The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-04
FINANCIAL AVID COMMERcIAA.
WEDNEspA Z, oct. 3.

The stock market was generally weak
to-day, nearly all the prominent issues
declining to a greater or lens extent. Ths
prevailing explanation Of tho fall was the
speculative disappointment that existed
over the failure OF the directors Of the
ASohison Railway Company to increase
the nnu dividend on the Company's.
Q per cent. The directors declared a semi
annual dividend on the stock OF az per
cent. which, OF course, places the stock
on a 5 per oent. dividend paying basis, as
against the Z per cent. rate that has for
a long time been maintained. A month
ago there was almost universal expectation
in the financial district that the A~tchisop's
~semi7annual distribution a. ordered. this
month would be at the rate Of 0 per cent.
The earnings Of the company abundantly
warranted such a course, n the stock
holders OF the company had patiently
furnished a great deal OF money for i'm
proving the property through subscriptions
20 new security issues that were placed
ahead Of their own shares. 1t has been an
open secret, however. that in recent weeks
Aaoc hSth a NlbtO vi oVhlNihiClAO
in the Atchison's board regarding the divi-
dend matter. The active management Of
the company was in favor of a moderate
advance in the dividend, while various
large, stockholding interests urged the
establishment Of a o per cent. rate. Ultra
conservatism has, il seems, triumphed
in the Atchison's counsels, and there can
hardly be any doubt, of course. that in the
LONG Y1an kO-daUta Aariaipp xuin NOT ha ro-
GREETED. The result was nevertheless dis
agreeable to the speculative element in
Wall Street and 70 many of the
Atchison stockholders. who had hoped
that a more liberal policy in the
distribution OF profits would be adopted.
The development led also to a considerable
lessening of confidence that the Amalga-
mated Copper ~Company's dividend would
be enlarged in the near future, while a sharp
fall in the price of the United States Rubber
common stock, a security concerning which
dividend rumors have recently been very
active, was taken as IN indication that
these stories had not had an 'overstable
foundation. Finally the rank and file Of
market operators were plainly perturbed
a little over the lack Of an official announce
ment in the matter Of the supposed lease
Of ore lands by the Great Northern Railway
Company to the United States Steel Cor
poration. Anticipation was very acute that
a full revelation Of the terms OF this trans
action would be made yesterday, and that
these expected disclosures we're not forth
coming led naturally to rumors that some
hitch in the negotiations had arisen. II
be said that in quarters often very well
informed the impression seemed to prevail
to-day that the poetponement OF an an
nouncement concerning the consummation
OF the ore deal was due to more serious
reasons than delay for the purpose OF com-
pletely arranging small details. Whether as
a result Of these factors or from the mere
sweeping over the market of a wave OF
pessimism started by unknown causes
there was large selling OF stocks through
out the day. with a inal record OF losses in
prices at the close as described There
were some exceptions to this declining
movement. FSom the outset OF the market
the Colorado and Southern, Southern Pacific
and Canadian Pacific stocks were strong
and all. these stocks nfPdB net advances. 4
In the case of Colorado and Southern a tale
that the Rock Island railway interests
were negotiating for the control of the
property was authoritatively denied. The
rise in Canadian Pacific wa accounted for
by the announcement that the directors of
the company had declared an extra divi-
dend OF l per cent. upon the Canadian
Pacific shares out of the proceeds OF land
sales. The upward movement in Southern
Pacific seemed to be Of the same quiet and
steady character as that which has been
long in progress in the stock. The gains
made in all these stocks, however. were
reduced by the declining movement in the
market that covered the day as a whole,
Aside from the forces operating against
the market to which reference has been
made, most Of these being obviously of a
speculative nature, the general news Of the
day was Of favorable sort. The banks
rave gained hus far in their dealings with
the Sub Treasury during the week 50, 500, 600, |
a sign clearly pointing TO a good bank
statement on Saturday. 1t BECAME known
that the Secretary Of the Treasury had
te~legraphed to several OF the leading ma
tional bank repositories in this city Offering
to increase the sums, Of public money in
these banks il it was at all necessary 10
do 80. Call money rates to-day did not
rise above Q per cent. and most Of the days
loans were made at a lower level than they
were yesterday. Time money developed
greater ease than il has at any time for
several weeks, few lenders asking more
than 8 per cent. for any maturity. The
foreign markets were without feature, |
although there appeared to be less fear in
London Of an advance in the Bank Of Eng
lands minimum discount rate Tomorrow.
RAILRNAD AND OTHFR RONDS