The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-09
GossrP OF WALL STREET..

base metals into gold, but my time could
hardly be less probably employed in that
way than In operating in a market which
disregards every condition that made for
movements in the past or. H. not dlsregarding
them. takes them by cOntraries. New York
Central gets an increased dividend and
( nnd H. 80 goo. C"m 800
80, an sr 1900 sou,, n, ~ 49, - IT.
irving 70 ,;r rn.n vons ornonam, TO- toadsJ
,ha dica anI 7 o. -. .nsrGto,.
Of the game "
~ Tho s - - Al.
! cri,D,ns,a he,a. ea,Ie"
I ,nsrciaI rao"iorna Jn a%"S 40 -
the meme $500, ~ Ill -. IT, ~
drawnS ~ - I'll
roads sra oornaitad - uOanSno a1,an.inn
ma iunrovonaap, ~ 49,. 49, VII
street monev msrLst makss ths raising ~
now canitoi nr.c,ic,u, irrossuIo Tba
soua 10 trus ~ indns,rial corrorations n.
there anv imnor,an, diTersncs Sor instance
hei ween hr,ing naw -,ocL ~ a,chison nro'
yidinp The road win the means m nurcbsss
I ,ba Additional a,,in,non, raoos.arv 40 hand,s
adaouotsIy Inc ,ranrc ~ : ,arSa sao,ion NJ
The country ard nu,,in, an ,ha n,onsy IN
buiId an axtersioD 10 a derartmar, store or
shos F.ctory5 IA ~ 49, ,s = dir.ranoa I.
il no, in In vor NJ Tho railroad sntarnrise which
.1acts MOI aiono 80 raiIro.d b., ,ha n,hoIa
saotion in which 1, onarataa -,onrarriny ass
nate, 81 80 - "a, ~ ou a.
nsonls scs,tsrad ,hro,,h n. road,s ,srri,orv
Than I, cor nossihi, oonfa, on ,hs r,;Iroad
/ i,Sslfg 10 ~ nraa,ss, 800 10 10 ~. 49, TO-
,ho ,.aa,os, an,Uhar 80 ,har. 80, vrn,nds
20 heuaya ,ha, rana,;no VII S,ra., 10 ,ha
hsst vov ., acoon,nNshina d.
N.-
As Wall Street is the very heart OF the
cnncaSsd ,h"t r., ,anJs 20 naralvzs he
hsar, wm ne a waakarir, snact ,hrou,b-
-
II is now almost four years since the great
faith cure" was applied TO the money market
under conditions not unlike those which exist
at present. There had been very high rates
Tor money on call but a notable absence OF
liquidation when the s5O.Oon.On money pool
was formed by leading bankers. Not a
single dollar was put up and the banks which
entered into the combination were never
called upon TO do anything under their agree
ment. In the following week rates weakened
decidedly in the earlier part. and although II
again rose TO Is per cent. near the END the
advance had no Effect on the prices OF securl-
ties. sentiment being buoyed up by the as
surance that the banks in the pool were ready
to act II the necessity should arise. The OBJ
lect oil the pool was 10 impose a check upon
operators attempting TO iorce up money
rates by placing SO,No.OOO where the lending
OF II could be dlrected by one mlnd so as 10
there never WAS a stronger yerincation Of
the truth of the proverb about strength in
union than was shown by the Fl ect of the
mere announcem ent of a Diet ermination on
the part of leading banks TO act in unison
in forcing other lenders to accept reasonable
rates.
"
what has revived interest," IN the money poo
OF 1907 is the report mat there Is a movement
on foot to form a pool OF bankers representa-
tive or all parts OF the country TO hanoie part
or the treasury . surplus impartlally IN inc
r~unitiss secretary Sha W. il is said. mig nj
place in the ha nds Of a pool Of that kind such
mar, oS the AS 600 ooO now locked M in the
Treasury as could he am red. and il would he
che duty Of the head Of the pool to lend for all
legitimate purposes whenever OF Wherever
the ratesior money were so hish o'nIesten
serious dlsturoa noes. Inc BANKS wouId nov
he called upon 10 uInerentiate oet"een thrI
owl money anu tue htedsury s""nes' '"o
latter would hot De ureC'ly nther nanus' ou'
IN the hanuS OF 'ne poor W or seu a. mncn
against themselves lndlV'ouaHy snoulo Lhey
endeaV"r 70 eAac' unIeeeohaoe rvs VI ,"rt
own luhaS as aSa'ns' ~ o'"et '"usIo,
ha We not heard Of any movement to form such
a pool. although in some influential quarters
il is said that a scheme Of the kind may have
been ITOlknI IbI I rs u 6Nk wv
Demand Sterhhg ueciihed 10 $3.50 "nICn
st1rted discussion ol 'he posslo'nty VI Solu
imports out the consensus was tnHt u any
serious attempt were mace 10 ara" solu ITO"
London the BANK oi England would al once
put up It's rate Tor money ana pace snch a
burden on American stocks carried over there
as would precipitate a heavy selling move
ment' 80 seIlous uu tne poos
ref, sed To believe that Secretary Shaw would
not do everything in his power to prevent
their occurrence before it was too late.
The general verdict on tne pahk Statement
was that " was oad enough convince WASH
ington mat the time nau come 10 CoIrecC
the tendency OF the treasury 10 "''nura"
money from the regular c"anhe'''
While some Of the Younger element on the
stool E,chan9e laughed over the bank stare
n,ant saving that as prices had gone nm on
IA ner cent money on Fridoy they should
20 higher nm Inc nrospect OF a 80 per cent,
coil rsts in the coming week. the more sober
minded were inclined TO view the situation