The Washington herald., 1907-01-03
WALL STREET NOTES
Easier Tendency in Money
with Years Opening.
LONDON TO REDUCE IT'S RATE
Election of McCrea Satisfactory to
Street and Railroad Men-DiStiIIeFy
Slump in Rock Island Due to Wreck
In KaBsas-Notes and Gossip.

New York, Jan. Am easier tendency
in the time money nHssket, sharp drop
in the rate on call from the opening fig
ure, an advance of over 100 points IN de-
mand sterling. and a decline in London
discounts was ali taken TO mean that
something like normal conditions would
soon be restored on both sides OF the At
lantic without the need of gold exports
from one side to the other. Advices from
well-informed London quarters Indicated
that the Bank of England would on
January TO- reduce its rate to l-3.
An active trader said: Il once threw
over "A line from the deck Of one Of the
boats OF the Hartman Line down on the
Mexican coast TO catch a catfish, but
caught a shark instead. You never know
what YOU are going 10 catch when YOU
60 fishing in Hartman waters, and so
! am waiting 10 see what the Interstate
Commerce Commission catches before l
take any chances in Union Pacific
From the lack Of support in Rock Island
when the stock was sold on account of
the accident. it was inferred that the most
influential interests were not in favor of
bullish operations at this time The stock
was one Of the weakest on the list.
The election Of Mr. McCrea as president
of the Pennsylvania was regarded as fit
ting recognition of ability of a high order
and OF integrity which shOne out con-
spicuously when the road was under in
vestigatiOn by the Interstate Commerce
Commission last summer Discussion ran
into the subject of graft on the big sys-
tenn and all sorts OF stories were current
of the extent 10 which this had prevailed
and the changes which the new president
was likely 10 make on account of the
amount of abuse Of Office that had come
under his notice.
This sort Of thing, the digging up Of old
stories that they might BE- used 10 dis
JUrb sentiment was thought to bespeak
the existence Of a bear interest which was
probably at its wits end to stem the tide
o. buiIishness that had begun TO sweep
toward the stock.
Reading opened fractionally under Mon
days close. and was rather heavy
throughout the day. except when an eff
fort was made 10 gaIvanize at about
-ifRlfs AAfl " 81 NDAiGtil tLDiE Selling kll1L
looked rather good. but the majority Of
the transactions seemed to have no spc-
cisl significance other than as part of
manipulation for some purpose. The
stock was by far the most active fea-
ture Of the days business. and at the end
IL gained some strength from the increase
in the dividend IN Delaware and Hudson.
which. in view of the conserve tism of
the management Of the latter property,
was taken as strong testimony to the
solid prosperity OF the anthracite coal
properties generally.
\ new high record was made by Dis
tiuers Securities ON account of the bene-
GJs which the company is expected 10
derive from the law placing denatured
alcohol on the free list. which went into
effect to-day.
Bulllsb operations. which were begun in
New York Central prior 10 the declaration
or The dividend at an increased rate.
which was suspended soon after they were
commenced because the time was mop
perfume. on account OF the conditions In
the money market have been resumed.
They are supposed % have the corpora
ton Of strong interests.
Close observers Of the trading said there
was evident accumulation of Atchison.
whatever might be the purpose behind il.
One theory was that the road has been
receiving a good deal OF the fast-freight
traffic that should ordinarily go over
Southern Pacific but has been tenn
porarily diverted from its usual channels
ou account If the firemcns strike. and
taat fer this and other reasons the earn
ings are running very heavy. With this.
there is a recurrence of the rumOr that
the stock viii Dee placed on per cent
basis in the spring. "a story which seems
10 have solid foundation
There is i'm some quarters a ncbulOuS
idea that the road viii in some way be
brought into closer connection 20 Penn
syIvania, possibly arising out of the fact
that Mr.. Prick, who is "a director and the
largest st0CkholGer in Pennsylvania, OC-
cupies Il somewhat similar position in re
gard TO AtChisOn- Rumor has often made
a great transcontinental system Of these
two roads and is ROW trying to do so
again with a little establishment in the
way of asserting that Mr.. Cassatt was the
one who stood in the way of the carrying
out Of the alleged project on former occa-
siors. when il was spoken of, and that
MT Erlck now intends TO put II through.
Il do not believe. said a bear trader.
that any one now seriously expects to see
bull market start from these prices The
chances of q bull market went glimmer-
ing long ago. and not because there was
any indication of decline in cur com
meTcial prosperity. but because the public
have obstiuately refused to come in. TO
get the public interested is the object of
every bull movement, and the success 'of
the operation is to be judged by the extent
to which the outsider is made to believe
that he is an iusider. The number who
have been brought into that frame Of
mind is very small
wall streets great old generals recog-
nized this fact long ago, and have since
been wondering with the rest of us when
the younger generation of market trad
crs will tire of the load which they have
been carrying in the hope that ultimately