The Washington herald., 1906-11-22

NOrtherLrs Melon West with Him.
New York. Nov. 4.-Opinions differed
as TO whcth er or not the estimate that
Chicago would succeed in sending as
much as SIC, BO0O00 East during the week
OF course it was a very debatable ques-
ton, since so much depended on contin-
uance of the high rates that have been
influential 10 attracting funds toward
this center f-om all over the country.
Banking inoerests would not give any
estimate of the probable extent OF the
movement. but most of them were willing
to coacede Il at the advance in rates
had accelerated the return flow Of money
from the country and that If speculation
kept within reasonable bounds com
parative case would be re-established be-
fore long.
Call rates eased of considerably during
the dav, but Few would venture TO pre-
dict that they might stiTen again. espe-
ciaIly If the lower level should interfere
with the movement Of funds that had just
begun to assume large proportions.
Many Loans Paid on.
hlLE
last few days have reduced their COM
mitments on the long side Of the market
on account Of the Tigh rates for money
which. they argued. left them little
chance to make profits, or threatened TO
eat up those resulting from the last rise
in the market
In consequence of this some active
houses were not only spared the neces-
sity OF borrowing new money yesterday,
but were enabled 20 pay of part Of
their loans, and in q few cases brokers
who had literally supplied themselves
with time funds were able 10 lend pOT-
tion of those on call.
When 20 this factor was added the re-
turn of money from out of town. and the
improvement in the London situation. the
combination was strong enough, in the
opinion of many conservative brokers, to
warrant the conclusion that the condi-
tions which held the market in check for
a few days were gradually passing away.
French Shipment VIII Help.
Reports that a shipment of 100000
pounds of gold would be made during the
day from Paris TO London. offsetting to
a great extent the shipments from the
latter center TO Brazil raised hopes that
TIE Bank Of England would make a
strong return for the week and that all
danger of an increase in the bank rate
would soon pass away What seems 10
be forgotten is that the shipments of
sold 10 Brazil are nothing more than
the regular yearly movement 10 take care
Of the coffee crop and that as the same
occurred last year the comparison be
tween the present week and the CORE
spending one year ago need not neces-
sarily be very unfavorJbie-only that. Of
course. at the end of last week the pro-
portion Of reserve was rather low for
the season
4 broker who IS somewhat given TO eX-
aggeraJion. says money would come here
from the West by the train load. IF the
railroad could only supply the cars 10
handle it"
Hill Takes Plans West.
Those who argued that James J. HuTs
departure from New YorI, was fastened
by the necessity of his tesufying in the
rate Investigation at St Paul were able
10 point to his appearance before the In
terstate Commerce Commission as cir
cumstantiaI confederation Of their asser-
tions that it was this that prevented the
announcement of the Great Northern
melon early in the week.
Had Mr.. Hill been enabled 10 remain
here a day or TWO longer, every detail Of
the plan, it was said. would have been
finished. and announced before this time.
The plausibility Of this argument was so
great that Great Northern stock at once
responded by an advance WHICH put il
back to near the high level touched at
the end of last week.
Mr. Hill is worker and if inter
rupted at his task in his Office he may
carry the work home. 10 a hotel or Tor
that matter TO his private railroad car
Ee may have done this on the present
occasion. for, in all events. it is asserted
that the long expected ore stock or Ger
tlticates VIII be out within day or two.
Great NortheTn's freight rates are
about 30 per cent lower than those Of
other railroads in the Northwest, and il
may be accepted as certainty that Mr..
Hill had no objection to telling the Inter
state Commerce Commission all about
them. It has long been known by MIR.
Hills most intimate friends that he
would be only too willing TO testify on
the subject Of rates before the commits
sion, or any other body having a Iegiti-
mate concern in the subject
Rock Island to the Front.
I wonder why the street cannot see
the reason for the strength in Rock Isl
and said a broker in close touch with
The property 1t all comes from the
pent-up force generated and accumulated
while earnings were growing rapidly
with the price of the stock standing still.
There has been a great deal Of prejudice
TO let that prejudice die Il natural death
by letting matters take their course until
even our enemies recognized that we
had good thing and wanted to share in
ii with us. If we had told them now
good it was they would not have believed
Us and must have called US hard names. -
Undoubtedly a good deal of the present
popularity Of Rock Island arises from the
fact that the stock can be carried on lit
tie money-a factor Of no small conse-
quence when the call rate is liable TO run
as high as 10 per cent
Technical market conditions must, of
course, be taken into consideration, but
these would seem to have been favors
able TO Rock Island at the inception of
the present movement, as for many
months there had been little or no spec
ulation in the stock, and during that
period the floating supply was quickly
gathered into strong hands.
Talk Of a pool I'm Rock Island misses
the significance Of what is going on. 1t
may be, as rumor states, that pool has
been formed in the stock, and that il in
cludes many members of the original
bull party in Reading. but what has done
more 10 stimulate sentiment in favor OF
Rock Island IS the recognition here and
abroad that the property is both capa-