The Washington herald., 1907-11-14
WALL STREET NOTES
Time Money Again Offered
After Several Weeks.
SHELTERS SHOW FINE RALLY
RumOr Gains Currency that Secre-
tUry of the Treasury VIII Call on
DepOsitary Banks for Part of
Funds-EnOrts to start Bull CAM
paign In Reading Frowned Upon.

New York, Nov. l3.-"Gentlemen. can I
II lend you any time money! In these
words the loan canvassers, after a long
absence. made known their return in a
number of brokers Offices to-day. and
never was bird Of passage more Joy
fully hailed as cheerful harbnger. A
few days ago time money could only be
obtained through special negotiation.
Whatever might have been the cause or
the source OF the selling that had de-
pressed American Smelling and Refining
on Tuesday TO new low record for the
year. little or none of the liquidation re-
mained 10 be accomplished to-day. and.
relieved Of this weight. the stock raj
lied
The generally accepted explanation OF
tuesdays weakness in Smelters was that
a house had been notified that z time loan
which had almost reached its maturity
and In which this stock was the sole col
lateral would not be renewed. In such
situation liquidation was imperative.
One Of the most disturbing factors in
the days market was the appearance OF
liquidation for Pittsburg account, this be-
ing most in evidence in Westinghouse and
United States Steel issues. The reason
for ii was found In the unsatisfactory
financial conditions at that center OF the
iron and steel Industry rather than in
the recession which has begun to make
its effect felt in the industry on whose
prosperity the general business Of that
section largely demands
Early In the afternoon the rumor gained
currency that the Secretary Of the Treas
ury intended 10 call upon the depositary
banks for 10 per cent Of the government
funds deposited with them. which would
be equivalent 20 the withdrawal Of more
than 50. 100000 Of the stock of money now
available for the business interests Of the
country.
In high banking quarters II was said
that while there was q possibility Of a
large gold engagement being made in
Paris for importation to New York. IL
was not certain that the transaction could
be arranged. Ia the same quarters II was
stated that what the Secretary Of the
Treasury really proposed 10 do was to
withdraw 3 per cent Of the governments
deposits in the hands OF Eastern banks IN
order that the money might be placed
with institutions in sections Of the Coun-
try where the need for money was great
er. This was a very different matter from
what brokers and their customers ap-
pretended.
The premature and injudicious attempt
on the part Of certain speculative inter
ests 70 start a bull campaign in Reading
using as their instrument "A paragraph
from the weekly letter of a house which
meant only 10 attract attention 10 the IN
vestment quality Of the stock, is said 10
have brought down upon those response
bic for It sharp rebuke from banking
quarters, where there has been no de-
partUre from the rule that funds insult
cient for the commercial and Industrial
needs of the country. must not be fur
ther depleted for the purpose OF fostering
a speculative movement In securities
The necessity for this rebuke needs not
however. cloud the well-founded cOnten-
ton that from the investment standpoint
Reading is one Of the most attractive
stocks on the entire list.