The sun., 1909-11-07
GOSSIP or WALL STREET.

| In a market in which most OF the trans
| actions we're for the account OF the profess
sionals and the regulars. stocks were sold
yesterday on the expectation Of a poor
| bank statement, on predictions of an in
crease In the German bank rate next Mon
day and on some slight apprehension of
another increase in the Bank OF En- gland
rate late In tho week. Yet the selling move
mont which swept prices downward in the
hrst hour ceased In the late trading and was
followed by q rather brisk recovery. Cover
ing Of short contracts at the week end prob
ably contributed a great deal to the rally.
The expectation OF n poor bank statement
was fulfilled In a loss OF 81. 500 900 reserve
on the average and a loss OF 90. 600 900 In the
statement OF actual condition. The sur
plus reserve. according to the statement
OF actual condition. was reduced to A.sos.-
900. In the statement of average condition
there was an expansion of sls .O00. 600 I'm loans
and decrease OF 1000. 600 In cash. The
actual statement showed an increase of
%, ,o0O, 600 in loans and decrease Of to.O0o,-
900 In cash. Neither In decrease of reserve.
expansion Of loans nor loss OF cash was the
actual statement as unfavorable as the other
The trend OF money throughout the week
was thus favorable to the banks and may
indicate that the losses reported yesterday
were but temporary.
The expansion of loans, II was thought
In some OF the largest banks. was princi-
pally due to the increased demand for funds
from the interior and to borrowings in con-
nection with the November 1 interest and
dividend disbursements. Principally on ac-
count. of these disbursements cash hold
ings were largely decreased in the early
part OF the week but improved subsequently
as the return flow Of the disbursements got
. under way. The explanation comports
with the comparison between the average
and actual statements. and In view OF the
| certain continuation of the return OF the
November disbursements it was considered
reasonable TO expect an Improvement in the
early part Of this week. '.t.
| In most Of the houses 18th German con-
! nections the opinion was held that an in
crease in the German bank rate tomorrow
was not unlikely. In normal times the
German rate averages higher than the Bank
OF England rate, and a per cent. rate in
Germany while a per cent. rate prevails
in England would be no greater difference
than often prevails between the two insti-
| tutions.
The terms Of John s. Kennedy's viii we're
altogether the most Interesting news OF the
day among those who appraise news values
possible bearing IN security markets.
Though none OF the accounts of the will
specified the powers Of the executor or his
| instructions in disposlng OF securities and
rcinvestwent Of the proceeds. It WAS
considered significant that the estate
Is so widely divided. The inference
was that there is more than "A fair
chanc. OF the sale of some of the Hin
stocks. of which the estate IL the heaviest
knlx an
fo- il was thought unlikely that all tho
legatees would carry the property in tho
shape left by the testator. 10 was an in
teresting coincidence, also, that the executor
OF and personal counsel OF the biggest holder
OF the Hill stocSs should be the same lawyer
and hnancier who was the personal counsel
of Mr.. Hartman, drew up his win and has
been chosen to succeed him on the boards
OF many Hartman railroads. This coinci-
teresting than important. for the reason
that the executor would of course be .he
last man to divert Investments from the
manner desired by Mr.. Kennedy.
Last week when the contango on Amer
ican stocks was fixed In London for the
fortnight ending November II the cables
reported o per cent. as the rate on Ameri-
ans. A bill received by n New York
reported the rate too low! The rates
charged by his brokers for the carry over
were 81 per cent. on Atchison, 7 per cent.
on Baltimore and Ohio, ~ per cent. on
Csnsdss. az per cent on Steel common Ind
O.. per cent. on Steel preferred.
The carry over rate In London entails a
pa yment of interest for fifteen days. whether
or not the stocks are sold meanwhile In
Al h.. sV.NA thAx =
charge ON stock contracts in London than
is levied by the stock transfer tax here. The
interest rate must accordingly be consider
ably lower In London II a profit is to be
made by carrying stocks there rather than
here. Al present the gross carrying
charges In London are much heavier.
Brokers have been doing a good business
for the last three months. 1t has not been
a record business. but In the majority Of
houses II has been we'll above the avera &c.
st the same time the competition for coul-
miss Ions among the houses which 20 out
for business has. seldom been keener ard
there have latterly been reports that greater
inducements have been offered to mon
bringing In accounts than any of the So
called progressive houses formerly at
tempted. In Yesterdays reports two
houses were mentioned as giving SIS a hum
steereI new accounts to the firms. Several
houses, according to tho same reports are
offering special inducements to those Of
their employees who come under the CLASH
fication NJ business getters, these induce
ments coming In the way of percentages
on tho commissions secured b. the eni-
ployees. In such cases the percentage
seldom n ever amounts to rs much as SIS
a hundred shares. Such q perennial ee must
re considered by all, the governors of the
exchange included. a very liberal compensa-
ton for new business. The brokers' COM
mission on q hundred shares is sI2.5o and
4 he gives Up ts of IL he Is really doing busi-
ness at the rate Of . thirteenth of I per
cent.
The majority Of farmers In the, North
west don't seen, to need the money. Wheat
prices are much higher than the average
for a series of years. hut they are not as
high AS when farmers threshed the winter
wheat crop and are far lower than in the
weeks when the bull speculation in wheat
was intense in Chicago. By comparison
current prices may look low TO the farm er
just as to the Hpeculator in stocks Steel
common, for instance, now looks cheap at