The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-19
Harmony and Perfect Under
standing Apparently Exists
Between FinancierS.
FURTHER ADVANCES
CONSIDERED LIKELY
ST. Paul, Steel Common, and Read
ing Leaders Some Caution
airy Signals.

NEW YORK. sept 19.-specuiation is
under way again. Wall Street is dis
counting something that is said to be
on the slate, and the general impress
sion is that Il is two or three things.
Disoounting the probable segregation of
the Hartman lines and interests, a new
stock Issue by St. Paul at a rate thst
will give the shareholders the oppor-
tunity to subscribe Tor very valuable
rights. an increase to 4 per cent in the
dividend Of Steel common shares, and
something on Reading the nature OF
which has not been divulged as yet.
The st. Paul issue viii be for the
purpose OF financing the new addition TO
the coast. Moreover, II IS stated with
positive assurance that the earnings Of
the extension are far and away above
the highest estimates made by the man
agement before the opening Of the line.
The new stock win be put out, so runs
the story, around 110d15 This story
brought SA points advance as an evil
dence that It was believed.
Whatever is up in Reading, 1t was
effective as a way to carry the prices
up 9is during the week. With the eX-
ception of a l3-poinu rise in Jersey Cen
trail the Reading gain was the sensation
OF the week 70 seems the Street has
just recalled that Reading owns much
coal land.
Exit Hesitation and Dread
A week ago there was hesitation and
a dread Of the future. Apparently that
has been forgotten, and sails are set
for a boom market with the big Wall
Street magnates under the load. The
commission houses have not been bur
dened with orders, and they are not
carrying any stock to speak of. It is
the same old bull movement, carried on
BY the leaders, the men or millions.
The gossip Is all OF increasing activity
in the industrial world. and as a result
thereof the preferred industrials are
acting better than they have been. They
are favored by many large operators for
dividend returns. the difference between
dividends and cost OF money for carry
ing being an inducement Tor operations
OF this character. Then there is the
prospect OF the plus price retirement
Some Warning Signals.
Hero and there warnings are raised.
Conservatives believe the pace Is too
fast. After the Frisco disaster the mar
ket held for a period and dropped with
serious declines. The late disaster in
the market. the passing OF the most
aggressive. daring and yet, withal, the
most fortunate market manipulation OF
modern times, seems to leave no after
rnath whatever on the market
Some students Of conditions have been
expecting 70 see the list slump, out az
this time there are no indications OF TINS
kind Of a rnOveInent-unless IL be found
IN the fact that there is but limited
short interest in stocks.
Bears would seem 10 have the best
Of the argument in the OvereXpansiOn
OF tha bun movement. the fact that
prosperity has been discounted, that the
crops are not as large as expected,
though still generous, and that money
IS becoming less easy 20 obtain But
despite the fact that arguments might
be in their favor they have not the
temerfty 70 buck bull market such
as evidenced last week
Big Interests In Harmony.
The large financial interests OF the
city. the Morgans, Rockefellers Still
man. Baker, Prick, Keene. ,schih,
Moores, etc, are apparently aligned IN
harmony and unity, apparently agreed
in plans OF operation
The talk IS now that ST. Paul, Read
ing, and Steel WIN continue to blaze
the way, with an occasional squirt, IN the
old fayorites, Southern and Union Pa
oifo. That steel common viii cross 80
as easily 81 not easier than il passed So.
To cate the share movement in the
list has shown an excess Of 1900, 600
shares over 1870 as compared with the
same period Of 1903, although the move
mcnt in the three preceding years, 1905
1876 and 1877 was much heavier.
Bank Statement
The bank statement yesterday was ap-
parently excellent, where known move
ments OF money had warranted the be-
lief that 81 would be unfavorable.
HAD the loan account on the books
Of the associated banks remained un-
changed. a deficit in reserves would
have followed. But the familiar e7f2adi-
ent Of shifting loans TO outside institu-
lions has been employed on a scale Of
exceptional magnitude" Us the way one
authority refers 20 the methods used
20 make a good showing. tn the face
OF the broad speculative movement Of
the past week the loans showed on their
face a reduction Of S30.600,OG0
The closing day OF the week witnessed
q little caution in the market. nothing
IN the way Of a material setback, and
this reserve was evidently due 70 the
s-------- -----------------------
=