The Washington herald., 1906-11-13
WALL STREET NOTES.

replied: 1.-THE certainty -+4zat the secre-
/ tary would not change his mind might
easily work the trick.
/ As an indication Of the attitude Of the
public toward the market, the situation
/ IN the consolidated exchange is often In
/ terestine. II is certainly so now.
week ago loaning rates on number Of
I active stocks was as high as \ or per
cont on the same stocks. notwithetaEd
ling the higher MONEY rate, the ioaning
rste IS now about 5 per cent The infer
ence is that there has been liquidation by
weak holders Of stocks. \ large section
Of tho house which formerly dealt IN hun
dreds of shares through stock exchange
bouses now deal in odd lots through the
little board" !" and it IS for this reason
the position Of the latter is more usually
interesting as an index 70 the speculative
situation.
Wall street has about made Up lis mind
that the demands for increased wages
made by railroad employees will be grant
ed. and is not trying TO figure on net
earnings. II is a difficult problem. as IL
Is known that the Increase In wages. by
stimulating the prosperity Of the sections
IN which they are distributed are always
Call money rose 10 % per cent. \ year
ago II went as high as % per cent, but at
the end Of the week dropped 10 4 per
cent. Those who ergued that the present
week might be nearly duplicate of the
corresponding week a year ago were en-
+ couraged in their belief by the eesier
tone in the afternoon. when the rate fell
Il. la a1c
The highest rate in 1895 was made on
December -. and was 125; but in spite
Of pretty strained conditions all through
that month the stock market held up
strong Most brokers doubt the wisdom
OF sustaining the market under such cir
Icurnstances. but. OF course. they have 40
guarantee that the same viii not be done
again.
Payment of the instailment. amounting
to about SlIOO9.09. on the recent Issue
! OF St Paul stock. was d contributing
cause in the shifting OF leans.
James j. HIS remark about the need
z Of additional railroads to handle the grow
ing business were regarded IA some
, quarters as bulnsh on st. Paul, as the
man who held that additional trackage
: and not merely an increase in the number
4 Il cars and locomotives was what was
3 wanted could hardly complain II the
remedy he suggested was extended into
his own territory
The circumstances recalled months ago
: when Mr. Hill vas told cf St Pauis
5 intention 90 build 10 the Coast. and be
Z expressed tho hope that the road would
f. make its western terminal at the samc
/ point as the Great Northern and Northern
) avF Il
greater viii be the growth OF the towns.
This sort Of thing does not presage q
railroad fight
4 house which was the most notable
8 seller IN ST Paul. was one Of the heaviest
e buyers Of Union Pacific Naturally. th,
. difference In the attitude toward the tive
stocks attracted d good deal OF attention
Z and while some brokers regarded il as
: switch from one 90 the other. thsr,
: were not a few VINO thought the buyias
! OF Union Pacific represented short COW
/. erlngs. and that the selling Of st. Pau
s was merely manipulative with a View q
facilitating that operation.
Those who pro tessed to know something
. about the Union Pacific annual report
: said the showing woEld be so good as -
easily offset whatever effect might have
been produced on sentiment by the gcpOr
from Washington that the Department @
d Justice might look into the allegation tha
the relationship between the Hartman
l. roads constitute q combination IN rc
straint OF trade
/. Although aff0rdiug testimony 10 th'
r. prosperity Of the company, the incress'
: in wages granted to miners and smelte
operatives was not considered a bullisi
argument on Amalgamated Copper stock
{ Il was so much outgo. so the bears con
. tended without any additional income. j
- the case of railroads the traffic is in
creased by the stimulus 20 business az
forded BIZ the circulation OF the additiOna
money represented by the higher wages
5 but the greater prosperity Of Butte re
= sulting from the increase in wages grant
. ed bv AmaIgamated does not, il is argued
!. add TO the demand for copper. although
: il may TO the traffic OF the Hi roads. l
I Is, however. worth remembering tha
z, Amalgamated Copper owns the Henness-
Mercantile Company and will probably
get back some part Of the additional out
lay through that subsidiary.
z The strongest stock on the list va
? Rock Island. and beyond some vague ru
q rnors there was nothing TO account 70
% the obstinacy with which this issue re
2, sisted pressure The runners did 10
amount to much. bat the strength in IN
stock did. RUnors were really unneces
I sarv when the ticker talked so plainly
!, the stock the latter told, beng Of cor
i tinued absorption on account Of the i'm
provement IN earnings.
= J. T. Harahan. the new president Of tn
Illinois Central. says he never rode
mile on the Great Northern in his IF,
It must be hard to make such an admis
II sion in view OF the place the Hill. roa
/ occupies as an exponent of scientific rail
= roading. Next time the directors of iii
= nois Central meet they should vote NJ
4. Harahan the expense Of a trip throug
z. the Northwes.-it might mean gTea
= deal for the stockholders of the road.
II would be q queer instance Of irony Q
= fate if Erie should be the first road to er
-4 counter serious trouble on account Of III
- present demands for Increased wages. a
President Underwood. Of that road. ha
always been noted for his deep interest
"a the condition of all classes Of labor.
- came up from the ranks" he has ofie
: said, and l know the fellow at the Dol
tom has a hard time"
Il His office is always open to the employ
- who has a genuine grievance to complai
= Of, and there are many men on the roa
y to-day who were put back by the pre-!
Z. ident after investigation of the reason fC
., which they had been discharged by the
34 immediate sUpeTiors. Many boss Ia
heard from the head OF the road. 'Yo
- discharged that man because you weI
- mad Now I will nut him back but NJ