
less degree for unsettiement in stock
market afTsirs, Wall street was forced
70 take notice to-day of the demands now
making for larger pay on the part of en-
pioyes of many Of The coUntry's leading
railway systems.
Circumstances OF this sort, it must DO
saId. would not have been OF themselves
considered. under ordinary conditions. as
potent influences of adverse bearing on
She stock market Since it appears 10 be
the prevailing belief that in view Of the
increases IN pay Bacently voluntarily
granted by so many large railway and
Industrial corporations TO the men in
their employ something Ike a general
movement Of this kind is underway, it
is realized. however. that all corporations
are not &c readily able to increase wages
as the Pennsylvania -RailDpad and the
Standard Oil Company, and in some cases
an elevation OF wage scales viii work
hardship to the corporations concerned
Il developed after the close of the stock
market on Saturday that the hremen on
the lire OF the Erie are now voting Oh
the question OF whether or not they VIII
strike for an increase of pay that the
company has thus far refused 10 grant.
The statement OF the president Of the
Erle company published in to-day's after
noon papers showed with what difficulty
the company could enter upon any such
enlarged distribution of wages as IS asked
for.
Market Is Little Depressed.
Nevertheless. it IS an old and we'll
tested adage in the financial district that
i does not do to sell stocks because Of la
bor troubles OF rumors OF labor troubles
and neither the Erie issues in particular
nor the railway list of securities in gener-
al were materially depressed By Hquida-
ton proceeding from fears of this ma
ture.
The scle force operating against the
stock market to-day was the continued
strength Of rates for the use OF money
The active stocks opened generally about
q point lower than they closed on Satur-
day. the fall being induced by lower quo
IatiOns from London and the moral ce--
tainty that before the day was over some
thing of a money squeeze would be ,eX-
perienced
Pessimistic sentiment was also increased
BY the publication OF dispatches from
Washington declaring that the Secretary
Of the Treasury had affirmed iu the
strongest manner his determination not 10
make interpCsitiOn in any way for the
relief OF the money market until il was
proved 10 him that business interests We're
suffering greater harm from the existing
conditions Of affairs than they new seem
I'd 10 be.
Cali Money at 20 Per Cent.
During the first hour on the stock ex-
change liquidation for the account OF Len
don was the feature Of business. the sales
Inade by foreign houses being, as was es-
timated. about $1,000 shares. In London
the discount rate in the open market rose
for the frst time to the full level CT the
G per cent rate established by the Bank
OF England. while the charge for carry
ing American stocks until the next hnaH-
cial settlement there varied between a
'-contanCo' Of and Q per cent or was
in other words, fully as high as it has
been at any time since the Bank Of Eng
land began 10 apply pressure 10 the money
market.
The first bid made Tor call money to-day
ior stock exchange use was 10 per cent
and from this the rate rose steadily und
e. little after midday, when % per cent
was asked. The great bulk OF necessary
borrowing was then as appeared, com
pIeted, and the call money rate there
after sank until IL was quoted at only
rler cent just before The close Of business
Most OF the money lent during The c ly
was put out above - per cent The his
tory OF the days stock market was, sim
uiy. that prices declined slowly, while
the rise in money was going on and raj
lied with Ike hesitation when money rate.
rcceGed
Net anal recessions Of more than q
roint were shown in most OF the princi
nal issues. it a decline OF II points OF
dealings OF only 7Q0 shares in Tennessee,
Coal and Iron stock be excepted. Jher'
were no very notable price changes il
any stock; nor, again, were there any
instances Of rpessing liquidation in an
corner of the mar6et. The selling o.
stocks that went on appeared 70 be of ;
merely dribbling sort
DESPITE the attitude that SecretaU
Shaw has taken upon the question of re
lleving the money market, the belief 4
Yet strongly and commonly eutertaiue'
that help Of this sort will before long b
forthcoming. but it is pointed out tha
such assistance, In order 10 be effective
ought 10 take the form Of deposit on
and ont OF public money with the ia
tIonal hanks. since an Oher by the gov
ernment to purchase some Of the pc
cent bonds maturing in 1897 would fin
many Of these bonds serving as q basi
of bank note circulation. or so placed, i
other words, that they cannot readily b
retired.
There was little change IN the know
facts regarding the money situation. tn
Bank of England secured nearly all @
the e500,0o0 in gold arriving to-day frOr
South Africa, while here the local bank
reported a loss OF s1,l9l 900 on transaC
lions thus far during the week with tn
subtreasury. Sterling exchange here re
Hected the advance in money rates by
decline, which did not, however, ru
above a quarter Of a cent
NEW YORK MONEY.