The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-25
FINANCIAL AND COMMERCIAL.
"WEDNESDAY. Oct. q.

point or more were made in the principal
stocks. The market throughout was dull.
Less than SOC, 900 shares OF stock were
bought and sold before midday and the
sntAI ~turpover was only a little more than
SOC, 900 shares. A view Of the speculative
generally, IL the opinions expressed in the
great bulk OF stock commission house
literature now sent out are n true guide
in tho matter, 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 o
ment was likely in the near future because
Of pending uncertainties regarding the
money market and the November elections.
II, therefore, no immediate advance in
values is indicated, even IL no decline is
looked for, the invariable restlessness OF the
habitual speculative element inclines nat
urally toward a feeling OF momentary hos
tility to the market. What seemed to be
the case generally to-day was that the buy
ing movement which in the last " days
sent stocks up very sharply in recovery
from their violent decline at the close OF
last week, lost a good deal Of it's force, n
with the short interest curtailed the market
not illogically. perhaps. declined under its
own weight, sales OF stock made to take
profits after the advance and sales made
in the creation OF a new short interest both
contributing toward this M There was
a slight although very slight change in favor
OF the Democratic candidate for the Gov
ernorship in the betting odds on the curb
market, and this fact was made as much OF
as possible by the forces working in the
market for lower prices. The failure OF a
savings bank in Washington, D. c., making
the second suspension OF a financial institu-
ton in that city in the course OF a week
was harped upon as an adverse influence.
as were also evidences OF discomfort among
railway employees in different parts of the
country. There are several ailway ma
chinists' strikes now in progress. and a
demand is being made, It seems, by the
switchmen on many of the leading lines in
the West for an eight hour day.
All the active stocks to-day moved in
nearly uniform fashion, and the market
presented few. II any. features Of special
interest. The announcement that the direc-
tors Of the Norfolk and Western Railroad
Company had declared a semi-annua divi-
dend Of ~ per cent. on the common stock
OF the road, hus raising the annual divi-
dend distribution or the stock from 4 to S
per cent. was, OF course, an important
piece Of news. knowledge Of the fact
came, however, when the decline in the
market in the afternoon had gathered head
way, and il seemed to check the fall but
little. This action Of the Norfolk and
Western directors, il 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 wal mani
tested in a few OF the minor industrial shares;
but the volume OF these stocks purchased
was not large. London's operations in
the market were on a small scale and there
did not appear to be any financial develop
ments Of weight in any Of the foreign BUSH
ness capitals. The London fortnightly
financial settlement began to-day. and
although charges made at IL for carrying
American stocks in London until the next
settlement day were fully a. large as had
been expected, they did not result in bring
ing about in any notable degree a resump-
ton Of liquidation in this quarter. The
price Of sterling here rose at one lime during
the day very briskly, cable transfers OF
funds in order TO meet the demands Of
the London settlement being most in de-
mand. But cotton and merchandise bills
were present in the sterling market in
fair quantity. and sterling, taking the
day as a whole, made nc great
rise. Some fears were expressed at one
time to-day in London lest there might
be a further advance in the Ban OF Eng
Iu-Ip. 1,ao1,f rata tn-ponRr0U hat anxia-
ties OF this sort certainly did not prevail
among the larger financial houses. The
Bank Of England was an eager bidder for
gold in the open London market, again rais-
ing its price for foreign gold coin OF all
descriptions. The drain Of money from the
bank to other countries aside from our
own continued, GOO 900 being thus sent
away to-day. On the other hand, II ia con-
coded that all Of the 81 900 900 in geld due
TO arrive in London from South Africa
next Monday or Tuesday will be secured
by the Bank Of England without difficulty.
Locally the money situation seemed 70 be
il anything easier. Six per cent. was again
bid for time funds for all maturities save
in the case Of money for ninety days use,
where borrowers were willing to pay q
commission over the legal rate. But call
money was in abundant supply, renewals
OF bank loans being made at ~ and ~ per
cent, With most Of the days Stock Exchange
loans made at ~ per cent. Although
$500 900 was sent from this centre to-day
to, the South, presumably for the purpose
Of assisting in the movement Of the cotton
crop, our bankers were in receipt Of 81 ,OOo, 1000
from Canada, representing a retransfer here
Of money hat was sent to Canada last week
for protective purposes end was found not
to be needed. There was every indication
to-day that the entire quantity OF SIS .OOo. goo
new bank note circulation authorized by
the Secretary Of the Treasury in his recent
OFFER would be quickly taken out. Applics-
ions Of banks for this circulation to the
amount Of nearly half the sum authorized
had been filed with the Treasury Depart
n ent up to the close Of business
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