The Washington herald., 1906-10-31
MARKET IS LIFELESS
Trading Lighter Than on
Any Day But One in Year.
NO CHANGE IN STEEL DIVIDEND
Apathy in Wall Street Due 40 APP
PrOach of Election, Although Little
Doubt Is Expressed rs To Outcome.
Financial Statement of the Steel
Corporation Highly satisfactory.

New York. Oct 30.-Savc only upon one
previous occasion Thus Tar this year the
tctal volume Of transactions in stocks
to-day reached the smallest amount of
ony full days business in the year; and
as it was, today's dealings were practi-
cally as small as those of any In the
twelve months, being only 1000 shares
more than on July 10 the low record
GAY when 3o2003 shares were turned
lver
Fluctuations IL prices to-day were, nat
uraliy enough. under these circumstances,
almost utterly meaningless. rs even the
:OOm trading specuiators whose purchases
and sales have FOR many days past formed
ny far the greater portion of the stock
exchange business. to-day ceased almost
entirely their efforts 10 extract small
profits from the changes IN values.
Prices were, perhaps very slightly hoav-
i-r than they were on the preceding day;
but in 50 dull and narrow a market Us
the present. this was undoubtedly due
mostly to the fact that in the last two or
three days prices have, as a rule, ad-
Vanced.
Large Trading in Steel.
Trading was largest, as it mas been for
some time recently. in the United States
Steel and Pennsylvania shares The Opin-
ioa became general that the directors OF
the Steel Corporation at their meeting to-
day would make no important change il
tbe corporations quarterly dividend rate
Un its common stock. this being confirmed
In the action of the directors announced
after the close OF business
More GER less dOg1bt too WIS t.S-nIgESt.tl
concerning the likelihood Of an enlarge
mcnt In the near future in the Peunsyl-
0-ania's dividend distribution. and the re-
c@dins movement Ct both stocks men
toned impaired to the general market
whatever heaviness Characterized i,
IL was very clear however that there
VAS to-day not the sligbtes; pressure To
sell stocks, and that the only aspect that
Jlc market presented was Chat Of well
nigh absolute dullness. Toward .he close
@ sharp buying movement c0uverged UDul
Mexican Central common stoc. and the
lieSican Central first and second in
come bonds. this being seemingly a fur-
tlcr cure for the fresh interest taken ia
all Mexican railway issues in the London
market starting primarily from The dis
lribuJi1n made last week on The second
preferred OF the Mexican railway stock
exclusively dealt in I'm the British capital
Election Causes HesItancy.
There is no reason for questioning the
correctness OF the common explanation of
the apathy Of the market in the financial
district to-day that IL was due 10 The hes
iiaHcy Of spectators in view ot she com
IHg election Commission houses are in
variably chary about carrying stocks uu-
projected by large margins over an elec-
g
oided having sJock-market bearing. and
although confidence is undiminished in
Wall street Us to the favorable result OF
The contest. as IS shown in the heavy bet
Ing orders offered Upo1 tha Republican
candidate, DUvi1g of stocks excent by pe9-
plr who Prr abUnCantly able 10 safeguard
ihcir ventures is to a greater or lesser OK
tent discouraged by heads Of commission
houses. j. was the general observation.
however. to-day, thar the market did not
@c- like one that was at 3H likely 20 be
stirred during the week hy on election
scare.
The money market too to-day was lit
tie harder, and there was some discussion
regarding the large amount OF stocks now
in transit here from London that Will III
the next few days nave 10 be paid for and
'c3rried' in this country
Can Money Rate Low.
Six per cent was to-day bid for al
grades Of tiu.o money funds for use over
1bc end Of tho year commanding as usual
" premium. The csu money rate to-day
az one time touched per cent. though
most OF the days call loans were ut ~
per cent.
Sterling exchange recovered its veeter-
DAYS decline, and the European markets
were quiet That money was stin tight in
London however was shown by "a rather
high 'contango' charge for speculative
commitments in cOnSuIs extending until
the time Of the next financial settlement.
After stock exchange hours were over
the financial statement of the United
states Steel Corporation for the quarter
ending September 80 was issued Ir had
not. Of course. been anticipated that the
earnings of the corporation would increase
over those OF the preceding quarter as
his period always represents a time OF
dullnesS, caused by the midsummer
weather.
But the corporations net earnings were
SiSll4,6Z4, o. S6.S74,042 over those OF the
september quarter last year The untitled
orders OF the corporation or hand on Oe-I
toDer I were 1-e56.SSt tons. against G.sG95S9
IONS ON July /, and bur 1851 tons on Oc-