The Washington herald., 1906-12-03
Prices Remain In a Narrow
Range All of the Week.
INTEREST NOW IN CONGRESS
Presidents Message Expected to
Urge Some Form of Inheritance
Tax and the Cnrbing Of Corpora
tions-MOney Situation shows No
Great Changes-GOssip of Street.


row range that it has done ever since
the first of September. A declining move
ment that had gathered some small
headway at the close of the week pre-
ceding was carried little further on
Monday, but was checked on Tuesday by
a sharp upward reaction. Thereafter the
market huctuated irregulaTly without
either decided evidences of liquidation or
of renewed stimulus on the buying side.
It was, of course, realized by specula-
tive interests that the week was more
favorable fer inactivity in market ven
lures than anything else. 1t was period
broken by a holiday. while coincident
with the end OF the week came the end
OF the month financial settlements, war
ranting the fair probability Of a furry
IN money rates.
The session Of Congress too, and the
Presidents annual message TO that body
are close at hand. 1t must be said that
there was rather less than the usual
amount of anxiety felt in Wall Street
regarding the effect from a financial pOin.
of view of any deliverances that the Chief
Executive might make in his yearly out
General anticipation was that the mes
sage would differ little in character from
foregoing utterances Of the President. to
which people are now well accustomed.
VIII Urge Inheritance Tax.
Stress was expected TO be laid upon the
Presidents familiar propaganda for the
establishment OF an inheritance tax and
the enactment of laws directed in various
ways against corporate power. as well
as suggestions concerning the proposed
reforms in the currency system, the pay
ment of ship subsidies. and so forth. but
1t viii be a matter of surprise if the mes
sage contains anything likely either to
materially depress or improve stock mar
ket valuations.
The shocking railway accident on
Thanksgiving Day was certainly in
broad sense market factor. since it re-
suited in blotting out a life that had long
been and was likely to be for many years
to come of incompatible usefulness in
the business and economic world. The
smallest portion of the real work done by
Mr.. Spencer was in behalf of the South
ern Railway Company. great and fruitful
He had for years done more than any
other one man toward the general up
building of the Southern country, and his
advice and counsel were more keenly
sought in the great problems of trunk
line management than were those Of any
other railway manager.
Moreover, in myriad ways, through
speeches, magazine articles, and the
like. Mr. Spencer was, as were few
other men, teaching the people of the
United States to think wisely and
justly on economic questions It Will
be hard. very hard indeed, for any one
to take his place.
Money Situation Unchanged.
As was the case with quotations for
stocks so it was last week with the
money situation; matters remained
practically unchanged. The strong
feature of these affairs is just now the
great and continual Improvement Oc-
curing in foreign financial centers.
The Bank of England is making great
strides toward the replenishment of its
reserves, if indeed, it cannot be said
that the proportion of cash held by the
bank against liabilities is not already
as large as should be expected at this
season. The banks statement last week
showed an increase OF $40, ,00O, 600 in its
reserve. this ingathering Of cash being
due partially to the continually heavy
receipts of gold from the South African
mines and partially to the more liberal
policy recently adopted by the Bank
of France in regard TO its retention Of
funds.
a necessity still exists. it seems. for
the shipment OF money from England
TO Brazil in connection with the yearly
movement Of the coffee crop from the
latter country. But it is clear that the
inflow of money into England during
many weeks to come will far more
than cOunterbalance any Outgo of
funds that may take place
At home it seems as if for fears re-
gardinS any acute OF pressing money
stringcncy in the near future had been
substituted an impression. or at least a
suggestion, that monetary and bust
ness conditions in our country were
such as TO insure generally higher
rates for the use of funds throughout
the first six months of next year than
has recently been popularity calculated.
Check to Mining Speculation.
\ development of the week that was
certainly pleasing to banking and other
conservative and financial interests was
the subsiding movement in the speculation
IN mining stocks in the curb market for
It is beyond question that this speculation
ard the general mining boom that has ac-
companied it have to an extent only less
than that of the speculative purchases of
real estate during the year served to tie
up money.
The annual report of the Union Pacific
Railroad Company, which has long been
awaited with great anticipation, seemed
to be, when it was published last Tues
day, OF little different sort than might
have been deduced from the preliminary
figures of the report that were given out
by the cOmpany's management three
months ago, and the chief comment heard
concerning it in Wall street was that the
financial results that had been attained
and were duly set forth were sufficiently
satisfactory without the necessity of
strained effort that was further made to
include in the recorded profits Of the COM
pany for the last fiscal year the dividends
on Southern Pacific stock that were not
paid until the current year.
There was a little disappointment per
haps that the annual earnings of the
Union Pacific applicable to dividends on
the common shares were not more in
excess of the 10 per cent dividend on the
stock now distributed, but as the fair
calculation appears TO be that in the
coming year the Union Pacific will earn
in the neighbOrhood of Il or IS per, cent
on its common stock. regrets of this kind
are not very poignant It deserves to be
said that taking the Union Pacific report
isf ffu nue -