The Washington herald., 1906-11-01
WALL STREET NOTES.


/ New York. oct. SL-Busness on the
stock exchange to-day was in greater vol
ume than 80 was yesterday. but The slight
tendency toward heaviness in the market
/ that was not considered yesterday was to-
day Increased. and prices of stocks de-
chned almost continually from the opening
of the market TO its close, the principal
/ issues, as q rule. showing net declines of
more than q point
! Save as this trend toward a lower leve!
bwas expedited. the market was without
distinctive feature and 1t must be said.
/ too. that the selling was accompanied with
/ evidence which Wall street knows as "a
J pressure To sell stocks.
Credit for most of he days sales was.
( in fact, generally passed 10y shrewd Cb-
/ servers To The account o( professional
! Spectators Tor the fall.
/ Prices in the London market before the
I opening OF business here were AS a rule.
/ lower than they closed here yesterday
afternoon, rather notable decline of a
fun point being recorded In the price of
the United States Steel common shares.
/ The reason for this was said To be 'disap-
pointment" over the circumstances that
: the net earnings of the Steel Corporation
for the September quarter. as yesterday
/ reported. did nor reach e.U00.00G. as some
/ speculative optimists OF the more intense
/ type had looked for. The earnings were,
however. only slightly below the figure
named. and the revenues of the corpora
ton for the quarter were the largest but
one in its history, the high record. Of
the present year.
In view Of the wcl-known fact that the
business OF the steel mills and factories
is always conducted at a great disad-
vantage during the heat Of midsummer, it
would have been little short Of miraculous
if the earnings Of the Steel Corporation
for the three months ended September
80 had equaied those OF the three months
preceding. The amount Of untitled orders
on the corporations books on October /
/ exceeded all previous totals Moreover,
the consensus to-day was among all con-
servative people that the management Of
the corporation had acted wisely in not
charging a this time the dividend dis
tributiOn on the common shares. even il
Il is a fOreEOne conclusion that, in view
of the great prosperity OF the steel busi-
ness. these dividends viii be increased ut
no remote dGte.
Practically the only group OF stocks TO
advance in to-day's market were again
the Mexican Railway issues. both stock
and bonds. a rumor in this regard was
that the Mexican government was about
10 interest itself further in a financial
way in tie properties.
Undoubtedly the impeliing cause OF the
markets weakness to-day was the PIE
vailing stiffness in the rates for both
call and time funds. Bank renewals were
made this morning at per cent, and
8 i per cent was at one time paid for the
use of call funds. Very little money was
lent during the day at less than : per
cent.
Time money was perhaps more char
acterized by scarcity than by "a distinct
advance ia rates. although it was not
easy 20 get money for any Of the So
called longer periods at d rate low as
per cent. nor was money at 8 - Per cent
Tor period OF running just over the end
OF the year IT all in abundant supply
The rise Ia money was IN turn at
tributable 20 two sources, one the fact
That 1t was tie last day Of the month.
50 that there was some calling of loans.
but the banks in preparation for the dis
bursement Of q sum variouslv estimated
as between S54.000.g1 and S60.601eg on the
dividends and interest payments to-mor-
row. and the other that financial houses
began 10 take up stocks that were re-
Gently sold here for European account
and shipped to this side.
II was said also that certain large
transactions in mining ventures To which
publicity has recently been given We're to-
day cUnsummated. and required a trans
Ter of additional amount of money from
certain banking Institutions to others
In q political way there were no de-
velopments to-day of Importance. nor
was there anything striking in the course
OF the foreign markets. The Bank Of
England continued to strengthen its con
ditiOn. and Russian bonds were stronger
in the London markets than they had
been for some time, because of spread of
moro hopeful views concerning tho state
OF Russian finances.
President Cassatt viii, in all probabil-
lty- De TIE deciding influence as TO
whether The dividend on PENNSYLVANIA
stock win be at a per cent
rate or not. There are two strong parties
in the directorate favoring different
courses in this matter, and Il Is only a
matter CT guessworb as TO where Presi- I
Gent Cassstt viii throw the balance Of
power
William X. Vanderbilt Chauncey NJ.
Depcw, J. PierDont Morgan, and Melville
B. ingalls, were reelected directors Of
the Big -Four Railroad for a term of
three years at the annual meeting of the /
at Cincinnati to-day The (
directors Will meet IN New York soon to (
organize and elect officers.
The common capital stock OF the COM /
pany will be increased from $40, ,0o0,e00 TO /
100000 to be used in making extern /
sions.