The Washington herald., 1907-10-31
WALL STREET NOTES
Odd Lot Sales Show Conf
dence in Market.
STEEL REPORT SATISFACTORY
Statement of Judge Gary shows Why
Common Resists Attack at 22-Liq-
uidatiOn in Leading Railroads At
tTIbuted tO Selling by Brokerage
Houses In the south.

New York. oct S0-''We are making
our expenses out of odd-l0t business" ."
said a broker who occupies by no means
an expensive suite OF Offices, and the
statement is one of the most interesting
and important that could be made re-
garding the present situation in the mar
ket and the outlook for the future. The
broker who made 1t is one of the most
conservative In the Street. he has never
made a specially of odd-iot business.
orders OF this kind coming to him now
came unsolicited and, while his word at
all times is as good as an afhdavit. ne
has IN this case insisted upon backing it
up by throwing open his books and dis
playing an astonishing number OF orders
10 buy nve ten, twenty, or fifty shares.
Another illustration OF the extent of
the buying OF stocks in odd lots is al
forded by the fact that out OF a total
of 0,i20 shares of American Car and
Foundry dealt in on Tuesday, 2,9y0 shares
were taken by "a firm of odd-lot brokers.
20 be divided up into lots or twenty-five
shares each on an average then udd-Iot
orders must have been received from
sevcn,y-two buyers in this inactive stock.
This being the case. IL can we'll be un-
derst0Od that the Odd-Iot specialists are
fairly swamped with business.
These are busy days and busy nights
in the transfer offices of the large cor
pOratiOns. and these scions OF industry
can be picked out IN The small hours of
the morning, their brilliantly lighted
windows making great riffs in the dark
ness. 1t Will tell in time, and when
those who hesitate now take courage 10
buy stocks, they may find that the Street
has been swept clean of the floating
supply
The report Of earnings made by the
Steel Corporation was everywhere regard
ed with satisfaction, and the statement
made by Judge Gary in describing pres
ent conditions both as to the business
and financial affairs of concern was re
Ccivcd with as much enthusiasm as the
Street could be expected 20 accord 10 any
sort of good news at a time when tine
financial atmosphere was somewhat de-
pressing. With assets 1891. .596, ,09j-no Won
der Steel has resisted attack at -, when
al about that price the whole SJyo,UUUJ
common stock is valued al only one
tuiTd Of the amount OF this item alone.
New York Central and Pennsylvania
made new low records in the forenoon,
but the weakest features OF the market
We're Louisville and Nashville and Al
lantiC Coast Line The decline IN these
two stocks was attributed 10 forced uq-
uidatiun 10y brokerage houses in the
South, and some of the selling Of Penn
syivania was traced 10 the same source.
Selling OF the account Of Montreal and
Toronto, the latter made a new low rec
ord for Canadian Pacific, and some of
the liquidation in New York Central also
originated north Of the international
boundary,
Union Pacific, although one Of the
weakest stocks on the list. during the
afternoon. led the rally which set in
There was a reason for the special prom
ineuCe OF this stock in the recovery. The
directors had voted 20 refer 10 com
mittee Of their number questions OF de-
vising means of segregating the com
panys s holdings of securities from its
other assets and making these the basis
of an issue of certificates of beneficial
interest which would be distributed 20
the stockholders of the road in much
the same way that the ore certificates
We're delivered last year 10 the stUckhold-
ers of Great Northern. Perhaps this was
a purely sentimental reason for an ad-
vance in Union Pacidc-some OF the trad
crs said 1t was a case Of the owners OF
the road trying 20 raise themselves by
their own boot straps-but it has always
been found that such matters have been
helpful.
Since Friday, last, banks have had ST.
$4,000 from the subtreasury and the out
look for the next bank statement is
rather good. Gold TO the amount Of
nearly 100000 was to-day drawn from the
Bank of England for shipment % New
York, and the liquidation for out-of-town
houses may release money tied up in
stocks SO that il can be used for crop
moving purposes. Everywhere il was
conceded that the money situation had
improved. and certainly there was sub
stantial Improvement in Wall street
where call funds loaned at one time as
low as per cent, whereas a few days
ago some brokers could hardly satisfy
cir rpu11frpr0pufC on any rarr1c