The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-01
FINANCIAL AND CONFESSIONAL.
WEDNESDAY. Oct. 81.

WEDNESDAY, OCT. 81.
Business on the Stock Exchange to-day
was In greater volume thar il wa yester-
day. but the slight tendency toward heavi-
ness In the market that was poticed yester-
day was to-day increased n prices OF
stocks declined almost continually from the
opening OF the market to its close, the
principal issues a. a rule showing net de-
clines of more thai a point. save as tsiis
Sand coward a lower level was exhibited.
the market was without distinctive feature;
and it must be said, too, that the selling
was accompaniedSwith no decided evidences
OF what Wall Street knows as a Or assure
to market stocks. Credit for most OF the
days sales was. in fact. generally passed
by shrewd observers to he account OF
professional spectators for the fall. Prices
in the London market before the opening
OF business here were as a rule lower
than they closed here yesterday after
noon, a rather notable decline OF a full
point being recorded in the price OF the
United States Steel common shares. Reason
for this was said to he disappointment
over the circumstance tn { the net earnings
of the Steel Corporation for the September
quarter, AZ yesterday reported, did not
aNoNh PNtfVNF"Np IN SOAAV bPNNAhheANV BNi-
mists of the more intense type had looked
for. These earnings were, however. only
slightly below the figure named, and the
revenues Of the corporation for the quarter
were the largest but one in Its history.
the high record, OF course, being that for
the June quarter OF the present year. In
view Of the well known fact that tho bust
ness Of the steel mills and factories 10 al
ways conducted at a great disadvantage
during the heat Of midsummer IL would
have been little short Of miraculous IL the
earnings Of the Steel Corporation for the
three months ended September 80 had
equalled those of the three months preced-
ing. The amount OF untitled orders on the
corporations books on October / exceeded
all previous totals. Moreover, the con-
sensus to-day among all conservative people
was hat the management OF the corpora
ton had acted wisely in not enlarging
at this time the dividend distribution on
the common shares, even IL it is a foregone
conclusion that in view Of the great pros
perity of the steel business these dividends
will be increased at no very remote date.
Practically the only group Of stocks to
advance in to-day's market we're again
the Mexican railway issues, both stock
and bonds. A rumor in this regard was
that the Mexican Government was about
20 interest itself further in a financial way
in these properties.
Undoubtedly the impelling cause of the
markets weakness to-day was the prevail
ing stiffness in the rates for both call and
time funds. Bank renewals we're made
this morning at ! per cent. and 81 per cent.
was at one time paid for the Use OF call
funds. Very little money was lent during
the day at less than 7 per cent. Time
was perhaps more characterized
by scarcity than by a distinct advance in
rates, although it was not easy to get money
for any of the so-called longer periods at a
rate al low as 8 per cent, nor was money
at 815 per cent. for a period running just
over the end Of the rear at all in IND
supply. The rise in money was. in turn.
attributable to two causes-one the fact that
it was the last day of the month. so that
there was some calling OF loans by the ranks
in preparation for the disbursement OF
a sum variously estimated as between
$50. 600, 600 and $50. 900, 900 in dividends and
interest payments tomorrow. and the other
financial houses began to-day TO take
up" stocks that were recently sold here for
European account and stfipp d to this side.
1t was said also that certain large trans
actions in mining ventures 10 which pub
licity had recently been given were to-day
consummated and required a transfer OF
a considerable amount Of money from
certain banking institutions to others. In
a political way there were no developments
to-day Of importance. nor was there any
striking in the course OF the foreign
markets. Thu Bank of England continued
TO strengthen its condition, absorbing to-
day e246, 600 in bullion; and Russian bonds
were stronger in the London market than
they have been for some time. because OF
the spread of more hopeful views concerning
the State of Russian finances