The daily morning journal and courier., 1907-08-30
FEATURES OF TIE STOCK MARKET Profit Taking Was
 Evident.
ETION AFTER STRENGTH
ks Gain from Treasury trie Dividend Policy Call Money Higher.

irie Dividend Policy
 Call Money Higher. ery dull market was that of yes '. The highest prices were made l
 opening. when the list of active
 showed an advance of 3 per tor the week. h Union Pacific above 128, ng at 94, Steel preferred at 95 he Hill and trunk lines issues | h to 1 1-2 points higher, 8 profit movement began which ended a generally lower level for the
 The basis of the decline was a call loans to about 4 per cent |vidence of exhausted buying !, of which the bear element took tage.
 the whole the apathy of yester-
 encouraging. It means that the |ial community has got control of rves again, and rnat spectators
 'discount" disaster are by no B so cock-sure as they were a ght ago. The days movement of was irregular and generally fngless.
 rise in call money grew out of creased needs of brokers for loans Try over until next Tuesday ana preliminary arrangements to fin- |the $75,0OO,0OO of September dls- lments. A third factor was the wing by New York city of $5,OOO,-
 meet the most pressing claims of |ors. Then it is quite likely that hipment of $1O0,000 to Chicago and bO,O0O gold to Canada had some lain of more than $4,0O0,000 gold week has kept the ratio of bank Ee to liability fairly up to the av- of the period-though still, it
 be remarked, below that of a
 .go, on the eve of the autumn's
 zable chapter in the institutions
 The showing adds force to the general comment of financial that, if New York does not Ed in quantity from London, is fair chance that the present s may be maintained.
 Erie plan of issuing dividend war in lieu of regular cash payments Bper cent. on the first and second fred shares can hardly be called hvative, but it is supported, so far |e first preferred is concerned, in bl ways. In the first place the Bnd was earned.
 years surplus over dividends in- led $1,172,O0O. It was not a case of Is it from a former surplus or sale of securities. Had money |tions been normal so that bonds have been sold for their full val |ere would have been no occasion Eore to this expedient. As 1t is, $2,500,000 annually is borrowed
 stockholders at 4 per cent, com with the per cent. rate of in- that bankers have this year re-
 l of the road. - hing in the local stock market surely of a holiday character yes N, with sales to midday only one- < Is large as on Wednesday.
  prominent incident of the first I awas the advance in Steel prefer 95. This brings 1t up to the best
 since the decline ended. The .nent looked more like manipula- han due to actual buying orders. advance7of three points in Great ,ern Iron Ore certificates was di- due to the interview with MT : in which he said the first 6tvi-
 was paid out from money receiv- 'bm other sources than the United Steel corporation. He was "mys- s" when asked if there would be 'er dividend this year. S omebody of the interview to sell 3brtificates after they touched 55, . hey reacted by midday to 53 1-2. . .advance in call money rates was 'expected In view of the three-day . y, which requires loans to car =Br until Tuesday, and makes nee- I arrangements for financing $75,- b of September disbursements.
 feeling in the financial district $day was that there would be very Itrend to the stock market until . the sale of the S40,000,800 new
 per cent. New York city bonds, on znber 10. This is expected to have bet bearing on the general bond St, as well as on the older city issues, a large amountof which is 8arly supposed to be carried by street interests.