The Washington herald., 1907-10-16
DULLNESS IN STOCKS
Little Change in Prices of
the Leading Issues.
FALSE RUMORs DENOUNCED
Bankers Annoyed by Reports Easily
Proven URfounded and Belief Is
General that Bear Attack Is About
OVer-8IOntreaI Has FURRY, Due 10
Fall in Detroit United stock.

New York. Oct. 15.-Whether as the re-
suit OF the steadying influence of the
support extended to the stock market
yesterday by larger financial interests OF
because Of the natural balancing Of va
rious market factors, there was d diminu-
tion Of activity to-day in stock exchange
transactions and more or less meaning
less character given to such small auc-
tuations in prices as occurred.
The market opened irregular. many
stocks being a little lower and others a
little higher than they closed on the day
preceding. During the first hour Of busi-
ness further liquidation as we'll as dis
tinct efforts TO break the market on the
part Of spectators for the fall were In
evidence, and in this decline new low
levels for the year were made in prices,
taken on an average, although the low
points thus reached were not notably be-
low those Of the day before. After this
the market rallied somewhat and re-
mained dull and within a narrow range
during the remainder Of the day. The
leading stocks were, as a rule, at the
close higher than they were on Monday.
Drop I'm Inactive Stocks.
The phenomenon was again presented.
however, to-day OF a violent drop in the
prices for several inactive stocks. Amer
lean SNUFF preferred. Pittsburg, Cincin-
natl, Chicago. and St. Louis, preferred,
and United States Express, declined re-
sPecuvely II, as, and 1 points on sales
Of but 100 shares Of each stock: and as
the result of the passing of the dividend
upon Detroit United stock, and a conse-
quent commotion in the dealings in this
security in the Montreal market, where
the shares are held to a greater extent
than IN any other place. the price OF the
stock fell so a share
Purchases and sales Of stocks in this
market to-day for foreign account were
on much smaller scale than they re
Gently have been, and the foreign markets
appeared to be recovering from their
scare Of the last few days over possible
untoward financial developments at this
center
These Tumors were denounced by bank
ing interests to-day in the strongest
terms as being absolutely without found
alton, and not "a few Of the observers
with memories going back more than a
year ventuTed the opinion that efforts Ia
adversely influence the market in this
way indicated that the bear campaign
against values had reached a more OF
less perilous stage.
Time Money Is Lower.
in favor Of the market to-day was the
destination of these trouble stories and
somewhat easier working of the money
situation as shown in a recession in
sterling exchange rates and a slightly
sOftening tendency in the price Of time
funds.
On the other hand, some perturbation
was caused In the earlier part of the day
by the news Of the outbreak OF another
anti-Japanese riot in San Francisco which
was later divested by fuller details OF
q good deal Of the Importance that was at
one time ascribed to it.
OF more serious nature was the state
ment that appeared IN a morning news
paper that the investigation conducted by
a member Of the Interstate Commerce
Commission on the Pacific Coast into the
affairs of the Southern Pacific Railway
system had resulted in the discovery that
the Southern Pacific company was still
fiagrantly violating the law in granting
rebates in numberless instances.
While a good deal of interest was mani
tested in Wall street to-day regarding the
legal battle for the control OF the Illinois
Central Railway Company, il could not be
disceTned that the matter constituted any
particular market factor.