The Washington herald., 1906-11-04
WALL STREET NOTES.


1 New York. Nov. S.-There was the Gus
tomary relative falling off OF interest
shown to-day in the dealings at the half
session Of the stock exchange. Doubtless
because OF annual profit-taking movement,
! following on the rise in prices of yester-
day and the day before, the stock mar
ket IN general was a little heavy In the
early transactions, or previous TO the pub
! Iicatlon OF the weekly bank statement
after last weeks exhibit of the power
of local banks to shift loans to the trust
companies and out-of-town lenders, there
was general belief to-day that the bank
return would not make as uHfavOrahle
showing as might have been deduced
from surface appearances.
The rates Tor the use Of call money pre-
ceding the end OF the week afford q surer
forecast of the character OF the bank
statement than do the statistics OF the
known movement Of money" or any
other similar data. Call money rates were
distinctly easier yesterday. and the large
banking houses admitted that there had
been a further transference Of loans by
the banks TO Institutions here and in other
places that are not bound by the require
ments Of tne local clearing house in the
matter OF reserve.
The fact. therefore. as chTonicled In the
bank return that the loans of the institu-
tons comprised IN the clearing house had
decreased S9,5c0.O00 took few by surprise.
The loss in cash sustained by the banks
fulfilled previous indications in this re-
gard, amounting 10 Sz.S0,000. The bank
surplus was, therefore, reduced by s. 623,
SEQ, which was perhaps a little more than
had been calculated upon, and served 10
E.a-f-- H. -F---- "a
about $4,000 more than the sum shown
at this time a, year ago.
II was stated in various authoritative
quarters to-day that the popular idea as
+ 10 the recent return Of stocks sold in the
recent liquidation IN London, would not.
it was said. be supported here in the
ordinary course Of business till after the
conclusion Of the London financial settle
mert, which did not occur until the latter
part Of last week, and II was predicted
that the great bulk of securities recently
sold in his way in London would not
pass into the hands OF owners on this
side of the Atlantic for several days to
come. II this proves 20 be the case, the
taking up Of these securities by local
banking houses has not yet Influenced in
any important degree the weekly show
ings O. the banks al this center.
After the bank return was published
the market generally hardened and nearly
all the stocks closed at net advances.
The Reading common shares were the
feature Of the market, declining in the
fore part Of the day well below yester-
days closing figures. but recovering all
this loss in the last half hour OF business
Only one or two Of the active stocks to-
day. however. made material gains OF
losses. and the only matter OF news in
terest having an indirect market bearing
was published statement that the Penn
sTlvania was considering the making OF
an advance OF 10 per cent I'm the wages
Of its employees over its entire system.
The truth appeared TO be that action Of
this kind has not yet become an Official
fnalitv, but that iudica tons were ;hat il
or something like il was pending As the
company has just advanced its dividend
rate 50 as 10 call for an increase Of $780,
01 in disbursement. some wonder was
naturally expressed IS 20 the ground on
which the company medltdtcd an enlarge
ment Of wages paid to its men that would
according 20 current estimates Of the
size Of the company's pay roll. mean On
additional disbursement Of S1Cl00l1 The
Pennsylvania would thus increase it,
yearly expenditures by S1oe0g,e9 or q .e01
90 more than the increase in its net earn
iHgs Tor the year as indicated in its pub
hshed reports of gross and net revenues
since January T.
The explanation given was that the
company fer q long ume past has been
divcFying earnings TO Improvements or
scale thaJ would amply allow both the
payment or increased dividends and wages
as contemplated when such diversion Of
earnings ceased The net earnings of the
Yo8d as reported. have, in other words,
not represented the tuu earning power Of
Jhe Pennsylvania system.
The mere seasonable weather OF the
week has. according To the reports of
the mercantile agencies. stimulated trade
and commercial business generally. and
the most critical observation OF affairs
at This time fails to discover anything
other than q continual expansion OF the
ccuntry's prosperity. The price OF cotton
has fallen OF somewhat recently, owing
To the prevalence Of more favorable
weather in the SOUth. and TO the publ
cation OF various estimates. chiefly those
~ the experts representing the interests
here CT foreign SpiTDe-s lhat the yearly
crop would be larger than was thought
few weeks oEo. on the other hand.
the weight OF all domestic authority. IN
Guiding The testimony OF persons who
have been extremely correct in their
views d. to the outcome Of the crop IN
years past Is to the effect that while
the crop is in better promise At the mo-
menr Jhan il was some time since. fndi-
cations DO not point to a crop Of more
than 1900 go bales. At any rate. for
eign houses have been large buyers OF
cotton here. and the exports have de-
cldcdly increased. Tho week closes Of
course, with an all bat absolute dissipa-
ton of anXleties that recently have been
felt In the financial district regarding
the result o. the coming election.