The Washington herald., 1906-10-10
LOLAIN STOCK MARKET
Prices Show Little Tendency
to Rise After Opening.
EXPECT INCREASED DIVIDENDS
buying Movement in Several Indus
trials Due to Belief that Larger
Distribution 20 Stockholders VIII
soon BE Announeed-Pennsylvania
and Union Pacific Are Watched.

soon BE Announced-Pennsy
and Union Pacific Are watched.
New York. Oct. a-The course followed
by the stock market to-day was very
largely a repetition of yesterday. with
this difference. however, that the dull and
uninteresung character of the market
shown yesterday was to-day intensified.
Prices Of securities at the start sener-
ally showed gains over those shown at
the close of the preceding session. and
in the first half or three-quartets Of an
hour Of business manifested a rising ten
deqcy.
Then the market turned sluggish. and
aquotations as rule declined. bat under
absolutely no pressure To sell stocks. in
the hour between and - o'clock only
$500 shares Of stock were bought and
sold and the market thus fingered along
throughout the rest Of the day.
In certain stocks to-day. however, there
We're really vigorous buying movements.
These seemed 10 be principally In the in
dustriaI shares. such notably. as Ameri-
can Smelling and Refining, American Lo-
connective. International Steam Pump, and
The different railway equipment stocks
Expect Increased Dividends.
some lesser gains were also made by
the AIHs-C Chalmers. Virginia and Carolina
Chemical. and American Cotton OIL Nm
creasing knowledge of the large and
profitable business that an these Compa-
uics are doing was undoubtedly the rea-
son for the advances and rumors of in
cUeases OF dividends, for which 70 is not
at All improbable that there is subStan-
tfonal foundation circulated in the case Of
these and other similar concerns.
The feature of the dealings in the rail-
way list to-day was the open accunfIld-
tton of PENNSYLVANIA stock. for WGich the
common explanation was that an ad-
vance. ia tha ParDsvlvaui1's dividend rate
was thought t0 Dr. impeudilE The COM
p1uV's earnings mauiIeSti1 warranted ar
enlarged distribution 90 stockholders, and
I'm usually well-inforEcd quarters to-day
ii was thought altogether likely tbal ac-
tion along these lines would Doe taken by
the Pcuusylvenia directors ut their div
dand meeting or the first of next
month
Outside of these and few ether stock
transactions, the market action to-day
seemed 60 De almost wholly the work of
the r0Om-tTadiag stock exchange element
The close Of the market was Irregular,
bat beyond the stocks that Eave been
mentioned the changes in price iu the
prominent shares were generally exceed
iucIy small. There were no noteworthy
declines anywhere.
Awaiting Union Pacific Reor5.
Wall street was undoubtedly awaiting
with some interest to-day the publication
az the fun annual report of the Union
Pacific which should presumably have
been made after the annual meeting of
tthr stockholders of the road ut salt Lake
City. hut Up To- the time or closing. how
ever. the report had not appeared oT aid
g. Seem probable thar the document would
appear any time during the day.
& summary OF The financial operations
or the system has. of course. appeared
during the recent months. huJ there ase
many details concerning this and other
matters which will naturally appear only
.u The repcr, proper The general belief
is very strong that the Union Pacific's
exhibit viii make such "a showing as t0
prove beyond auy question ,haf whatever
just criticism attaches 20 the wauue- of
nzins and announcing tHe present I'D ger
cent dividend rate on the roads common
stock the earnings OF the road abundautiy
justified The act
If is very wei known. too. that along
with all he great railroad systems of the
country the earnings of the Union Pacific
have becn ~ much larger rate since
june 60 the end of it's fiscal YEAR. than
heretofore
Money Situation Unsettled.
OF actual developments OF a financial
character the most important to-day by
All means were those relating to the mon
cy situation proper Very considerable
uncertainty obviously exists in the Lon
don market as t5 whether the directors
of the Bank of England viii or VIII not
at their Thursdays meeting raise the
banks discount rate above the present
figure OF per cent.
Discounts in the open market in Lon
don are row above this rate. condition
that ordinarily surely presagcs au gd-
vance in the official rate of the bank.
on the other hand sterling exchange here
rose threo-quarters OF cent in the
pound to-day. and is now risen nearly
l-a cents above the level touched 10y it
last Friday
Gold exports from London 10 this city.
under such circumstances. are very im-
probable IF not absolutely impossible. so
that the strong weight of evidence Is that
JEc drain of gold from London ier the
use or lllS country mas ceased IltrC
were critics who prOfessed to see in the
rise in sterling to-day an adverse factor
in a stock-marIet sense, but the rise in
sterling should logically have exercised q
favorable Influence on values since it sig
ndcd that the London market was no
longer TO Doe disturbed by our gold with
drawais-
Money Going 10 London.
The rise in sterling I'm the last few
days has been due 90 the fact that our
bankers have been making rendttances of
money TO London I'm payment If sums re-
Gently borrowed here, and have been do
ing so because the money market here
has attained such ease as u make this
course the natural one 10 pursue.
Gail money to-day fell as low as "a
per cent and the majority OF the days
loans were made at 4 per cent or under.
Pressure was again evident on the part of
lenders not only to put out time money
at per cent if they could do so bat 20
hay commercial paper iu larger quanti-
tiCs; and all this seems TO foreshadow,
as was stated Ia this column yesterday
decline In the price of time money be
low the legal rate n the near future.
MONEY MARKET.