The Washington herald., 1907-08-24
STOCKS STILL LOWER
Traction, Southern, and Erie
Principal Sufferers.
ALTON DEAL IS ANNOUNCED
Terms Said to BE Favorable to Hold
ers OF the Roads StOck-Heavy
Shipments of Money West TO Meet
Demands for the Movement of the
CrOps-LittIe Trading in London.

New York, Aug. 23.-CorrespOnding TO
the action of American stocks in Lon
don. the opening of the market mere this
morning was featureless. Within the first
few minutes an effort was made by some
Of the large traders to start an upward
movement, with the only result of bring
ing out a supply of stock. and the effort
had 10 be relinquished almost as soon
as it was begun.
There was practically no foreign in
terest IN American stocks. and trading
in the London market was very limited
on account of the fact that tomorrow
viii be holiday, and that the fort
nightly settlement win begin on Mon
day.
Traction stock still Lower.
After the little burst of activity. which
did not last beyond the first quarter OF
an hour, business on the exchange con-
tracted to a very small volume, prices
meanwhile tending toward a lower level.
although the downward movement did not
become pronounced until about o'clock.
at which dime also a considerable in
crease in activity set in. The most not
able feature Of the days trading was
a further sharp break in Third avenue
4 per cent bonds and stock, and a de-
cline of points in Manhattan, to the
accompaniment Of disturbing rumors re-
garding changes in the relationships be
tween the traction lines controlled by
the InterborOugh-Metrop Company,
whose stocks, also. were among the
weakest features Of the list
Southern Suffers a Decline.
The Erie issues were heavy through
out the session and it was rumOred that
The directors, in considering the question
Of the payment of dividends on the pre-
Eerred stocks. might be Influenced by the
ughtness Of the money market and the
difficulty in obtaining funds for improve
ments sharp break occurred in
Southern Railway preferred on the an
nouncement that the directors had de-
clared a dividend Of ~ per cent for the
half-year making 1 per cent for the full
year, as against an annual rate of
per cent. maintained for several years
past.
Estimates of the weeks movements of
currency varied from a loss of S2.250000
by the banks to a loss OF nearly double
that amount and the subtreasury IN the
course of the day transferred $4,000 to
Chicago, and $500.c09 70 san Francisco the
first really important transfers for crop
moving.
Alton Deal Is Confirmed.
The foreign exchange market was easy.
but there was no relaxation of the
strength in the time money rates. al
though there was a recurrence Of rumors
that she Secretary of the Treasury might
soon take measures 10 relieve the sltua-
ton on behalf of the commercial inter
ests.
It was officially announced that the con
trcl of the Chicago and Alton had been
sold to the Toledo. St Louis and West
ern, subject TO certain conditions not to
be determined for several days, the, terms
being rather favorable to the holders Of
the stock Of the road, about the prOsecu-
tion Of which, for alleged granting of re-
bates 10 the Standard oil Company the
Attorney General has recently been CON
teIring with lawyers. The terms of the
transaction provide for an issue of col
lateral trust bonds by the Toledo. 81
Louis and Western to be secured by pre-
Lerred and common stock of the Chicago
ana Alton, purchased on the basis Of
per cent at par for the preferred and ,
per cent for the first five years and
per cent for the second five years on the
common at D.