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


New York. oct 27.-General surprise
was expressed over the favorable charac-
ter Of yesterdays bank statement and the
favorite showing in regard to the increase
in loans was that the trust companies had
become lenders on a large scale. being no
longer under the necessity Of maintaining
an ultra-conservative course, as they
had already made their reports to the
State banking department. The fact that
the surplus reserve was only slightly re
duced swept away tie hope Of the bears.
who had expected 10 ind encouragement
for their operations I'm the show OF the
banks, and a covering movement set IN
just before the close.
A better feeling in regard TO the money
situation Ia London was produced by the
arrival at Southampton Of a consignment
OF upward OF 100000 pounds from South
Africa, oftsettins the continued withdraw
ais for shipment TO Egypt.
One Of the best-info.med bankers IN the
Middle West says that already money has
begun 70 return TO the interior cities from
the country banks. This indicates that
the demand for crop-movement purposes
has been satisfied ana that the marketing
OF products IS already restoring 10 other
channels Of business the funds Withdrawn
10 satisfy the usual requirements OF the
crop season. The same authority ex-
presses the opinion that after the Novem-
Der settlements are made money viii be
comparatively easy as a result of tue
great business activity. The commercial
community viii turn in an unusually
large amount to the banks within the
neNt week in settlement OF fall accounts.
after early hesitation Analgamated
Copper became. on the publication Of the
bank statement the leader of builish &C
tivity, advancing rapidly on fairly large
transactions, and closing at the highest
point OF the day. The movement disclos-
Ell the existence Of a short interest, the
extent Of which could not be determined
as the end or the session interposed while
covering was stiu under full Roadway
Il has bren made pretty clear within
The last couple Of days that Arualgam2red
Copper has become q favorit9 with the
public, who have watched the progress Cf
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 the stock
Of the company. The feeling that Anal
gamatcd would in 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 70 wait a
reasonable time for the realization Of fair
prohts.
II there was good buying OF Reading
under I4j on Friday. as was contended
Ia some quarters, the same kind Of opera
tiCus was offered yesterday. The stock
was one Of the weakest features prior 70
the publication CT the bank statement,
and while, Of course. il cannot be said
that advantage was not taken Of the
weakness for purposes OF accumulation
conservative brokers showed decided
reluctance TO buying il for customers ex-
Cept where unlimited margins could ne
counted upon. The wide fluctuations fl
The stock have tended % narrow the class
of traders which is willing 10 speculate in
it, although among the professionals Il
sun enjoys q certain amount Of favor
Oh account of the T3pidity with which
profits can DC made, n only the turns ca=
be caught right With this class Of on
orators. ventures In Reading are. how
ever. regarded IS something very much
ike betting what the operators who hare
made the stock their particular spcciaay
VIII DO at given time. Investment buy
ing OF general character no longer ar-
pears in this stock The value may be
there. but outsiders DO not recognize H.
ana until II is made mere plainly visible
they are not likely 70 buy.
The attention directed to Mexican
issues by the prospects for an increase IN
the dividend on Mexican National n-st
preferred. and the declaration 81 an I'm
eXpectedly large distribution on tho sec
ond preferred Of Mexican Railwav. has
resulted in increased buying Of tic ,.luior
stocks Of Mexican National and oil the
securities OF Mexican CaujraI. The state
ment OF Mexican National fo- the SIX
months was favo~abiy received. AMI the
tact that the local political uncertainties
have no bearing on conditions in Mexico
vas another factor IN tu- case.
All the talk about the possible retire
mont Of Mr. Cassatt from the presidency
or the Pennsylvania is prema usre. he has
been elected 70 serve three years az
director Of the PENNSYLVANIA. and in III
probability he viii coIapic,e MS te~sp. By
that time he VIII have lived aDput the al
lotted span Of threescore and ten. viii
nave seen tt2 comgict,nH OF rho great
work which VIII De- an enduring n5uu-
ncnt 20 his memory ana ,.lr tL,l. ,u,.t>.
. others the care 6l q rlilr1lg as nearly
perfect as any ia Tie wurld While there
IS work &C. so a. conuc .,ion WIN the
Troi1nlz WGica Mr. Cqlsstt
has undertaken, nc hims-1 VII do Il e.
MS health Is sJared. an az present there
y no ground Tor Serious Apprehension on
thai score.