The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-08

New York Oct There were no such
sensational occurrences last week affect
ing the stock market as there were in the
week preceding. and most Of the week the
price movement of stocks held steadily
within a narrow range. Speculation
could hardly be said TO be inactive, mas
much IS the daily volume Of Stock Elk
change transactions averaged above u
million shares. and on Friday the official
announcement Of the contamination Of
the ore deal transaction that so long hung
fire between the Great Northern Railway
Company and various private owners on
the one hand, and the United States Steel
Corporation on the other. gave a FLIP TO
the market which sent quotations up very
briskly
Before that time a feeling seemed to
prevail that on account of the impending
fall elections and perhaps by reason Of
otter causes. there would be no great op-
erations undertaken by the leaders in the
financial world for some weeks to come,
and that In the meantime therefore the
security market might bc expected to be
dull or at least less animated than IL had
been during the month of september
No doubt the buoyance Of speculation
for the rise was to a greater or less ex-
tent chilled by the action of the directors
Of the Atchison Railway Company in de-
claring only a semi-annual dividend on
the Atchison common shares at the rate
Of instead of o per cent Up to within
a couple Of weeks aSo sentiment was al
most universal in the financial district
that the Atchison common dividend was
10 be raised 10 o per cent. II then became
known that while large and perhaps the
Iergest, stockholding interests in the COM
pany were in favor of such a course, the
active management of the road were op-
posed 70 il and approved only a . per
cent rate.
Revenues go for improvements.
The stand taken by the management
was the one that Is almost invariably
maintained by those directly charged with
the care and operation OF railway proper
lies Railway officials almost invariably
want To spend, So far as they are allowed
10 do so. the revenues of their compauA
I'm improving the property OF the COM
pany. With these men the wishes of
stockholders are logically a secondary
consideration.
Now that the terms OF the lease Of the
ore lands in the Northwest have become
public, the general opinion OF the ar
TaugemCnt seems 10 be that both parties
TO il have made a good bargain. The
Steel Corporation is now placed, as il
was not before, In the position Of having
its future supplies of ore secured. and
this, TOO, without any increase I'm its
capitalization, and there appears 10 be
little doubt among experts in these mat
.r- .r..r.r
tity of workable iron ore lands i'm the
country is such that within not-far-
distant time In the future current prices
FOR iron ore viii seem very cheap The
benefits TO the Great Northern and
Northern Pacific railways by the affair
are manifestly great. These corporations
are selling at q price that VIII net them
almost uncomted millions OF dollars
properties which We're originally bought
for a song
Money Situation Improves.
One thing that was very evident
throughout the week was that the money
situation was easier and this has really
been the most important development OF
the last six business days Call money
sagsed steadily from a ruling rate of
per cent on Monday 10 a ruling rate of
per cent on Friday. and that # displayed
this ease was not little surprising to
bankers, who had believed that owing 10
the time that was necessary To eIapse
before the money distributed on the first
Of October would return 10 this center.
fairly stiff call money rates would be
prolonged quite a little after the first Of
the month The change of greatest mo-
meut that occurred. however, was I'm the
price of time funds. Time money up to
the middle Of the week was held ONLY al
the legal rate by nearly all lenders. save .
in those cases, of course. where funds
were asked for upon distinctly poor col /
lateral or by borrowers in doubtful /
credit.
No doubt. one matter contributing
greatly toward ease in the money mar
ket was the order of the Secretary of the /
Treasury for che deposit Of S260J0.0G0 OF I
public funds in the national bank de-
positOries in different parts of the coun- /
Try. When the plan was put into exc 4
cutiOn the Secretary discovered as bank
eTs here predicted he would and as he .
has discovered on one or two similar 4
occasions in the past. that comparatively /
few national banks in the South and .
West either had bonds I'm their possession .
or were willing TO so to the expense and /
trouble of procuring bonds Of the kind .
specified by the TreasITS. - - -