The Washington herald., 1906-11-02

New York. Nov. 1.-Not only were deal
ings in stocks to-day very considerably
increased over those OF yesterday, but
general strength was shown throughout
the entire market, so that all the losses
made in the rather sharp decline in the
preceding stock exchange session were
more than recovered.
Yesterday recessious Of something over
q point centered in the price of the pTinci-
pal stock. To-day nearly all these rose
from one to four points.
Union Pacific stock advanced 21-4points,
Pennsylvania 4. Reading 43-4, st. Paul =
Great Northern preferred "a, Northern
Pacific -. and American Smelling and
Refnins and Amalgamated Copper rs
ana I-2.
The London stock exchange was closed
to-day Tor the All Saints Holiday. and
1here was no buying and selling OF stocks
here in any apDreciaole quantity for for
cigu account IN the morning hours the
market, though inclined to duIlness, was
still distinctly frIner than it was yester-
day, and IL was obvious from the course
Of events that the bulk of the selling that
y
had proceeded from Spectators for the
decline
These operators were this morning seiz-
ms every opportunity they could to buy
hack the stocks thus parted with, even
though they were not at the outset eager
iy bidding for them at advancing prices
But as the day advanced their hesitation
vanished, and there was a general scram-
bic to retire short contracts.
Goes Up Four Points.
Pennsylvania stock was the feature Of
the trading. It sold yesterday as low as
131 - and closed at Ill It's opening quo
tauon to-day was al -, and it advanced
from this through various fluctuations to
As. at which price il closed. Reason for
Che movement was, Of course, found In
The news that became public shortly after
midday that the Pennsylvania directors
had elevated the regular annual dividend
rare on the stock from 6 TO per cent.
The weakest quarter Of the market was
the Mexican Railway issues. The securi-
lies OF both the Mexican Central Railroad
and the National Railroad Of Mexico have
recently been very strong in the daily
trading on account OF numerous evidences
Df the prosperity Of all the railway COM
panies doing business IN Mexico. and par
-iculaTly on stories that the Mexican gov
eminent was about 90 extend its holding
interest in railway affairs in the country
lt was announced more or less authOrita-
lively that the negotiations with thls In
view had been broken of. although it WAS
stated they might bc resumed 1T q later
date
Another weak spot in the market was
Chesapeake and Ohio. which receeded
fecmingly on account OF the failure OF the
directors Of the company at their meeting
yesterday 10 enlarge. as has been expected
IN certain speculative quarters. the GivI-
4end rate on the comP3ny'S shares.
Va Fear OF Result.
No doubt, IN addition 10 the impulse to
close out speculations for the decline and
10 the Immediately helpful effect Of the
advance in the Pennsylvania dividend
rata, an influence of some Importance in
The market to-day was q feeling of con
Hdenee on the part OF speculative in
5erests that could no longer be restrained
That the result OF the election next week
VIII be in the highest degree favorable in
a stock market sense.
Comment to-day regarding the advance
IN the Pennsylvania Railroads. dividend
was not wholly One-sided. L was CON
efded that the current revenues OF the
road were such as To warrant an i'm
creased distribution. especially in view of
the large profits reaped by the Peunsvl-
Vania nom its recent sales OF stocks in
the Baltimore and Ohio and other COM
Hanies purchased AT a much lower level
OF values sOme years ago. There Is much
force in the plea that the profits Of this
sort should not be wholly covered ia the
treasury Of the company. and that the
Pennsylvania stockholders should be al
Owed direct participation in them.
II was pointed out. on the other hand.
tAat tho very heavy outlays that The
pennsylvania is now making Tor improve
nents Ia 80 many directions, which viii
not begin TO add to the roads financial
receipts for long time 10 come. and
That the state Of the money market that
makes sales Of new bond issues or new
stocks 10y railways difficult. combine fo
suggest that giving OF ready money on
the part OF a corporation might stiI be
a wise policy 10 follow for some time 20
come.
Money Rates Are Firm.
Money rates were frner to-day than
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