The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-07
FINANCIAL AND COMMERCIAL.


SATURDAY, Oct. 9.
A good deal Of speculative profit taking
after yesterdays sharp advance In prices,
a cuiously u~nfavorable bank statement
and the absence Of a large number OF active
Stock Exchange operators at the auto
mobile race on Long Island combined to-
day to make an irregular and. on the whole.
heavy stock market. Opening quota
tons were a little above those made at the
high level al the close Of business yester-
day, but liquidation asserted itself, and
although the market held with fair steadi-
ness until the appearance Of the bank state
ment the weight Of selling Of stocks was
sufficient "a stop a further advance. h
bank TStun was puzzling. Loans in
creased 81 ,lJO,Oo q and there was n loss
In bank cash reported of 90, 100, 600, as against
yesterdays estimate Of a gain in cash OF
between s 3 1000, 900 and 50. OOO, 900. The sur
MUS reserve, therefore, fell of 5000 900,
as against a round enlargement in the
item that had been looked for. There can
be hardly any doubt, however, that the
condition Of the banks is much better than
to-day's exhibit made out, a fact that is
sufficiently attested by the decline in the
rates for call and time money, which went
on interruptedly throughout the week,
dih NiV IitNd III VAlAhiHheANh va WV ~
parent discrepancy shown in to-day's
figures was once more the time honored
one of the erratic workings OF the average
system under which the bank return is ar
ranged, which were particularly COM
plioated this week by the shifting OF ac-
counts incident to the large payments made
on the first of the month for municipal
taxes and by the intake Of money by the
trust companies to meet the reserve re-
Quirements fixed on October / by the new
law. Although this was the view OF the
case almost universally held. SPECTATORS
for the decline utilized the showing Of the
bank return as n basis for additional sales
Of stock and the prominent issues closed
generally at net declines. There we're
those who attributed some share Of the
selling in the market to-day to the rather
unpleasant news hat has recently been
received regarding the condition Of financial
. Affairs in Russia and to an idea that the
heavy Withdrawals Of gold from the Bank
Of England since the time Of the compila-
ton Of the banks last weekly statement
Of condition rendered probable an increase
in the banks discount rate next week.
To-day nearly t0,5Oo 900 in gold was with
drawn from the bank for shipment to Egypt.
The impression seems to be, however,
in high financial quarters in England that
very little more gold will be taken this
year from the Golfers OF the Bank Of Eng
land, at least for the use OF this country,
and none of the foreign markets to-day
displayed any anxiety, The strongest
feature OF the market here was General
Electric stock, which rose al, one time seven
points above its final price of yesterday
and retained the greater share OF this rise
at the close. The business Of all the COM
panies engaged in the manufacture OF cleo
trical supplies is manifestly in an exceed
ingly prosperous state just now, as is pretty
clearly emphasized in the heavy consump-
ton of copper metal. There were also
rumors to-day OF a new issue of General
Electric stock on favorable terms to exist
ing stockholders.
The advance in the dividend rate on
Atchison common to 5 per cent, the PROM
ulgation OF the terms, as at last concluded,
Of the lease Of the ore lands by the Great
Northern Railway Company and other
private interests to the United States Steel
Corporation. and the passing Of the first
OF October without disturbance Of any
kind in the financial world were the chief
events 81 the week in Wall Street. A
stronger undertone prevailed in the stock
market throughout the period, even If no
surprising gains in prices were made, and
confidence concerning the immediate fu-
ture Of the market has been increased.
Although the fact that State and Congress
sional elections are impenIing. whose out
come must obviously he important from
a financial point Of view. undoubtedly serves
somewhat to hold the market in check
at the moment, the feeling has gained
- 49, A. -.-Is -. II m -
Of a nature to help values. Sc far as this
State is concerned the party Of socialism
has certainly lost ground of late. Although
there was much speculative ~disappoint-
incnt over the failure o. the Atchison direc-
tors to FIX the dividend rate on the COM
mon stock at 8 per cent. instead Of 5 per
cent, the conservative policy that was
followed will in the long run be for the best
interests Of the AtchisoR property; and,
too, the consensus regarding the long
talked Of ore deal, which is now, happily,
no longer a mystery, is that it is a bargain
from which both parties to the transaction
will deriveN great benefit. The earnings
Of the Steel Corporation will not be imme-
diately swollen. by what has happened,
but the fueure Of the Steel Corpor alton
Ia now assured az it never was before, and
the longest step that has been taken since
the formation Of the Steel Corporation
itself toward establishing lasting stability
in the steel and iron business Of the country
has been accomplished. The case In the
money situation, which has extended,
of course, not only to mere Stock Exchange
borrowings. but TO the price of CONNER
cisl paper, was really the most important
Of the week in a strictly stock market sense.
The opinion Is volunteered by our best
bankers that, barring some unexpected
occurrence. the money market during the
rest Of the year need not be looked forward
TO with fear.