The Washington herald., 1906-10-10
WALL STREET NOTES.

New York. Oct 9.-The stock market
to-day dropped deeper into the rut, and
despite spasmodic bursts of activity in
the general trading and well sustained
strength in three or four stocks out
side interest was very small Many
traders were apathetic and few were
bullish Where there were movements
Of consequence the buying was largely
concentrated. as. for instance. in Smelt-
ers. of which the specialists bought
about $4,000 shares. and in Pennsy, which
was bought in large blocks by a few
prominent parties The lack Of response
to these special movements caused dis
appointment which was increased by
the absence Of confirmation of the favor
able rumors recently circulated, and the
change Of sentiment was illustrated by
the fact that some traders expressed
the opinion that an increase in the Penn
syIvanIa dividend would be a bedrish
argument Trading at times was almost
at Il standstin. with few changes worth
mentioning in quotations. and these based
on nothing more than professional op-
erations. Sharp advance in narrow spe-
ciaIues like Federal Smelling and Duluth,
South Shore and Atlantic preferred do
not make a bull market or even color
able imitation OF one
on November 1 directors of the Penn
sylvania wilt meet 10 declare the semi
annual dividend on the stock. Some
weeks ago there were rumOrs that "a dis
tribution at the rate OF 3l-2 per cent
for the half year would then be author
ized. but at that time a good deal Of
stock was distributed on the strength
OF the report, and it is just possible that
the revival Of the story and OF activity
in the stock are intended TO accomplish
a similar purpose. More than three weeks
yet remain within which a movement
could be carried out in the stock. either
with or without the certainty of an in
crease In the dividend rate for while
te story Of an advance to per cent
basis has not received anything like Off
ciaI sanction. it IS sufficiently plausible
to obtain considerable credence.
Several days ago. when the general
market was fairly strong Pennsylvania
was a notable laggard. and the theory
was held i'm reserve in order that it
might be utilized TO give degree OF
strength 10 the market after this quail
itv had gone out Of the earlier leaders.
The recent action OF the stock as not
been out of line with that theory. al
though it Is yet too early 90 say that
IL has not been founded on something
of q more substantial nature.
With a somewhat heavier tone than on
the preceding day. Steel common was
again one Of the active features Of the
market. and the fact that the stock felt
no influence from the strength in Penn
zyivania-although IT does as a general
ruie-had the effect Of making the trading
element rather bearish for the time being.
on the ground that the upward movement
had attained its full growth. and that,
until large interests showed more encour-
agement to bullish operations. it was use
/ less TO expect any great volume OF buy
ing The public have displayed little en-
thusiasm over the ore deal, for the reason
that it's full significance Is not under
stood The price paid for the ore does
not at first seem 10 be low. but IL Is
Of very great consequence that the ore IT.
self contains q high percentage OF iron.
so rhat the relative cost OF producing
steel from is viii be small
il is well within the mark 20 say that
the proportion of iron in the Great North
ern ores is between 30 and 60 per cent
Two tons of this ore viii suffice for a ton
OF steel. against three or -four tons Of
Southern iron. tt takes approximately a
ton Of coke TO treat ton Of ore at the
/ furnace. and as coke is eXpensive-sav,
about s. d ton-thcre is "a substantial saw
ing in treating ores OF CD per cent as com
pared with ores Of 40 or q per cent iron.
The question of freight also enters into
/ the case.
Every Office in the street has had nu-