The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-31
FINANCIAL AND COMMERCTAL.
TUESDAY. Oct. %.

AghobAAt ~ ~
Save only upon one previous occasion
thus far this year the total volume OF trans
actions in stocks today reached the small
est amount of any full days business in the
year, and as il was to-day's dealings were
practically as small as those of any in the
twelvemonth, being only 1000 shares more
than on July 10, the low record day. when
3O2 900 shares were turned over. Fluctua-
tions in prices to-day were, naturally
enough under these circumstances, almost
utterly meaningless, as even the room
trading spectators, whose purchases and
sales have for many days past formed by
far the greater portion o. Stock Exchange
business. to-day ceased almost entirely
their efforts to extract small profits from
the changes in values. Prices we're per-
haps very slightly heavier thar they were
on the preceding day, but in so dull and
narrow a market as the present this was
undoubtedly due mostly to the fact that
in the last two or three days prices have
as a rule advanced. Trading was largest,
as It has been for some time recently, in the
United States Steel and Pennsylvania
shares. The impression became general
that the directors of the United States
Steel Corporation at their meeting to-day
would make no change in the corporations
quarterly dividend rate IN its common
stock, this being confirmed in the action
OF the directors announced after the close
Of business. More or less doubt, too, was
expressed concerning the likelihood Of an
enlargement in the near future in the Penn
sylvania's dividend d,str but on, and the
ronaIin- D,o,r.vro,k Of 10th 30 tho aforl a
ment ,oned impaired to the general market
whatever heaviness characterized it.. 1t
was very clear. however, that there was
to-day not the slightest pressure to sell
stocks and that the only aspect that the
market presented vas that Of well nigh
absolute dulness. Toward the close OF
business a sharp buying movement con-
verged upon Mexican Central common
stock and the Mexican Central first and
second income bonds, this being SEEM
inGly a further consequence OF the fresh
interest taken in all Mexican railway invest
ments in the London market, start ng pri-
marty from the distr button made last
week on the second preference shares Of the
Mexican ra lway stock exclusively dealt
in in the British capital.
There is no reason for questioning the
correctness Of the common explanation for
the apathy of the market in the financial
district to-day. that il was due to the hesi-
fancy of spectators in view OF the coming
election. Commission houses are invari-
ably chary about carrying stocks unpro-
tected by large margins over an election
day where issues are to be decided having
an important stock market bearing; and
although confidence is undiminished in Wall
Street as to the favorable result of the pres
ent contest, as is shown in the heavy betting
odds offered upon the Republican candidate,
buying of stocks except by people who are
abundanty able to safeguard their ventures
is to a greater or less extent discouraged by
heads of commission houses. 1t was the
general observation, however, to-day that
the market did not act like one that was at
all likely to he stirred during the week by
an election scare. The money market, too.
to-day was a little harder. and there was
some discussion regardingthe large mount
of stocks now in transit here from London
that will in the next few days AVE to be
paid for and carried" in this country. Six
per cent. was to-day bid for all grades of
time money, funds for use over the end of
the year commanding, as usual, a premium.
The call money rate to-day at n time
touched o per cent, though most Of the day s
all loans we're at ~ per cent. Sterling
exchange recovered its yesterdays decline
and the European markets were quiet.
That money was still tight in London, how
ever, vas shown by a rather high CON
tango charge for speculative commitment
in consols extending until the time of the
next financial settlement. After Stock
Exchange hours we're over the financial
statement for the quarter ended September
80 OF the United States Steel Corporation
appeared. 1t had not, of course, been an
t.cipated that the earnings Of the corpora
ton would increase over those of the pre-
ceding quarter. as this period always repre-
sents a time of dulness caused by the mid
summer weather. But the corporations
net earnings were $3s, lI4,e24, or ss,s74, O42
over those OF the September quarter OF last
year. The untitled orders Of the corpora
ton on hand on October 1 we're 1886, 1854
tons. against $500. $50 tom on July /, and
but $685., s77 tons on October 1, 1905.