The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-04

SATURDAY, November ..

Qu ~ U NhONh NO"N1y ~
at the half session Of the Stock Exchange.
Doubtless because Of the natural profit
taking movement following upon the rise
in prices of yesterday and the day BEFORE
the stock market in general was n little
heavy In the early transactions or previous
to the publication Of the weekly bank state
ment. After last weeks exhibit Of the
power Of the local banks 70 shift loans TO
the trust comralies and out Of town lenders
there was a general relief to-day that the
bank return would not make as unfavor-
able a showing as might have been deduced
from surface appearances. The rates Tor
the use of call money on the days imnedi-
rteey iSCceding the end OF the week alord
a surer forecast OF the character OF the
bnnk statement than do statistics OF the
known movement OF money" or any other
similar data. Call money rates were dis
tinctly easier Yesterday and the large bank
ing houses admitted that there had been
q further transference OF oan by the
banks TO institutions here and in other
places that are not bound by the reluire-
ments of the local Clearing House in the
matter OF reserve. The fact, therefore, az
chro1icled in the bank returns, that the
loans Of the Institutions comprised in the
Clearing House had decreased 90, 500 900
took few people by surprise. The loss in
cash sustained by the banks fulfilled pre-
vious indications in this regard, amounting
to 81, 800 600. The bank surplus was, there
fore, reduced by s., 1923, 900. which was per-
haps a little more than had been calculated
upon. and served to bring the surplus down
TO So, 0t9. IT'S. or about 500, 900 more han the
sum shown at this time a year go. II was
stated in various authoritative quarters
to-day that the popular idea as to the recent
return of stocks here for European account
had been somewhat at fault. Many Of
the stocks sold in the recent liquidation in
London would not, it was said, be shipped
here in the ordinary course Of business
until after the conclusion of the London
financial settlement. which did not occur
until the latter part OF last week. and it
was indeed predicted that the great bulk
Of the securities recently sold in this way
in London would not pass into the hands
Of owners on his side Of the Atlantic
for several days 10 come. II this proves
TO be the case the taking up" of these
securities by local banking houses has not
yet influenced in any important degree
the weekly showings Of the banks at this
centre. Alter tUe DdHk TSIuTu was pup
lished the market generally hardened and
nearly all the principal stocks closed at
net advances. The Reading common shares
were the feature Of the market, declining
in the fore part of the day we'll below yes
terday's closing figure, but recovering all
this loss in the last half hour of business.
Only one or two Of the active stocks to-day.
however, made material net gains or losses
and the only matter of news interest having
an indirect market bearing was a published
statement that the Pennsylvania Railroad
Company was considering the idea OF a
ing an advance Of 10 per cent. in the wages
OF It's employees over its entire system now
receiving a monthly salary of less than $500.
The truth appeared to be that action Of
this kind has not yet become an official
finality, but that indications were that it
or something like it was impending. As
the Pennsylvania has just advanced its
dividend rate so as to call for an additional
annual disbursement by it Of over 80 ,OOO, 900.
Incredibly was naturally expressed
to the ground upon which the company
neditated ar enlargement in the wages
paid TO it's men hat would, according To
current estimates Of the size of the COM
pany's payroll, near an additional dis
bursement OF $1,000, 900. The Pennsylvania
would thus increase its yearly expenditures
by SO, 900 900. or 81 900, 900 more than the
increase in its net earnings for the year as
indicated in its published reports of gross
and net revenues since January I. The
explanation given was that the Pennsyl-
vania has for a long time past been diverting
earnings TO improvements on a scale that
would amply allow both the payment OF
increased dividends and wages as con-
templated when such diversion of earnings
ceased. The net earnings of the road as
reported have, in other words, not repre-
the full earning power OF the Penn
syivania system.
The more seasonable weather Of the week
has, according TO the reports of the mer-
camille agencies, stimulated trade and
commercial business generally; and the
most critical observation Of affairs at this
time fails to discover anything other than
continual expansion Of the country's
prosperity. The price of cotton has fallen
of somewhat recently owing to the prev
OF more favorable weather in the
South and TO the publication Of various
estimates. chiefly those of experts repre-
the interests here of foreign spin
ners. that the yearly cotton crop would be
than was thought a few weeks ago.
On the other hand. the weight Of all domes-
tic authority. including the testimony OF
persons who have been, extremely correct
in their views as to tire outcome of the crop
in, years past, is to the effect that while the
crop is in better promise at the moment
than 1t was some time since, the indications
are not such as point to a crop this season
of more thar ~ 900 900 bales. At any rate.
foreign houses lave been large buyers OF
cotton here and the exports of the staple
have decidedly increased. The week closes,
of course, with an all but absolute dissipa-
tion of anxieties that have recently been
felt IN the financial district regarding the
result Of the coming election.
New York Stock Exchange Sales Nov. q.