The daily morning journal and courier., 1906-10-25

The stock market was very dull yes erday. It got into rut and stayed there most of the time. Even the in crease of Norfolk & Westerns dividend failed to rouse the market from It's apathy. In fact the market sold off di- rectly afterward.
 Trading between twelve and two was the dullest in long time Sales in the noon hour amounted to 62,900 shares, while between 1 and ? p. m. sales were only 45,400 shares.
 The dividend on Norfolk and West ern common was raised to a per cent basis. The stock rose to 95 9-4 on it. None of the other members of the Pennsylvania group was affected. Norfolk, as a 5 per cent, proposition, now compares with Southern Pacific at 92, Atchison at 1O1 1-2 and Missouri Pa cifc at 94,
 The spurts in various specialties told the character of the market better than anything else. This scarcely ever occurs unless the general market is stagnant. National Biscuit, Pressed Steel Car, Hooking Coal and Iron, Bethlehem Stee! preferred, Car and Foundry, Brooklyn Rapid Transit and Interborough.
 The directors of the National Biscuit company will hold their next dividend meeting November 8. It is confidently believed that an increase in the rate will occur The common earned 6 per cent for the first half of the year, and Is expected to show 12 to 14 per cent. for the entire twelve months.
 The continued rise of Nipissing Min ing shares on the curb, with a new record figure yesterday, was generally assumed to reflect manipulative tac- tics for the purpose of liquidating oth- CT mining shares. One or two, includ- ing Nevada Consolidated, were suspi- ciously weak.
 Comment on the low price of Ontario and Western is frequently heard. It is now selling under 46, which gives the stock a yield of about 4 1-2 per, cent. It IS more than ten points under Chesa- peake, which pays half as much in div idends. A Wall street view of the mat ter is all that Is being earned is paid out, leaving no reserve, and that. since the New Haven secured majority in- terest, the road is operated to benefit it more than the old shareholders.
 There was rather brisk demand for stocks in the loan crowd yesterday, re- flecting an enlarged short interest, This was most manifest in the high priced shares, including the grangers and Copper
 The reports from Chicago that the Rock Island, St. Paul and other lines were facing prospects of labor trouble did not excite much interest here. The last advance was made two years ago and it raised the ratio of operating costs to a very high level,
 The principal circumstance which gave traders something to look for ward to, which might prove of a lift ing" character, was the expected action on the Uited States Steel common stock dividend next Tuesday. Many we~A predicting that the rate would be -~ "ar cent. quarterly.
 The tone of the board room comment is exceedingly bearish. Nearly all of the traders look for lower prices. But they have no leader and are not dis posed to be aggressive.
 The banks shipped $5OO,OO0 to New Orleans through the sub-treasury, and received $1,0O0,0OO gold from Canada. About $2,000,000 new circulation was applied for by Wall street banks which had the notes printed some months ago. This circulation will be available before the week ends.