Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-29
The World of Finance and Trade.
Washington; New York; London.

| leader in the much-advertised impending
bull movement that the excursion trains
are packed full of speculative passengers
They all want to be aboard when the
signal is given to start This may be
more an element of weakness and a
handicap than of strength. Company is
desirable In all bull campaigns, but there
can be such a thing too much COM
pany.
Reading continues to be the most mys-
ferrous stock on the list. 1t has an enor-
nous following and is one of the most
ca silly swung stocks traded in. It's ma
nipulative policy is supposedly directed
by those in control Of the First National
Securities Company, regularly organized
and capitalized speculative annex of the
First National Bank. This bank was SO
severely criticised for its open connection
with the celebrated Jersey Central spec
ulation that the controlling stockhold-
ers and officials decided they would keep
their stock operations under separate
account in the future. That led to the
organization of the $1O,0OO.O0O securities
company. where the real control of Read
ing is lodged The bulk of the manipua-
tive orders in Reading these days are
said to sift through the brokerage firm
of Il. Il. Chapman q Co.
Value of Stock a Guess.
Not one man in a hundred who specu-
lates in Reading stock knows whether it
is worth par or 300 and apparently they
have no way of finding out. There is
more CUFF in connection with Readings
hidden assets and nearby melons than
there ever was about Jim Hills Northern
Pacific and Great Northern. There is
this difference. however: Mr. Hill did
make very substantial melon cuttings for
the stockholders of his companies. Thus
far Readings distributions are for the
future.
y, r;nJ
of the members of the stock exchange
and their friends and patrons are in open
mourning because John w. Gates was
driven out of the street. Since he left
there has been nobody to supply the mar
ket with the particular brand of tobaSco
sea soning for which he was famous. To
measure the extent of the loss in activity
which can be directly traceable to him 1t
is stated that during the last year of the
existence of the firm of c. G. Gates Il
Co. it's commission account was S1.S3O.OOo.
and that when it began It's liquidation
preparatory to going out OF business II
was carrying 100000 shares of stock and
had S9OOGOOOO borrowed from the banks.
Mr. Gates and his son. Charles G. Gates,
are now on the first leg of six-month
tour around the world, or as far around
the world as they feel like going.
Plan to Reduce Interest.
The movement on the part of the saw
ings banks to reduce the rate of interest
paid on deposits is exciting the liveliest
interest among the bond dealers. They
have theory that a very large number
of the 100000 depositors in the state of
New York will resent any cut in the rate
allowed by the savings banks by with
drawing their funds and investing direct
in safe bonds which can be had in I'M
limited quantities with an income return
of AZ to ) per cent. This thing of reduc-
ing interest on savings bank deposits
when everything else is expanding may
yet cut a very important figure in the Sc
curities markets. 1t may also affect in a
insurance companies which are enormous
insurance policies will be in no manner
jeopardized, for the future income Of the
companies is predicated on very low in
terest rate, but none the less 1t is some
what disturbing to the arrangements of
the concerns to see the market value of
their securities undergoing ,,eavy and con-
tinuous shrinkage.
The deal in May cotton is going out with
a tameness that is almost exasperating
when one thinks of the terrific excitement
which the May deal occaSioned only a few
weeks ago. The Chicago wheat corner in
the May option threatens to peter out in
the same way. thanks to the activity Of
Punger Lichstern, who is bringing into
Chicago all the wheat he can get hold of
in the territory tributary to the Windy
city.