The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-10-02
MARKET is IN DOUBT
Prices Depressed, but Rise
Again Before Close.
BEAR NEWS SOON EXHAUSTED
Presidents Speech Found 90 BE
Along Same Lines as Previous
mOrs Regarding Issue OF Short
term Notes by That Road.

New York, oct. 1.-The stock market
'-abbled and shifted around to-day. as if
uncertain to make up its mind for any
length of time whether It would advance
or decline. but finally turned strong in
the last half hour.
Inasmuch as the public is notably alb
sea- from the scene, a coterie OF OPP
orators are enabled TO easily depress
prices down 10 a certain point. when
their resultant buying to retire their con-
tracts for the fall causes a brisk rally
ing movement, which usually brings the
market once more 20 the point from
which it started. This sort of thing has
gone on for considerable period and
has, so far as has been observed ben
Gifted no one particularly, except the
commission houses conducting the trans
actions
Interest in st. Paul Common,
No little perturbation was excited
among the speculative element referred
TO by the violent Squeeze" yesterday
In Canadian Pacific stock. and to-day the
market presented unexpected resistance
TO a resumption Of efforts to force #
downward. These were centered chiefly
during the day on St. Paul common
stock, Tumors circulating that the St
Paul company despite its recent large
stock Issue. was endeavoring 10 sell
$l2,000000 Of short-term notes. while the
argument has been constantly advanced
ever since the appearance OF the last
annual report Of the company that the
Z per cent dividend distribution on St
Paul stock could not be maintained. in
view OF the burdens that the company
had assumed in the way Of its Pacific
Coast extension
This afternoon one Of the directors Of
the road and a representative Of the
largest financial interest in the manage
ment issued a statement over his own
name denying all the rumOrs regarding
supposed offerings of shOrt-term notes
and declaring that the stockholders Of
the company could feel assured that the
present dividend distribution on St Paul
common shares would be continued for
year 70 come at least.
This ed 10 an advance Of points from
the low level of the day in the quotation
for st. Paul common. and served. nat
urally. 10 strengthen the entire market.
Bad News All Out.
Probably the market would have adj
vanced anyway to-day because of the fact
that for the time being what Wall street
called the bear news" was all out. The
Presidents speech at Keokuk became
available to readers in the financial dis
trict in the early afternoon. and was
found TO consist merely of a rehash Of
the familiar anti-corporation talk, al
though couched in somewhat more mod
crate language than was the case AZ
Provincetown. A little later the announce
ment was made OF the expected reduction
in the Anaconda Mining Compauy's divi-
dend rate. which, after all, was rather
less drastic than Wall street imagined.
Sterling exchange again advanced, as Il
did on the day preceding, owing presum-
ably TO remittanCes OF interest money
abroad due on the ist Of the month.
The loss by banks 10 the Subtreasury
through transfers Of money TO the in
terror was enlarged so as TO amount IN
the week thus far to S2,S7I, 000 although,
CuriouSly enough, the rate of discount on
New York exchange in Chicago has fallen
in the last few days from 50 cents to 70
cents.