The daily morning journal and courier., 1906-11-08
STUCK MARKET tBAYURES
SHO WED LITTLE ENTHUSIASM
 OYER THE ELECTIONS.

Had Firm Undertone Though--Closing
 Prices Near the Best-But No EIatIon
 Appeared-AH Eyes Turning Now to
 the Money Rates--Harriman's Cap-
 ture of IIIiOis Central--Big Tobacco
 Dividends-Pennsy's Big Increase of
 Wages of EmpIOyes-Gossip of the
 Day.
 Yesterdays stock market manifested very little enthusiasm over the results of the elections. The lack of elation was noticeable
 Many held that the election of Hughes was discounted by Mondays rush up of prices
 A notable event in the railroad world is Harriman's capture of Illinois Gen. tral yesterday, as is told in full on our first page to-day.
 It is more matter now of money rates than of election results. Just now it is a question of what London and Paris do, and what they can command of New York.
 There was great deal ow money put out on the stock exchange at 61-2 per cent. after the per cent. rate had been reached. The demand was not urgent, and the banks were ready lenders at 61-2 and 3-4.
 London sent a very discouraging list of prices. The declines abroad ran from 1-2 to 1 1-4 points. This was more from lack og support than from selling, as the number of orders from this side was extremely small.
 Wall street did not look with much interest on the rise in the Hill stocks. That some sort of 'melon-cutting" will occur at no distant date was a general belief, but most persons are tired of waiting for it.
 Illinois Central gross earnings for De- tober were at the rate of $60,OOO,OvO a year.
 That such stocks as Northern Pacific, Great Northern and Pullman were ad- vanced rapidly on rumors of rich dis bursements for stockholders rallied a list that had been oversold earlier in the day. Some of the last half hour prices were the best of the session.
 The point of most interest bearing on the election was that numerous traders had bought stocks last week and Mon- day in hope that prices would open ma terially higher on Hughes victory, and that they would be able to sell at nF terday threw over their holdings in dis gust. From appearances some of them had losses instead of profits.
 The success of the republican head of the ticket and the liberal majority maintained by the paraty in congress have not changed the attitude of lend- CTS of money. Capital was withheld from the market as obstinately as hith- erto, with time money quoted at 1-2 to ' per cent.
 The Iron Ages statement to-day will be that the steel output is unprecedent- ed. United States Steels output is 1,0OS0O0 tons.
 There was heavy selling by Gates & Go. They put out fair amount of stocks in London early yesterday, and followed that operation with offerings through the general list.
 While Brooklyn Rapid Transit open ed stronger, Inter-Met common started very weak. MT. Hughes has promised radical changes in the Brooklyn sys- tenn but this means more capital ex- penditures. Just why the Belmont stock should have declined with Hearst out of the way was puzzle.
 During the moderate recovery of the last hour it looked as if the bulk of the liquidation was over for the time being. The improvement was ostensibly based on a belief in usually well-informed quarters that the Bank of England dis count rate would not be advanced to- day to per cent.
 The directors of the American Tobac- co company have declared the regular quarterly dividend of 2 1-2 per cent. on the common stock and an extra divi- dend of I 1-2 per cent, payable on De- cember 8. These dividends, together with the 5 per cent, extra dividend paid in September, make total of 22 12 per cent. in dividends for the year.
 The popular view in Wall street re- garding the election was that the re- buke to Hearst through the election of the remainder of the democratic state ticket would after second thought have a pronounced effect on sentiment.
 Official announcement was made yes- terday that the 10 per cent general in- crease in the wages of the employees of the Pennsylvania railroad goes into eff feet December l. It represents an ad- ditional payment by the railroad com pany of about S1,OOO,OO0 month.
 Advance sheets of the introduction to the thirty-ninth annual number of Poor's Manual of Railroads have been published According to the statistical exhibits, the length of steam railroads in the United States on December S1, 1905, was 2l7,341 miles, a net increase of 4,947 miles on the year.
 Chesapeake and Ohio sold ex-dividend of l per cent and lost a point in ad- dition.
 Nipissing sold at SO1-S to 30 5-S yes terday.
 The gross earnings of the New York Central system increased $1 ,262 900 in October.
 It is interesting to note that the day Mir. Fish left the Illinois Central as president the road reported the largest gross earnings for one month in it's his tory.
 Car builders estimate the total output of this calendar year in the United States, not including interurban equip