The Washington herald., 1906-12-11
WALL STREET NOTES
SecretaryOfT OfTreasury'sPO
Conceded to Be Great.
MARKET BOWS TO HIS WORDS
Call Money Goes as High as rs, but
Closes at Chopper Strong, while
Most of the List Is Weak-Merger
of Steel Plants Progressing Slowly.
Notes and Comment.

New York, Dec. 10.-Secretary Shaws
remark In his annual report that the
Secretary of the Treasury has more pow
er than the Bank of England. the Bank
of France. or the Bank Of Germany. was
considered by most every one interested
in the stock market to-day as literally
true of the market, for the time being.
at least To-day It was almost entirely
a Shaw. market for there was no deveI-
Opment or gossip of the day comparable
in influence on the market with the indi-
cations circulated freely half an hour be-
fore the closing that the Secretary would
announce the deposit of about S25, 900. COO
in the banks after the close Of business.
Prior 10 these predictions the market
had been reactionary; subsequently it be-
came active and strong.
The Secretary" prominent broker
said, always appears much afraid that
whenever he does give relief to the mon
ey market it win be construed as relief
for the stock market II he does any
thing he appears afraid that he will as
sist spectators for the advance, but he
appears to overlook the fact that if he
does nothing he assists spectators for a
decline. He reminds me Of the church
deacon who got elected to the legislature
He absolutely would not have any ous
or any thing except his own conscience
influence his action.
Presently a man came to the deacon
and told him it would be a great favor
if he would vote for a certain bill. The
deacon put out his hands and pushed the
stranger away. A short time later an
other stranger came around and said he
would be much obliged If the new MEM
Der would vote against the bill. Him.
also, the deacon repulsed. and came TO
the conclusion that he would not vote on
either side OF the measure But in a
moment another stranger asked as a par
ucular favor that the deacon keep silent
during roll call II isn't on record how
the new member voted, but il is said
that ne concluded to vote on all measures
according TO his judgment without re-
gard for the wishes Of interested parties.
Similarly. the Secretary of the Treas
ury. on such occasions as the present has
got to help speculative interests II he
deposit money in the banks 20 he helps
the bulls; II he doesn't he helps the
bears For my part I should Ike 20 see
him or his successors go ahead and do
business without pratlng so much about
the speculative element I'm Wall street"
Call money to-day opened at 20 per
cent advanced to q, receded 10 Is. went
up to %. and dropped down 10 6 per cent.
the closing figure. Time money was very
firm, as on the closing days Of last week,
with no particular change in rates.
An officer Of one Of the best known
banks called attention TO an interesting
feature Of the money situation While
call rates are higher, he said, the sggre-
gate amount of money loaned at call is
much less than IL was at the correspond
ing period Of either 1900 or 1904 Brokers. in
other words. were not paying in the
aggregate so much In interest as they
did last year or the year before The
cause Of this condition is that a remark
ably large number Of brokers, warned
by unpleasant experience in 1905 and 1865.
secured time loans for large amounts in
the summer OF early fall and are thus
dependent very little on day 10 day
loans. On this account the relation of
the call money market to the stock
market is not as intimate this year as IN
December Of 1895 and 1894
During the part Of the day when most
Of the list was weak, Amalgamated and
Anaconda were strong. and rather more
talk than usual Of late was heard Of the
probabilities of increase I'm dividends.
The Anaconda directors meet next week
for the purpose of declaring the divi-
dends; the Amalgamated next month. An
increase in the price Of copper helped the
arguments Of those who prophesied in
creases in the dividends
No other reason could be discovered for
the break in Virginia Iron Coal and Coke
than the lack of support and the unc0v-
ering Of stop orders. 1t might be said
that no other was needed, for most peo-
pie have ceased to attach any Importance
whatever to the stock movements. leav-
ing them entirely to the manipulation of
the narrowest kind OF a speciality by
some Of the most skillful manipulators
In the street Why such operators should
waste effort in manipulating stock, the
movements in which were so incOnse-
genital in their effect on the money mar
ket, and so unlikely to their following in
any particular subject of them, was the
only point in the whole matter about
which even a languid curiosity was
eyinced. and the most plausible answer
to such speculations and inquiries was
that Virginia Iron, Coal. and Coke was
taken in hand by way Of relaxation,
while the money situation interfered with
more important business
Although there is nothing like the same
amount Of interest in the forthcoming an
nual report of Southern Pacific, as there
was In that OF Union Pacific, there will
nevertheless be much that is new IN the
full pamphlet statement of the former,
which VIII make its appearance in the
near future. Just when the
document will be published is not known,
but is IS said that the date will be ap-
the same as a year ago. or
about December 15. The income account
will be substantially the same as that
given in the preliminary statement. issued
last August which showed earnings of
800 per cent after s.. 900, 600, or the revenue
Of per cent additional for the stock. had
been used for betterments II is not. how
ever. to the earnings that interest will at
tach so much as TO details of the roads
operations and the light which
these may throw on the runOrs of the
possibility Of right in connection with
the raising OF new capital Taken alto
gether, it is said that the report will make
a good impression, and recent buying of
the stock should be of such quality as to