The Washington herald., 1906-11-09
WALL STREET NOTES.

/ OF the early strength in the market was
/ the belief among traders that Secretary
Shaw would soon come TO the relief OF
the money market with further deposits
OF money with national banks. or by re-
tirement OF a portion Of the per cent
bonds which mature next year.
In conservative circles the view was
expressed that nothing would be done
until the need Of relief became more
pressing than at present, and the traders
having made their turn IN the bull side
in stock swinging around to this conclu-
sion In the afternoon. and began TO Law
great stress on the possibility that the
bank statement on Saturday would make
q poor showing, their favorite argument
being that the last two statements had
been helped by the freedom with which
the trust companies had loaned money
and that these institutions must be nov,
about up 20 their limit, and could not be
counted on Tor further assistance. Deal
lngs were almost wholly professional, ana
no one seemed inclined 70 play the mar
ket for more than a small turn either
way.
II tie last few minutes OF business
the call money rate ran up to 10 per
cent as result OF the calling of loans.
and it was feared that the continued
drmness Of the time money market would
ahect commercial paper and possibly re-
act on the general business OF the coun-
Try. Brokers say they would be entirely
willing 10 pay high rates for money to
just carry over the turn Of the year. bur
Wnen 1t comes TO paying 5 IL per cent for
four or five months they are some what
shy 4 condition which makes such rates
possible, they say, strongly suggests the
peed of liquidation, and under the cir
curnstances they feel more Ike reducing
the amount Of their borrowing than In
creasing K.
No change was made by the Bank of
England IN its rate. and the statement
showed a considerable improvement in the
condition Of this institution as compared
with the returns present at the end of the
preceding week
Il often happens that for the purpose of
giving an appearance Of strength while
selling Of stocks Is IN progress one or two
issues are moved up sharply. advantage.
OF course, being taken TO any circunl-
stances tending 10 the success of such an
operation. Northern Pacific, Great North
ern. and Pullman. all OF which are strong
ly held. and liz all OF which there is ex
pectation OF a melon. lend themselves
easily TO manipulation OF this kind.
While the traders thought the early
0uying OF Northern Pacific was good. they
were at loss to account for the selling
q LF.F rrrtaH aH.F-
orders on occasions for prominent Union
Pacific interests. Not few were Inclined
10 infer that liquidation OF Union Pacife's
holdings were stiu in progress, although /
L could hardly be said that there was n |
reason 20 attach any particular signf.- /
,ance to the selling in question, as the /
same house had been q buyer at an ear /
Ter stage Of the movement No one would 4
-enturs 10 contend that Union Pacific had 4
bought stock one day and sold II a few
lays later. or even that long interests IN
he Union Pacific were engaged In such /
operations, and the probability is that 4
leithe- the buying OF few days or the 4
selling thorugh the same house yesterday
lad any significance.
Sooner. or later there viii be announce
nents OF Importance TO holders Of the IIil
tock. and more advantage may be taken
4 tie general expectancy on this. score by
peculauve interests which viii Keep the
umor mill grinding 70 suit their pu--
oses.
Recurrence OF the rumo- that an extra
istribution to stockholders would be post
oncd st the annual meeting next week
ad good deal 70 do with the activity in
'ullman stock There was a considerable
mount Of manipulation in the movement.
nd some OF the traders said the rise was
OF at all convincing, IS It was very
asy matter 70 make up such a narrow
tock. For several years the flowing sup I
lyof Puliman has been very small, pracu-
ally all the stock having passed into tne
ands OF investors, many OF them men
no could hardly be induced to part witt
. Under the circumstances il has been I
difficult matter to give an appearance
something doing In the past Just prior s
annual meetings. and the fact that tie e
)mpany has accumulated a very large s
lrplus gives plausibility TO such reports )
On the early dealing Union Pacific was d {
Tong feature, and for the ACTIVITY il me c
ock various causes were assigned. as. !
Y instance, Mr.. Harrimans s success in c
Illinois Central the advance
the Hill ISSUES. Of which Union Pacific q
a large holder, and expectation that the O
ng expected annual report would soon q
axe its appearance. q
In some quarters II was said the report s
ould be given out Tor publication before {.
e end of the dsy, IN other quarters. be- 2
re the end Of the week; but nothing was
Id by any one in a position 10 speak !.
fo rr-Fs II, ]
ould be forthcoming. OF why il was with S
Id so long.
On the latter point, however. II may Il
wen suunised that the compilation Of }.
c elaborate data furnished by this com q
ny and its arrangement in proper form e.
IS consumed al the time since the end !,
the fiscal year. and it is worth re- :
7TnbeCing that last year the report was 4.
{ published until December 9, so thag Il
less the management can do better this
sr, Wall street may have 10 wait an ..
aer month before It can satisfy itself =
various important details OF Union m
cities results Tor the twelve months az
ded June 90 last.
American Woolen suffered a severe de ar
ne on the announcement that a special "
citing would bo called to authorize an 10
.rease Of $12.ooo.oo0 in the amount OF =,
preferred stock. the new issue 20 be
ed from time TO time TO supply new =.
7itai - needed The street did not M
e the idea of the placing Of an sddi- ~
nal annual charge of S7e0,C9o ahead OF i,
. common stock. and came TO the con- "a
sion that FOR the DIT, sent the outlooh !
dividends on the latter could not be an
-arded as bright. n''
~ the subject Of the congestion Of en-
light on practically all the large rail- "a
d systems 6 prominent railroad man lie