The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-25
WALL STREET NOTES.


New York. oct. 2t-Without any par
ticuIar assignable cause. the security /
market to-day was heavy. and toward |
the latter part of the stock exchange /
session weak, so that declines of point /
or more were made in the principal /
stocks. The market throughout was dull /
Less than 100000 shares of stock were
bought ana sold before midday, and the /
total turnover was only a little more /
than 10000 shares.
A view Of the speculative situation that !
seemed to prevail rather generally. il the /
opinions expressed in the great bulk of
stock commission house literature now
sent out are any true guide in the mat
ter, was that, although prices Of stocks
were by no means high, and that the
market was entitled to rise on intrinsic /
conditions. no pronounced upward move
ment was likely in the near future be-
cause Of pending uncertainty regarding
the money market and the November
elections.
If, therefore no immediate advance in
values IS indicated, even if no decline is
looked for. the invariable restlessness of !
the habitual speculative element inclines
naturally toward a feeling Of mOmentary
hostility toward the market.
What seemed to be the case generally
to-day was that the buying movement
which in the last two days sent stocks
up very sharply in recovery from their
violent decline at the close of last week
lost a good deal of its force. and with
the short interest curtaied, the market,
fseI
own weight. sales of stocks made to take
profits after the advance, and sales made
in the creation Of a new short interest /
both contributing toward this end
There was a slight, although a very
slight. chanse in favor Of the Democratics
candidate for the governorship in the
betting odds on the curb market, and
this fact was made as much Of as pos
sible by the forces working for lower
prices.
The failure of a savings bank in Wash
ington, making the second suspension Of
n financial institution in that city IN the
course Of week. was harped upon as
an adverse influence, as was also evil
dences Of discomfort among railroad en-
plOyes in different parts of the country.
There are several railroad machinists'
strikes now in progress, and a demand
is being made, it seems. by the switch
men on many Of the leading lines in the
West for an eight-hOur day.
All the active stocks to-day moved in
uniform fashion, and the market pre-
scented few. if any. features OF special
interest The announcement was made
that the directors Of the Norfolk and
Western Railroad Company had deciar-
ed a semi-aunual dividend of - per
cent on the common stock Of the road.
thus raising the annual dividend dis
tribution of the stock from TO per
cent which is. of course. an important
piece CT news knowledge Of the fact
came. however. when the decline in the
market in the afternoon had gathered
Roadway. and il seemed 20 cheek the fall
but little. This action Of the Norfolk
and Western, IT may be said. has been
anticipated in the financial district for
some time.
During the fore part Of the day. when
general dealing in stocks was inactive
some special interest was manifested in
q few of the minor industrial shares, 4
but the volume of the stocks purchased
was not large London's operations in
the market were on small scale. and
there did not appear TO be any financial
developments of weight in any OF the
foreign business capitals. The London
f0rtnighty financial statement began to-
day, and the charges made al # for carry
ing American stocks in London until the
next settlement day were fully as large
as had been expected. they did not re-
suit IN bringing about in any notable
degree resumption Of liquidation in
this quarter.
The price 81 sterling here rose at one /
time during the day very briskly. cable /
transfers of funds in order To meet the /
demands OF London settlements being
most in demand. But cotton and mcr-
chandise bills were present in the ster-
ling market IN fair quantity. and ster- /
ling taking the day as a whole made /
no great rise.
Some fears were expressed at one time /
to-day in London lest there might be /
further advance in the Bank Of England's /
discount rate tomorrow, but anxieties /
of this sort certainly did not prevail I
among the larger financial houses
The Bank Of England was an eager bid /
der for gold. raising its price for foreign /
gold coin OF all descriptions. The drain (
OF money from the Bank Of England to /
other countries aside from our own con-
tinued. Gs0G010 being thus sent away to- I
day. On the other hand Il is conceded /
that all Of the E1.O00000 in gold due 10 ar 4
rive in London from South Africa next |
Monday or Tuesday Will be secured by /
the Bank Of England without difficulty
Locally. the money situation seemed 10 /
be- if anything. easier. Six per cent was /
again bid for time funds for all matUri- /
ties. save in the case Of money for ninety /
days use. where borrowers were willing 4
TO pay a commission over the legal rate /
But cali money was in abundant supply. /
bank loans being made at IA and ~ per /
cent. with most of the days stock ex- 4
change loans made at Alb per cent Al /
though 100000 was sent from this center /
to-day TO the South. presumably for tho
purpose Of assisting in the cotton crop.
our bankers were in receipt Of $l,000.0g9 /
from Canada. representing "a re-transfer /
here Of money that was sent to Canada I
last week for protective purposes, and /
was found not TO be needed. There was
every indication to-day that the entire /
quantity Of SlS00000 new bank note cir |
cuatiOn authorized by the Secretary Of |
the Treasury would be quickly taken cut.
Applications OF banks for this circulation /
TO the amount of nearly half the sum au-
thOriZed had been filed with the Treasury
Department up 10 the close of business.
No formal announcement of the transfer
TO the Union Pacific Railroad Company of
n. Hi