The Washington herald., 1907-08-30
DULLNESS In MARKET
Holiday Seasons Approach
Cause of Hesitation.
RALLY IN THE LEADING STOCKS
Considerable Advance Made in Erie
Preferred and in Great Northern
Ore-Ca1 Money Rates Advance,
but Greater Ease in Time Money.
Bank of EngIand's Rate Unchanged

New York. Aug. 29.-Ante-holiday dull
ness prevailed In the market to-day, but
the complete absence of liquidation was
as much in evidence all through the ses-
sions as it had been yesterday, and with
very few exceptions the leading stocks
showed ability to rally from the effects
Of professional pressure. The fact that
business will be suspended from tO-Inor-
row evening TIL Tuesday morning made
the traders reluctant to enter into new
commitments, but there was some leisure
~ buying by shorts who did not wish to
retain their position over the weeks end.
Opening prices were as a rule fraction
ally higher than last nights close, cor
responding pretty closely to the level Of
quotations sent over from London. The
principal feature at the start Of trading
was the strength Of Great Northern Ore
certificates which rose several points on
the rumors, not contradieted by Mr.. Hill
that a further distribution would be made
on them before the END Of the year
Erie Preferred Gains.
The Erie preferred stocks also scored
substantial gains as a result OF the divi-
dend declarations, but while the market
showed some animation in the first few
minutes, it soon lapsed into dUllness, and
remained in that state until the end of
the session. A little before noon prices
sagged until they reached a level about
a point below the highest touched IN the
first hour. but buying encountered on this
decline was sufficiently strong to prevent
la
afternoon prices swung backward and
forward within a very narrow range and
without developing any definite tendency,
A few individual stocks made consider
able advance, such as Erie preferred is
sues and Great Northern ore, for the
reasons already referred 10, and Dis
tiIlers and Brooklyn Rapid Transit, both
of which seemed to owe their rise TO
manipulation designed TO force covering
OF the short interest
The action Of the Erie directors in the
dividend matter was warmly commended
in the Erie quarter, and while 1t was
-umored that other important roads would
take similar action in regard to their
dividends, the feeling in the best quarters
was that Erie's was q special case. and
what was done by the directors Of this
road would not be made a precedent.
New York Central was under pressure all
day, but Pennsylvania showed fair
strength.
Call Money Advances.
The markets call for money hardened
in the course Of the day. the rate ad-
vancing at one time as high as 32i per
cent. but time money showed a tendency
toward greater ease. a shipment Of $780,
900 was engaged for Montreal. and the subs
treasury transferred 10000 10 Chicago n
connection with the crop-moving de-
mands
No change was made by the Bank Of
England in its rate of discount. and no
gold was engaged for shipment TO Europe.
Publication Of the six month statement Of
the Associated Merchants Company
threw the first real light on the condition
OF the dry goods trade in the past six
months, when the lateness Of the spring
was supposed to have cut heavily into
the profits. Covering the six months
from the first Of March to the end Of
August. the report showed net earnings
OF S710S67, an increase Of S1S.O33 as com
pared with the corresponding period IasL
year. while the surplus, after all CHARGES
and dividends, was greater by 81, $50 than
the corresponding item in the same period
n 1906