The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-18

New York. October Threading was the
particular object Of bear pressure yester-
day. For some time the stock has been
one of the market leaders. and while not
the most prominent. its influence is still
great enough to be widely felt, especially
as there is considerable speculative ac-
count open on the strength of predictions
of Il rise of 10 or even higher in connec-
tion with some alleged plans of the Har-
Timan interests.
Consequently a greater degree Of sig
nificance is attached to reactions in the
stock than has usually been the case
within the past year. and the bear party
therefore finds it a convenient medium
through which sentiment on the general
market may be influenced
Reading Is a stock whose value the gen
erai public failed to appreciate when a
couple of years ago the price was very
low. and not until the market movement
began by some well informed interests
had carried quotations well above the
highest recorded previously. was any in
1elIigent understanding OF the merits Of
the property II all common In Wall
street Even now there is only a kind
of haZy idea regarding the real status Of
The stock. so that it is possible for az
grcssive manipulators to move prices one
way or the other to the complete r0ut
of the speculative Ions or speculative
short interest which may be at a given
time the object of attack.
Bulls Turn Bears.
When the traders found that they
could not make money on the bun side
they turned to the other in the last hour,
bringing 10 their aid the advance in call
money rates the TumOr that the Anal
Samated Copper dividend might prove dis
appointing and what was much more inn
portant than either. the report OF the
proceedings at the annual meeting of
Illinois Central stockholders which show
cd that the breach between the manage
ment of the road and the Hartman in
terests instead of being bridged as was
supposed had really become wider than
ever.
The way the street viewed the situation
was that there must be a fight TO "a finish.
but that in any event, Mr. Fish and his
associates would remain In control for
another yeIr While Illinois Central re-
mains in the hands of the present man
agemcnt IL viii be run for the benefit
u its stockholders solely
Should il fan into the hands OF Unioa
P&ciGc interests things might be some
what different, but there is the important
pdrtment Illinois Central has lacked the
high degree OF efficiency long established
on the Hartman roads.
with the Introduction Of -up-to-date
methods mach greater proportion Of the
gross earnings could be saved as net
Tran has been the case ON the road here
lciore, aid u IS questioned 81 the posi-
p-Gjles in this respect do not more than
couEter5alaace Considerations based on
q.
case q, is not probable thar the Harri-
man interests viii accept defeat without
g. contest such as they might have wage8
iHts tiine had they not already turned
l-e-E, proxies over TO AR. Fish.
cuOtations show Declines.
Although activity in the days market
was somewhat increased and prices sim
reid within q narrow range. quotations
for the prom "a stocks. as "A rule
showed declines, as compared with yes
leEd2y. During the greater portion of the
day TIE market displayed the same letl-
ar6y which il has for several days past
ana So tar ass could be seen the impulse
toward a lower level came "a rather uney-
pected squirt in the rate for call money.
Ihis rate advanced in the afternoon to
b'a per cent small sums even Io4ning as
Hlgl as per cent as against "a rate Of
-- ia 'ittr 10 itAi9iA III the Jay Not q
great Deal OF money lent at the higher
figures quoted. bat the event was Of lust
enough Impotence I'm the minds of the
professional traders. whose operations
NOW constitute scven-cighths of the deal
iiisS on the stock exchange % induce
them TO change their nOuc3mmittaI atti-
tude toward the market into one of tcm-
pordTy hostility.
The only reason for the advance i'm
that
was that ~ some large financial institu-
lions tine opinion was expressed that the
STOCK commission houses Were. aU things
considered, getting their call money rltncri
100 caed9ly al "a rate Of less than { Der
cent.
Time money to-day did not harden at
Az The movement o. prices on the ex-
thausc previous to the rise IN money
WsS OF an utterly inconsequential charac-
ter and was composed of swapping" OF
stocks by the rocm-tradinc clement
In these carly dealings the advancing
tendency noted yesterday made further
progress notable feature OF the BUSH
ness. being buying OF the stocks for the
account OF London. Purchases from this
source were undoubtedly larger than they
have been on any single business dav
TOT several weeks past, and seemed To-
locus in great degree upon the United
States Steel and Union Pacific shares.
Buying steel Common.
It was learned on trustworthy au-
tbority that calls for the delivery AZ The
end OF March OF a large quantity Of
United States Steel common stock have
been purchased recently of the large lead
dealers IN these options not only by
ican buyers. but by some Of the most
powerful financial interests in Great Brit
ain Il is the usual custom of sellers of
such options TO purchase at the time The
option transaction is entered into half
the quantity of stock which they thus
may bc called upon 10 deliver and The
buying of Steel common stock here. there
lore to-day was very likely caused bv
purchases Of this nature
5anglb.e financial developments to-day
were confined to the rise in call money
of which mention has been made Pros
poets of the success AT the polls In the
coming election of the law and order
candidate for governor in this State were
to-day brighter than 1T any previous dime
and the government publication of the
complete figures of the coUutry's export
and import trade I'm September were of
a highly encouraging nature. IN view 0f
the great interest naturally taken at this
time in questions regarding the ability
ut our bankers TO pay of through ship
inents of merchandise the borrowings of
money that have been made in the last
four months on the other side of the
Atlantic.
Exports Break Records.
The exports of the month were the
largest OF any month in the year 10 date.
and although imports also increased they
did not enlarge in the same proportion.