The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-23
0OssIP q az srREEr.

Sii. Slb. cas- and other figures Qualifying the
most sanguine forecasts came out on a market
that was dull but not especially r~eaCtionary.
IL was such good news. brokers said. that the
bull operators thought the market could take
care OF itself. The statement stimulated
activity but the activity resulted in declines
In the more active issues. the steels alone
remaining steadfAst.
A news Is seldom so rood that Il IL not
capable Of an unfAvorabls construction. 80
the bank statement was by some regarded as q
Dear argument. II the banks are able 10
show q large surplus. IL was said. what induce
ment ls there for Secretary Shaw % come 70
the relief OF the money MARKET A surplus OF
half the amount reported would be . better
guarantee OF early Treasury action.
Two weeks ago." said one broker, the
banks showed q delcit. Brokers and traders
generally were discouraged and could see
nothing In the immediate future except q
sharp decline in prices. Prices held nrm. for
the bull operators, fearing . sharp break. put
tneir money In the market and held stocks up
by main strcn 9Th. To-day apparently they
figured that enough favorable sentiment
would be created by the statement to prevent
any serious decline and were quite willing 70
let the market take care Of itself. In my opin-
lon they were not greatly concerned over
any slight slump but In fact were glad to see
10. for l believe that they do not wish TO see
a further sharp advance In prices until the
predicted relief IL forthcoming from the
Treasury Department"
The declines in Reading. Union and South
ern Pacific, Baltimore and Ohio and Pennsyl-
vania brought out little comment In COMPARE
son with that elected by the loss Of ~ points
In A~mslsamated Copper. Those VII have
been long expecting q brisk movement In
copper had como 20 the conclusion that the
price would be held firm until Tuesday. that
then the Anaconda dividend would be in
creased and both Anaconda and Amslga-
mated would be marked up with extraordinary
rapidity. In their disappointment over the
decline in Amalgsmsted these traders got
little consolation from a retort that their
theory was too plausible to be true.
last spring when money was tight a num-
Der Of brokers conceived a plan Of regulating
the money market themselves by starting q
big bank. At one time the plan Of the brokers
bank was elaborated very extensively. II
had a pleasing appearance on paper. but Of
course encountered the fact that IL brokers
had money available 70 capitalize a bank
they would not need to borrow. So the
brokers' bank died -a-borning."
Now IL is proposed to regulate can money
rates In another way. The plan isn't exactly
clear. but the brokers oonceivinR IL seem to
think that IL a fixed time il set aside daily,
Ibc phnAb I'M We nhu JtHlc 10 u3uTe Out JQelT
balances. there would result a money market
In which the fluctuations would not be as
great as on many occasions within the last
year. The money market should not open
before II o'clock and the banks should agree
on the rates to be char ged. The scheme
will undoubtedly be remarkably successful,
providing only the banks can be persuaded
TO permit borrowers to regulate rates Of In
terest.
II appears TO be taken for granted that
brokers have made more extensive time
loans than ever before. They are much bet
ter fortified by time loans than. for instance.
a year ago. High call loan rates then, in
the opinion OF many bankers. AFFECT q rela-
lively small number OF brokers. As q mat
ter Of fact the high rates affect only a part Of
the brokers, who have call loans outstanding.
Many houses have had call loans outstanding
for months without any great increase in
rates and some houses. OF course. have loans
that have been out a much longer period.
One OF the best known houses o. the Street
has a 81, OO0, 900 loan that q bank has carried
for twenty-eight years. In all this time
the interest rate has never been higher than
9 per cent. changing from that point down
to 2 per cent.
The Cleveland Leader. having obtained
its information from the most reliable sources
in Cleveland. is able to announce tbs forma-
" VI v y Observation-Disclosures ANYWAY "
Here they are: Union Pacific. Baltimore and
Ohio and st. Paul; Pennsylvania and Atchi-
son: New York Central and Northwestern:
Rock Island, Nickel Plate and Lackaw anna:
Great Northern. Burlington and Erie. Much
sympathy Is expressed for Northern Pacific.
which Is left out Of the calculation. but It was
suggested yesterday that this road might
tie up with Mr.. Ramsayis Chicago-New York
Air Line and the Rocky Road to Dublin.
The Jones-Inslis corn report places the
probable yield at SOIL, Ooo.OoO bushels. All
the conditions OF the growing crop. IL is
declared, combine to indicate a bumper yield.
In claiming SOL. OOo. 600 bushels, the ststis-
ticians continue, we use Governmen t acreage
Of s5, 40O, 900 bushels but admit the probability
OF error in this acreage and would prefer
TO eliminate 5000 900 bushels from the total.
Dairying is increasing. especially in the sur
plus corn States. and this requires more and
for pastures. yet the Government seems in
elined to increase acreage in these States.
II this position on acreage is correct there
must be deducted about l25.OO0 900 bushels
from the above totals
Ice registered another high record and
closed at COS. the high point Of the day.
The Financial Chronicle published a COM
pilation OF railroad earnings for July showing
a gain Of more than Oh. 700, 900, or 1894 per
cent, in gross and more than 5000, 900. or
1883 per cent. in net. The greatest gain,
that OF g.. 4OS 900 in gross. was made by Penn
sylvania. Canadian Pacific and Southern
Pacific each showed gains OF more than
81, OOo,O 900. Union Pacihc's increase was
1884. 900: Baltimore and Ohio's, s776.OO0;
Atchison's. S7O3.OOO; Illinois Central's. $685.
900, and Rock Islands. s5S7 900. Ninety
roads were inclu ded in the compilation.
The volume Of the transactions in the
Inter-Met shares has dwindled to small pro-
portions. Yesterday there was not a sale
Of the preferred and but a solitary 100 share
deal in the common Within a week after
the publication Of the company's last quar-
terly report a pool was formed, so II was re-
ported. to bull the stocks. but despite the
fact that some very good houses would like
nothing better than a brisk upward move
ment In the stocks the pool. II still in eX-
Istence, appears to be awaiting a more
propitious moment. Meanwhile Inter-Met
preferred. which pays s per cent. again sells
below Brooklyn Rapid Transit. which pays
nothing.
Neither is speculation In Brooklyn Rapid
Transit by any means as keen as was the
g. H.. 80 49, 4