The Washington herald., 1906-11-06
WALL STREET NOTES.

W ALL 81 kEEI NUI Ed.
New York. Nov. 5.-InAuences Of a po-
Htical nature were the only ones exert
ing any force whatever in to-day's stock
market. and as the feeling was univer-
sal that the result OF to-morrow's elee-
ton would he In every way favorable to
business interests. and that the only
question concerning the contest in this
state was really the size OF the plurality
that would be given 10 the Republican
candidate for the gOvernorship, this was
necessarily reflected IN higher prices for
securities.
Hopeful auEuries regarding the event
were naturally reinforced by the brilliant
weather prospects for election day and
By the large betting odds placed in the
curb market upop the Republican candi
date Nevertheless. activity IN the trad
ing in stocks to-day. save in the first
hour of business, was not pronounced.
and the market as whole was dell and
Of Il strictly professional character.
Dealings We're largest in the Reading
common shares. and were accompanied
by the circulation of old rumors concern
ing a proposed corporate disintegration
and n reassemblage into new holding
companies OF the various Reading proper
ties as well as Of an increased dividend
or an extra distribution upon the present
Reading stock. Brooklyn Rapid Transit,
Interborough Metropolitan, and the stocks
OF the other local franchise" companies,
were strong. as those which would sup
posedly be most directly benefited by a
conservative management of affairs At
Albany within the next two years, while
the buying OF Union Pacific stock, which
was another feature of the market. APP
peared to De based on the probability
that in the near future the company
would come To exercise direct control Of
Illinois Central.
1t became known late on Saturday that
a call had been issued for a special meet
ing Of the Illinois Central directors on
Wednesday next, at which il is supposed
an election to the presidency of the COM
pany will take place, and Il seemed to
be the general belief IN Wall street to-
day that at this election president
favorable to the Union Pacific interests
would be chosen. II was, indeed. the
impression in quarters well informed.
that such choice would be made without
any determined opposition by the present
president
If a further hardening Of the money
rates be excepted, there was no change
to-day Of any financial interest. Most OF
the call money lent on the stock ex-
change during the day was put out in the
neighborhood OF 2 per cent. the highest
rate paid being ~ per cent.
A large banking Institution. however,
depressed the rate for some time by lend
ing money at 8 per cent Time money
rates rose 20 a higher level than they
have for some time loans maturing short
ly after the beginning OF the new year
commanding a premium Of ! per cent in
the shape Of q commission over the legal
rate while similar premiums In the shape
OF lower commissions were also paid for
time money for ala periods.
This stineuing OF money was commonly
accounted for as due 20 the taking up by
local bankers Of a large quantity Of stock
that arrived from Europe on steamers
reaching this port last Saturday; and a
further rise of = of a cent in sterling ex-
change to-day was also attributed direct
~ 10 the same cause; that is to the re-
mittances to Europe Of the money paid
to-day by American purchasers Of the
stocks thrown over during the recent
London liquidation.
Dealing in stocks here to-day for the
account Of London were said to be only
$500 shares. OF which 1850 were pur-
chases. Financial sentiment In London
and in the foreign markets generally ap-
peared to be, If anything. somewhat i'm
proved.
The Bank Of England to-day succeeded
in acquiring. although at a pretty high
price. $1,j910 90 in gold that arrived IN
LONDON from the South African mines.
and discounts in Paris fell, and exchange
on London rose, by reason of the success
ful conclusion Of the Paris monthly fnan-
ciaI settlement
All the foreign markets are. however.
undoubtedly Overhung at the moment by
the possibility that another advance may
be made at any time in the Bank of Eng
lands discount rate
The prevailing conviction appears to be
that this advance viii not occur If the
Bank Of England can maintain the pres
ent status quo; that is 10 say il il IS
permitted to get, without extreme cornpe-
tition. the new gold constantly arriving
from the Transvaal, and is also subjected
10 no further exterior strain in the drain
upon its money supplies.
But fear seems TO be felt IN London
that an extended movement for the rise
in stocks IA this market by the end OF
the year may entail such high money
rates here as TO interfere with the remit
tance of money TO London now going on
and thus force the directors OF the Bant
CT England to steps more drastic than
they have yet taken, for the purpose o.
building up the depleted reserve OF their
institution. Toward the close Of the mar
ket to-day prices of stocks receded a
little, but closed in all except very few