The Washington herald., 1906-10-30
STOCKS IN A RALLY
Tendency Upward, Although
Days Trading Is Light.
WATCHING PENNSYLVANIA


ing Is Wall streets Chief Topic Of
Interest-Advanec of More Than
Three Points Was Made.
New York, Oct 29-Tn the first hour f
business on the Stock Exchange to-day
inc total quantity Of purchases and sales
4 stocks amounted 10 $4,000 shares. In
The second hour and again in the next not
g00.U0g shares were bought ana sold. and
Tho dealings in the first hour turned out.
IN fact 10 be but little less than half Of
he entire business OF the day. rs tranSac-
lions IS . whole footed up only 52S,000
shares.
The general characteristic of the days
market was. therefore. an indisDosition
10 trade IN pert Of the large professional
operations, and with possibly one or two
exceptions such changes in prices as
were made during the day were utterly
without meaning. In the main, the tend
ency Of the market seemed upward and
quotations for the principal stocks At the
close were At an advance.
Opening prices were almost invariably
above those made on Saturday, which
were in turn a little higher than the low
points made in the market on the pre-
,,eiing day: out the buying in these last
TWO or three days, mas, however, been of
a desultory character and has probably
consisted mostly Of 4 retirement OF short
contracts.
Pennsylvania Makes Gains,
After the FIRST hour on the stock EN-
prevailed, but in the afternoon prices
rallied under the influence Of q strong
upward movement in Pennsylvania stock.
which was. indeed. the only notable move
ment In values in the session. The Penn
sylvania directors meet on Thursday for
the purpose, among other things. of FIX
iny the senai-annual dividend rate upon
the stock: and the rise in the shareseto-
cav. therefore. was construed as meaning
1har a higher rate than per cent
row paid was contemplated.
There is 10 question that the earnings.
of the Pennsylvania are such as TO allow
IN enlarged distribution 90 stockholders,
but opinions regarding both the likeli
hood and advisability OF such q step differ
widely. In conservative quarters ,hc
epiniou seemed 10 DC most commonly
expressed that in view Of the exceptional
burdens I'm the way Of expenditures under
which the Pennsylvania is now labOTjng.
md which it must shoulder for consjd- /
rrable time in the future, any larger dis
iYibut!on Of its earnings is unwaTTanted. /
.nl would not react favorably upon the
interests of The road
Market Lass AT Close.
0a the other hand, there Is undoubtedly |
some force in the plea that a. circum
stances have shown that the best way in
which the Pennsylvania company can
raise money for its known future needs
IS by au issue of stock any action tend /
ing 10 heighten the market value of
the existing stock would have direct beHe- /
slcial results. Pennsylvania stock made u
net advance to-day OF 3is points;
but right at the very close the general !
market again suffered a little GimunitiOn
o. strength.
Another stock whose course attracted ;
more than usual attention during the
say was United States Steel common. /
Tho directors OF the Steel Corporation /
viii meet tomorrow. and it is expected {
that q this time a glowing statement OF /
1hc fiusncial operations of the company
IN the last quarter viii be published; and (
the quarterly dividend rate on the cor
p0ration's common shares.
Steel common stock to-day. although it
held its advance made in the last day OF 1
The last week. did not rise further. and
lid not strongly indicate that any greater {
distribution upon II was impending. OBJ :
servers Of the stock markets general !
business conditions incline TO the opinion, /
however. that q larger dividend upon steel /
-F..F.
almost inevitable.
Bank of England Gets Gold.
There was an Improvement in financial /
sentiment to-day abroad. largely. as seem /
81, because of the fact that the Bank OF I
England obtained practically all the (
Cl,cloOa new gold offered Ter sale in the I
open London market this morning. and 1
that a slightly. although very slightly, I
easier tendency was visible In the money 4
markets there.
Here to-day call money rates were very
little changed.
Time money, on the other hand, appear +
"a % be in somewhat more iusistcnt I
demand. although this did not lead. so /
1ar as could be asceTtaincd, to any distinct
advance In rates.
Sterling exchange was weak, following /
Up its sharp decline at the close of last
week with another fall Of thirty points. !
The reduction in the price OF sterling
was variously described as due to another (
rush Of cotton bills into the foreign ex-
change market and to the willingness of
certain London houses as expressed BY /
cable TO carry stocks in the English
market until the next fortnightly fnan-
ciaI settlement there. thus revoking the de- /
termination made few days ago Of
transferring these accounts to American
houses
Pleased by Bank Statement.
There continued TO be more or less taIk
iit Wall street to-day concerning last
weeks unexpectedly favorable bank state
1lsnt. and some fear was evinced that this
weeks bank return would net make SO
encouraging a showing as did its prcde-
Cessor because OF tho probability that be
fore next Saturday large amount of
stocks will arrive here from Europe thay
viii have 10 be taken up ami paid for
BY those 10 whom they were sent.
II has once more been determined how
ever, that financial resources at this cen
Ter have a greater amount Df elasticity
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