The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-09
FINANCIAL AND COMMERCIAL.

MONDAY OCbs o.
Save in ono or two instances there were
no pronounced features Of interest In to-
days stock market n the market was
throughout IA dull and professional anair.
The dulness was, however. OF the sort in
which the element Of strength rather than
weakness was an accompanying factor.
Generally speaking, speculative purchases
OF stocks advanced the market in the earlier
part Of the day and speculative sales pushed
prices downward later, the decline, how
ever. only wiping out a portion OF the gains
previously made. In the morning hours
there was rather notable buying Of some
of the industrials, the General Electric,
American Smelling and Refining and
American Locomotive stocks being those
on which the movement chiefly centred.
The rise in General Electric stimulated,
too, an advance in the stock OF the Vest
inghouse Manufacturing Company. The
rumors current at the close Of last week
regarding an issue OF General Electric
stock were confirmed to-day in q semi
official manner IL is understood to be
the intention Of the company to issue an
allotment of new stock to shareholders to
the extent Of about 20 per cent. OF their
holdings. An Impression also prevails
Lhdb III AAClCuoO IA Nho SNACA"A
dividend distribution in the fore part Of
the coming year is not at all an impossibility,
owing TO the large profits which the COM
pany, in common with all the concerns
engaged in the electric manufacturing
business, is now making. Prosperous BUSH
ness was also the reason put forward for
the advance in the American Locomotive
and Amalgamated Copper stocks. Quota
AI1n. f,r ncpNar pnafal tN.1au rosa aha InIv
both here and in London, 81 cents a pound
being now paid for copper for j anuary
! delivery. The rich financial returns which
such prices "a this insure to those oom-
panies engaged in the copper mining bust
ness that are we'll managed and are out oil
the prospect stage nave naturally induced
recently a wide speculation in new copper
mining stocks on the curb market here and
one new f~avorite after another among such
concerns seems to % brought out daily.
Operations Of this sort, of course, have
| their dangers; but it seems to be the judg-
ment of those best informed o such
matters that no material relaxation in the
price Of copper metal need be looked for
for at least six month"; to come, and the
promise of copper mining business at the
moment is undoubtedly very brilliant.
III III CO " Va hN
charge to-day there was some vigorous
buying of Union Pacific and other stand
ard railroad stocks and this advance pushed
the Erie ommon shares TO the highest
price recorded for them in a considerable
period. The final hour Of business was,
however, given up to profit taking. as de-
scribed.
There was not a very great deal Of news
- H.. IaarfA1 ,,nAA thu nnarkQf AgidR
from the continued upward march in the
price of p a distinctly easier tendency
in money rates was perhaps the chief in
huence afecting values. The highest price
touched for call money to-day on the Stock
Exchange was "a per cent. and the ma
ioriey of loans made there were at 4 per
cent. while very abundant offerings Of
TIM money at Q per cent. for all periods
indicated rather pointedly that a lower
rather than a higher rate than this
might be seen in the near future. The
current relaxation in money has developed.
logically, strength in foreign exchange
The price Of sterling here to-day wal very
strong, advancing at one time nearly hall
a cent in the pound. II must be said, low
ever, that a part OF this rise was due not
only to the diminishing urgency OF bor-
| rOWerS desires IN LnlS udIhO Dub I " INV
demands for remittances by our bankers
in order to meet maturing nance bills in
London. In English financial circles to-day
the most important topic Of consideration
was the question regarding the likelihood
of an advance in the Bank Of England dis
count rate in the middle Of the week. The
Banks condition, as It is known, is not oveI
strong and il has lost over %, 200, 900 in
bullion since it's last weekly return was
compiled; but it is the prevailing opinion
that a further advance in the Banks rat
will probably be avoided If the purchases
Of gold for foreign use in London are only
Of the yellow metal laid down in the oper
market there and do not address themselves
to the Bank Of England direct. Despite thu
s strength Of sterling exchange 81, 500, OO'
was engaged for our account to-day II
London, but it was not taken from the coferl
OF the Bank Of England and the shipment
was understood to lave been brough
about in connection with the payments her,
Of French subscriptions to the Pennsylvania
Railroad Company's recent bond issue.
.A Rw.han.a .1aa nn0 4