The Washington herald., 1907-09-19
DULLNESS In STOCKS
Jewish Holiday Results in
Falling Off in Market.
PRICES STRONG AT THE CLOSE
Weakness Follows sale of Large
Block of steel Common, but Ear
IieF strength Is Regnined-Ran-
way List Strong, Especially Union
Pacific and New York Central.

New York. Sept. lS.-No doubt an in
fiuence of importance exerted upon the
speculative dealings in stocks to-day
was that arising from the absence. on
account of the Jewish holiday, from the
stock exchange and from Wall street
commission houses. Of a large number
Of operators 20 whose activity is usually
due a considerable portion of the daily
transactions in securities.
This restrictive force did not assume
the form of any particular compression
OF the volume OF trading, but was
visible mostly in a ftfullness of inter
est ip> the market during the, day as
regarded periods Of time, and also in
the general irregularlty of the dealings
as compared with the sustained tendency
either towards an advance OF a decline
that has been exhibited during recent
stock exchange sessions.
The market to-day was weak and
strong by turns, and was al times
active and at times very dull. Yet it
must be said that on the whole a
stronger undertone prevailed than has
been shown on occasions during the last
few weeks, when desire TO take profits
on speculative purchases Of stocks gem
orally prevailed among the rank and file
Of spectators.
Prices Open Strong,
Prices as a rule were quite strong at
the outset, and before the close of the
first hour Of business higher quotations
were commonly made than those recorded
AT Ia and oF TsY1cfuaes ,-aota-F.rv Tbav,
the market weakened under the sale Of
large block Of United States Steel com
mon shares. coupled with further sell
ing of Amalgamated Copper. on rumors
Of further reductions in the price Of cop
per metal.
The disposition Of the market was. how
ever. to grow duh after this decline, and
dull it remained with occasional varia-
tiOns until the last half hour of the
stock exchange session, when prices ad-
vanceG all along the line wiping out a
large share Of the previous losses.
In the railroad list to-day the Union Pa
cifc common shares occupied the place
Of leadership taken yesterday by the
Northern Pacific stock. and in spite of the
irregularities in the market made a net
gain Of nearly a point. Indeed, taking
common finally as declines. The latter
recovery in the market was associated in
the minds Of many observers with an ad-
vance TO a price of l05. the highest quo
tati0u Of record for the New York City
II per cent bonds. There were also
relatively large dealings in the new Union
Pacific convertible bonds with a distinct
tendency toward a higher price level
Regular Dividend Declared.
There was not a single matter to-day
in the way Of news occurrence that could
be said to be responsible in any way for
the changes in market valuations. The
New York Central Railway directors de-
cared the quarterly dividend rate on
their company's stock at the fun regular
rate of per cent per annum. and. al
though this action was expected on their
part. the decision to pay the full dividend
taken in connection with other events of
much the same general character, indi-
cate that it is the belief of many finau-
Cial powers Of the first rank that no very
alarming contraction Of general business
is approaching.
Forecasts Of the iron and steel situa-
ti5n published to-day in the two leading
trade journals Of the country, and based
on developments in the current week.
were for improving business conditions,
and a feeling is growing in the copper
trade that if the bottom price of copper
metal is not already reached the present
point IS not very far away from IT,
Little attention was paid in Wall
street >tO-day TO the testimony taken at
the current investigation into the affairs
OF the Standard Oil Company. None Of
the details brought out here seemed TO be
at all interesting or important and ap-
pear TO mostly concern the Well-knOwn
fact Of the large profits made by the
company in its ordinary business rela-
tions The foreign markets to-day were
as devoid Of interest as our own.