The Washington herald., 1906-10-13
STOCK MARKET DULL
Profit Taking Fails to De-
press Wall Street Prices.
WEEK SHOWS MANY ADVANCES
Ip.vard Tendency OF Local "Fran-
chise'S Securities Taken 10 Mean
that Property Interests Have Con-
fdence in Hughes Election-Land
Grant Case Is Disposed OF.

New York. Oct 12-TOday's security
market was not very interesting. The
movement of stocks. so far as prices
were concerned. might be classified as
being Of three descriptions, those in which
quotations lowered within a narrow range
and suffered little change one way or the
other, those in which realization sales
were governing influences, and those
again, where definite advance was
plainly going on
As neither advances nor declines in any
save one or TWO stocks were nj all nota-
bile, and as the total volume of transac-
tions fell off by one-third, rs compared
with that of yesterday, the days market
was, on the whole, dun and apathetic
affair.
It's dominant characteristic was, how
ever. its steadiness. Neither accession
of the large buying operations, which
were in evidence yesterday and the day
before, nor profit taking in some OF the
principal stocks, serve to depress prices
at all. Sales, prompted by the large IN
crease in quoted values during the week
States Steel. Union Pacific, Amalgamated
Copper, Pennsylvania, and Chesapeake
and Ohio shares, yet the hrst-named stock
closed at a net advance, the second de-
Clined less than point. and Amalgdmatcd
Copper and Pennsylvania feu one-eighth
and One-quarter OF point, respectively.
Stockholders Are Disappointed
The fan in Chesapeake and Ohio was n
ts, h.4 q
To selling caused by the disappointment Of
a certain small number of stockholders
who had hoped that the directors of the
company at their meeting held a few
DAYS ago, would declare an increased
dividend on the stock.
There was, however on the other hand
such an unConcealed effort TO accumulate
leading stocks such as American Smelt-
ing and Refining, St Paul. Consolidated
Gas and Northern Pacific not 20 mention
various minor issues like the National
Biscuit shares and the inactive Brake
stock, that. taking the list from one end
TO the other, advances were more COM
monty shown than declines.
The general Interpretation placed upon
the upward movement in Consolidated
Gas and the other local franchise"
stocks was that these reflected q strong
belief in a happy result of The coming
election from the point of view of people
having property interest in this state;
and this was again shown in a rather de-
cided rise in the betting odds on the Re
publican candidate.
Expect Profits from Ore Deal.
The buying of Northern Pacific to-day
was undoubtedly traceable to current
idea that the Northern Pacific Company
like the Great Northern Railway Com
pauy. must find some way of distributing
10 its stockholders the profits arising
from the lease OF ore lands TO The United
States Steel Corporation. II is not
thought 10 be the wish of the Northern
Pacific Company 70 increase its regular
dividend rate. so that the hope at last
is entertained that the company may at
some time in the near future declare an
extra dividend or stock dividend to its
shareholders.
There was an official denial forthcom-
ing at Washington of the canard that
was started yesterday in Wall street and
was hardly worthy of serious attention.
that some sort Of suit was about to be
brought by the government against the
Union Pacific Company, involving the
title now vested in the company TO the
land granted by the government to the
old Union Pacific many years ago. The
fantastic.
About the only real news of the dav
was the formal announcement of an au-
thOriZatiOn Of $4,000 con of new stock by
the General Electric Company. of which
Sll000,000 was 10 be issued at once at par
10 the stockholders Of the company. II
has for some time been generally under
stood in the street that this issue was
impending, and the advance in the price
of the General Electric shares in the past
week has reflected the fact
Time Money Is Easier
Time money continues to-day 10 display
an easier tendency, loans of this sort be
ing no longer maze except upon inferior
collateral as high as per cent.
Optimistic views Were commonly enter
tanned concerning the probable character
Of to-mOrroW's bank statement Inas-
much as ii was practically certain that
the bank relation last week made out the
condition Of the banks under the average
system of compilation as worse than IL
really was, and figures furnished to-day
by several of the leading banks of their
cash transactions during the week, indi-
Gated a cash gain by the banks of between
S6o00.o10 and $7,000,0C0
The course of the stock market has
hardly been such rs 10 suggest the idea
that bank loans have been extended since
last Saturday, although il is manifest that
good many loans carried for American
account IN London have in the last few
days been transferred from that center
to this city.
A sharp decline I'm sterling exchange
was to-day, however. one cf the notable
events of the day. There are reasons for
believing that the amount of money re-
mitted To London by European bIukors
since the first Of The month is commonly
believed. So that we have greatly rc-
enforced ouT credit position on the other
side.
To-day the pressure OF the rcmittances
in the exchange market slackeued A
greater amount of activity I'm the bond
market was again to-day a feature of bUsi-
ness. the United States Steel sinking
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