The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-16
FINANCIAL AND oOMMERCrAL.

ah1 ~ w -
which prices at hrst showed q slowly de-
Ginning tendency and In the later hours Of
the Stock Exchange session again hardened
was all that Wall Street had to Offer to-day.
The volume Of transactions fell heavily
below the recent daily average and the
market waS throughout apathetic and unin-
tercsting. There was a consensus to the
effect that much tho larger part Of the SELL
ing Of stocks during the last few days had
been for the account OF the speculative in
! terest known in Wall Street as the Western
. party and that this selling in the main
represented profit taking on recent pur-
chases. What was made very clear to-day
was that these realizations did not provoke
any broad falling movement in the market
and that at the concessions in prices touched
at the low points Of this morning there
was q good demand for stocks. The strong
undertone Of the market which has pre-
vailed ever since the rise in prices following
the announcement In August Of the Union
Pacific and Southern Pacific dividends re-
mains wholly unchanged. There was again
this morning, as was the case on Saturday,
an effort to account for the weakness Of
the market in q supposed uneasiness regard
ing h result Of the November election;
and it may be hat tho numerous warnings
that have been recently addressed to the
supporters Of the Republican ticket In his
State against overconfdenoe have not
been without some effect on security prices
II IL very interesting to note, however, that
to-day In the curb market the betting odds
on the Republican candidate for Governor
rose TO h highest figure yet recorded.
There was also more or less talk to-day
concerning the report, which 1t seems
is 10 be submitted to Congress at the
forthcoming session by the Interstate
Commerce Commission, concerning GER
tain methods alleged to have been used
by various railroad corporations in
securing possession OF public coal and
mineral lands in the Western States. As
these lands are OF doubtful value, nave
never figured save In in~consequential de-
gree in the assets Of the railroad companies
concerned and must contribute their traffic,
whoever owns them, to these railraad COM
panies, the suggestion that the title OF
their present wner to them may perhaps
be clouded seems a very far away matter
30 far as the stock market IL concerned.
II il entirely improbable that this factor
has caused any sales Of stock whatever in
the last few days. In comparatively few
instances were net changes in the final
prices OF stocks as quoted to-day more
than fractional. Advances Of a point or
more each we're made by the Great North
ern and Northern Pacific shares. and rather
particular strength was shown by Brooklyn
Rapid Transit, Reading and Pennsylvania
stocks. Trading in Union Pacific was more
active than elsewhere, and the last price
Of this stock, as OF that Of Atchison, was the
same as on Saturday. The increasing
strength Of the bond market was again to-
day a feature Of business. The United States
Steel sinking fund So made a new high
record, while buying Of the Brooklyn Rapid
Transit convertible A., Pennsylvania con-
vertible SIS and the Wabash debenture Be
attracted attention. For the movement In
each one Of the bonds particular reasons
may perhaps be assigned. The permansncy
given TO the life of the United States Steel
Corporation by it's ore and lease from the
Great Northern Railway Company Cnlarges
the security OF all the corporations mort
rage obligations The strong hope, at
least, that Pennsylvania stock will soon be
placed upon a Z per oent. dividend basis
naturally inspires buying Of the Penn
sylvania convertible issues and the belief
that the Brooklyn Rapid Transit Company
will in a short time announce its determine
ton to issue no more bonds containing a
clause permitting them to be converted into
stock accounts logically for the advance in
the bonds Of this character now outstanding.
Greater life in the general bond market is,
however, plainly visible.
Developments possessing the largest vital
interest to the stock market to-day were
L.. .--Sns-t-- - thA nnAa.v ase,AssN,
The Bank OF England, in the first place,
gathered into its treasury over E3OO, 900
in gold, the greater portion of this
amount being new gold laid down in
England from South Africa. Although
discounts in the leading European financial
centres rose a little bit to-day, they still
refused to advance in the open market
in London to the minimum rate fixed by
the directors Of the sank Of England last
week. Here, too, sterling exchange again
broke with some violence to a point which.
theoretically speaking, would allow a re-
sumption OF gold imports. This decline
in sterling, which began last Friday, is
said TO rave been caused by heavy offerings
in the foreign exchange market of bills
Drawn against purchases Of cotton made
in the last fortnight by English and Con-
tinental ~spinners. Time money for Stock
Exchange uses was again easier in tone,
although, perhaps, with no important
changes in rates therefor. The inevitable
conclusion from these circumstances is
that gradually. but in no uncertain fashion.
matters are working for the Improvement
! Of our own and the international money
position. The Bank OF England is with
out difficulty replenlshing its Golfers. Our
farmers and planters are making ex-
change with great rapidiry and every
indication is that, although before the
end Of the year another stlrening Of money
rates may be expected, owing to the Deoem-
Der settlements, all really crucial troubles
! Of this character have passed.