The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-13
FENANcIAL AND coMNERcEAL.
FRrpAY, Oct. I:

To-daye security mari et was not very
interesting. The movement of stocks, 30
far a. prices were concerned. might be claaai-
fed ss being Of three descriptions: those
in which quotations lowered within a narrow
range and suffered little change one way
OF the other. those in which realization
saloa we're the governing infuences and
those again where a definite advance was
plainly going on. As neither advances nor
declines in any ave one OF two stocks we're
at all notable and as the total volume OF
transactions fell OF by one-third. AZ COM
pared with that OF yesterday. the days
market was OF the whole a dull and apa-
thetic affair. lts dominant characteristic
was, however, it, rteadinesa. Neither a
cessation OF the large buying operations
that were in evidence yesterday and the day
before nor profit taking in some Of the
principal stocks served TO depress prices
at all. Salee. prompted by the large increase
In quoted values during the week. were most
numerous In the United States Steel, Union
Pacific, Amalgamated Copper. Pennsyl-
vania and Chesapeake and Ohio shares, yet
the first named stock closed az a net ad-
vance, the second declined lees than a point
and Amalgamated Copper and Pennsyl-
vsnis fell one-eighth and one-quarter Of n
point, respectively. The fall in Chesapeake
and Ohio wss a little larger and was thought
10 he due tn selling caused by the disappoint-
ment Of a certain small number OF stock
holders Who had hoped that the directors
of the company would at their meeting
held a few days ago declare an increased
dividend upon the stock. There was. on
the other hand, such an ~unconcealed effort
TO accumulate leading stocks. such a. Amer
lean Smelling and Refining, st. Paul, Con-
solidated Gaa and Northern Pacific, not TO
mention various minor issues like the
National Biscuit shares and the inactive Air
Brake toe that. taking the list OF stocks
from one end to the other, advances were
more commonly shown than declines. The
general Interpretation placed upon the
upward movement in Consolidated Gas and
the other local franchise" stocks was that
these reflected a strong belief in a happy
result Of the coming election from the point
NJ view If people having property interests
in this State; and this was again shown in a
rather decided rise in the betting odds
offered on the Republican candidate in the
curt market. The buying Of Northern
Pacific to-day was undoubtedly traceable
TO a current idea that the Northern Pacific
Company. like the Great Northern Railway
Company. must find some way of distributing
20 its stockholders the profits arising from
the lease OF ore lands to the United States
Steel Corporation. 1t II thought not Ia he
the wish OF the Northern Pacific Company n
increase its regular dividend rate, so tina
the hope at least is entertained that the
company may at some time in the near
future declare an extra dividend OF stock
dividend 10 ita shareholders
There was an official denial forthcoming
at Washington to-day Of the canard that
was started yesterday in Wal Street. and
that was hardly worthy OF any serious
attention. hat some sort Of suit was about
10 be brought by the Government against
the Union Pacific Railway Company in
volvinG the title now vested in the company
10 the land granted by the Government to
the old Union Pacific Company many years
ago. The story is an old one and is, Of
course, utterly fantastic. About the only
real news OF the day was the formal an
nouncement OF an authorization of 81, OOo.-
600 OF new stock by the General Electric
Company. Of which t1l 900 900 was to be
issued at once at par to the stockholders OF
the company. II has for some time been
generally understood in the Street that this
AncuC "0o AuHClAOiuAs aDu JAC dlNhuCC IN
the price Of the General Electric shares
in the last week has reflected the fact. Time
money continued to-day to display an easier
tendency. loans OF this sort being no longer
made. except upon inferior collateral. as
high as Q per cent. Optimistic views were
commonly entertained concerning the
probable character Of to-morrow's bank
statement. Inasmuch as it was practically
certain that the bank return last week
made out the condition of the banks under
the average system Of compilation as worse
han 1t really was and as figures furnished
to-day by several OF the leading banks OF
their ash transactions during the week
indicated q cash gain by the banks OF be-
tween SO ,oO0, 900 and 1900 900, the course
Of the stock market has hardly been such "a
to suggest the idea that bank loans have
been extended since last Saturday. although
It is manifest that a good many loans carried
for American account in London nave in
the last few days been transferred from that
centre to this city. A sharp decline in
sterling exchange was to-day, however, one
OF the notable events Of the day. There are
reasons for believing that the amount Of
money RENTED to London by our bankers
since the first Of the month in payment Of
maturing obligations there are very much
larger than was commonly thought, so that
we ave thus greatly reinforced our credit
position on the other side. To-day the pres
sure of these remittances in the exchange
market slackened. A greater amount Of
activity In the o market was again to-
day q feature OF business, the United States
Steel sinking fund bonds selling at 1907,
the highest price on record.