The Washington herald., 1906-10-09
RISE IN IHDUSTRIALS
New York Market, While
Dull, Shows Strength.
COPPER QUOTATIONS ARE UP
Price of Metal for January Delivery
Reaches Twenty-Onc Cents and
Stocks-Price of Sterling Advances
SIfEhtIy-MOney Rates Easier.

New York. Oct. s-Save IN one or two
instances there we're no pronounced fea-
lures Of interest IN to-day's stock market.
and the market was throughout a dull
and professional affair. The dUllness
was. however. Of the sort in which the
element Of strength rather than weakness
was an accompanying factor.
Generally speaking. speculative pur-
chases Of stocks advanced the market
IN the earlier part OF the day, and speeu-
Iative sales pushed prices downward
later. The decline. however. only wiped
out a portion Of the gains previously
made. In the morning hours there was
rather notable buying Of some OF the
industTials. the General Electric. AmeTi-
can Smelling and Refining. and Ameri-
can Locomotive Stocks being those on
which the movement chiefly centered-
Ths rise in General Electric stimulated,
TOO. an advance In the stock Of the
Westinghouse Manufacturing Company.
The rumors current at the close OF last
week regarding an issue OF General Elec-
tric stock were confirmed to-day in an
official manner. It is understood to be
the intention OF the company TO issue
an allotment OF new stock TO sharehoId-
ers to the extent Of about 20 per cent
OF their holdings.
Expect Increased Dividend.
An impression also prevails that an
increase IN the General Electric dividend
distribution in the fore part Of the COM
ing year is not at all an impossibility,
owing to the large profits which the COM
pany, in common with all the concerns
engaged in the electric manufacturing
business. is now making. Prosperous
business was also the reason put forward
for the advance in the American Loco
motive and Amalgamated Copper stocks.
Quotations for copper metal to-day rose
sharply both here and in London, q cents
a pound being now asked for copper for
January delivery. The rich financial re
turns which such prices as this insure To
those companies engaged in the copper
mining business that are well managed
and are out of the prospect stage has
naturally Induced recently a wide specu-
latlon in new COppcr-mining stocks on the
curb here, and one new favOrite after an
other among such concerns seems to be
brought out daily. Operations Of this
sort. of course. have their dangers. but il
seems 10 be the judgment of those best
informed about such matters that no ma
terial reaction in the price OF copper
metal need be looked for for at least SIX
months TO come. and the promise OF cop
per-mining business at the moment IS Un-
dOubtedly very brilliant
in the early afternoon Of the stock ex-
change to-day there was some vigorous
buying Of Union Pacific and other stand
ard railroad stocks, and this advance
pushed the Erie common shares 10 the
highest price recorded for them in a con
siderable period The final hour OF busl
hess was, however, given up to profit
taking. as described.
Money Rates Easier.
There was not very great deal Of news
to-day bearing upon the market. Aside
from the continued upward march in tho
price Of copper d distinctly easier ten
dcncy in money rates was the chief in
Guence affecting values. The highest price
touched for call money to-day was 4I-2
per cent. and the majority Of loans made
there were at 4 per cent, while abundant
offerings of time money at per cent for
all periods indicated rather pointedly that
lower rather than a higher rate than
this might be seen IN the near future.
Tho current relaxation I'm money has
developed. logically. strength in foreign
exchanges The price of sterling here to
day was very strong. advancing at one
time nearly half u cent in the pound. 1t
must be said. however. that a part of
this riSo was due not only 20 the dim.n-
tshinS urgency Of borrowers desires in
this market but to the demands for re-
mittances by our bankers in order TO
meet maturing finance bills IN London
In English financial circles to-day, the
most important topic Of consideration
was the question regarding the likelihood
Of an advance in the Bank of England
discount rate in the middle OF the week.
The banks condition. Us 1t IS known, is
not over strong, and IL has lost over
SS,OO0000 In bullion since its last weekly
return was compiled, but it IS the pre-
vailing opinion that a further advance
IN the banks rate will probably be
avoided II the purchases Of gold for for
eign use IN London are only OF the yellow
metal laid down IN the oDeu market
there and do not address themselves to
the Bank OF England direct.
Despite the strength OF sterling ex-
change SL500,00) was engaged for our ac-
count to-day in London, but II was not
taken from the Golfers OF the Bank Of
England, and the shipment was under
stood 10 have been brought about in con-
uection with the payments here of French
subscriptions TO the Pennsylvania Rail-
road Company recent bond issue.