The Washington herald., 1906-10-16
STILL SELLING STOCK
Proft-taking in Wall Street
Keeps Prices Down.
WESTERN PARTY IS LEADER
While Odds on Hughes Are Length
eniRg, Spectators Point TO Coming
Election as Cause for Dizziness in
MarI1et-Tradi1g in Union Pacific,
Pennsylvania, and Steel Active.

Pennsylvania, and Steel Active. =
New York. Oct. I5.-An exceedingly
dun stock market. in which prices at
first showed a slowly declining tendency,
and in the later hours OF the stock ex-
change session again hardened, was ali
that Wall street had TO offer to-day. The
volume of transactions fell heavily be
low the recent daily aye:age. and the
market was throughout apathetic and
uninteresting.
There was consensus of opinion to the
effect that much the larger part of the
selling IN stock during the last few days
had been for the account of the specula-
tive interest known in Wall street as the
Western party. and that this selling, in
The main. represented profit-taking on
recent purchases. What was made very
clear to-day was that these realzatIons
did not provoke any broad falling move
ment in the market, and that as the con-
cessions in prices touched at the low
points of this morning, there was a good
demand for stocks.
The strong undertone of the market
which has prevailed ever since the rise
in prices following the announcement in
August Of the Union Pacific and South
ern Pacific dividends remains wholly I'M
changed.
There was again this morning. as was
the case on Saturday, an effort 10 account
Tor the weakness Of the market in a
supposed uneasiness regarding the result
Of the November election, and It may be
that the numerous warnings that have
been recently issued 10 the supporters
OF the Republican ticket in TINS State
against overconhdence have not been
without effect on securities prices.
Odds ON HuEhes Rise.
II Is very interesting 10 note. however.
that to-day in the curb market the bet
ting odds on the Republican candidate
Tor governor rose 10 the highest figure
Yet recorded.
There was also more or less talk to-day
concerning the report which it seems is
10 be submitted To Congress IT its forth
coming session by the Interstate Com
mercc Commission concerning certain
methods alleged 10 have been used by
various railroad corporations III securing
possession OF public coal and mineral
lands in the Western States As these
lands are Of doubtful value, however,
never figured save IN incOnsequential de-
gree III the assets OF the companies con-
cerned and must contribute their traffic
nO matter who owns them, to these rail
road companies, the suggestion that the
title OF their present c Wners 10 them may
perhaps be clOuded seems a very Tar
away matter so far as the stock market
is concerned. 1t is entirely Improbable
that this factor caused any sales Of Stock
whatever in the last few days
AIn comparatively few Instances were net
cAanges in the final prices to stocks as
dpoted to-day more than fractional Ad-
1'snces of point or more each were
Inade by the Great Northern and North
sln Pacific shares and rather particular
strength was shown by Brooklyn Rapid
Transit Reading. and Pennsylvania
stocks.
Trading in Union Pacific was more
active. and the last price of this stock,
- of that Of Atehison, was the same as
on Saturday
Bend Market shows Strength.
The increasing strength Of the Bond
market WAS again to-day 4 feature Of
business. The United States Steel sink
ing funds IS made new high record.
white buying of the Brooklyn Rapid
Transit convertible IS. Pennsylvania
convertible 35zs. aud the Wabash de-
benture Is attracted attention.
For the movement in each one of these
bonds particular reasons may. however.
bc assigned. The permancncy given 10
the life of the United States Steel Cor
pOratiOn by its ore land lease. the Great
Northern Railway Company charges the
security Of all the corporations mort
gage obligations The strong hope that
Pennsy viii soon be put upon a per
,aF--
buying Of Pennsylvania convertible issues
and the belief that the Brooklyn Rapid
Transit Company viii, in short time
announce its determination to issue no
more bonds containing a clause permit
ting them 10 be converted into stock &C
counts logically FOR the advance in the
bonds of this character now outstaindine.
Greater life in the general bond market
Is, however. plainly visible.
New Gold Reaches London.
Developments possessing the largest
vital interest 10 the stock market to-day
were those pertaining to the money situa-
ton. The Bank OF England, in the first
place gathered into the treasury over
e6000o0 in gold. the greater portion of
this amount being new gold laid down in
England from South Africa. Although
discounts in the leading European fnan-
Cial centers rose to-day. they still re-
main TO advance IN the open market in
London to the minimum rate fixed by the
directors of the Bank OF England last
week Here, too, sterling exchange
again broke with some violence to a
point which theoretically speaking, would
allow q resumption of gold imports
This decline in sterling, which began
last Friday. is said to have been caused
by heavy offerings in the foreign exchange
market OF bills drawn against purchases
OF cotton made in the last fortnight by
Egypt and continental spinning
Time money for stock exchange uses
was again easier in tone.
The inevitable conclusion from these
circumstances is that gradually mat
tiers are working for the Improvement
of our own on the international money
position. The Bank Of England is without
difficulty Teplenshing its Golfers Our
farmers and planters are making ex-
change" with great rapiditiy, and every
Invocation is that before the end Of the
year another stinening of money rates
may be expected, owing TO the December
settlements.