Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-05
No Special Incentive to Activity
Marked Opening.
PRICES MOVED DOWNWARD
Some Declines Were Shown Below
Yesterdays.
THE LOCAL MONEY SITUATION
Prices Rallied Somewhat Later in the
Session-Union Pacific Led in
Active Movements.
PRICES MOVED DOWNWARD
THE LOCAL MONEY SITUATION
sneclsl I...ralch to The Star.

Special I'.sI atch to The Star.
NEW YORK. September 5.-Today's
stock market was irregular rather than
either weak strong during even the
occasions when prices moved down ward
or rallied. The day began with no special
Incentive to speculative activity in one
direction or another The London stock
market WAS dull and reaCtionary also. for
no more definite reasons than could be
assigned to the course of prices in New
York. The Bank of EngIand's weekly
statement made favorable showing, and
some further relaxation was noted in the
discount rates In the open market Lo-
Cally money market affairs showed little
alteration in the direction of quoted
rates. but there was an increasing dispo-
sitien on the part of lenders to extend
accommodation for time periods.
Initial transactions in local stock mar
ket Were effected for the most part at de-
cItnes from yesterdays closing figures.
Some Of these losses extended to as much
as one point and over in the active stocks.
but before the end of the first hour OF bust
ness d steadier tone developed, in which
the greater part of the early shrnkage
was wholly or in a measure recovered. 1t
appeared to be the case to some extent
that the uncertain tone of the dealings was
based upon an idea which attained wide
currency that the larger bids for the new
municipal loan would be made around fig
ures which would be regarded distinctly
Disappointing from the investment point of
view
According to today's reckonings it was
assumed that the SpO00.o10 i1a Per cent
bond issue would be taken by the largest
subscriber at about 1U1 therea bouts. If
the issue commands no better rate than that
predicted today. the effect upon the invest
ment situation can hardly be otherwise
than disCouraging.
Throughout the morning II was rumored
that important insolvency would be an
nounCed upon the stock exchange within
the course of the day, and these reports
were subsequently substantiated In the
event. The failure in question was of mo-
ment chiefly because of the generally I'M
derstood affiliations of the firm with GER
tain distinguished financial and railway in
terests The activities of the concern have
indeed been occupied with operations in
the &; ain more than the stock market. and
todays sharp break in prices in the Chi
cago wheat pit was commonly associated
with the difficulties o. the suspended con-
Germ.
In the stock market the failure appeared
to play only a small Influence except dur
Ing the early part of the business session,
when both Northern Pacific and G eat
Northern. preferred. were exceptionally
weak. Both stocks. however. rallied subse-
1uently in common with the market at
large.
Oh invest satlon was again referred to as
negatively favorable influence In the
stock ma -ket.
There was little to be elected from the
transactions in any individual stocks. All
quarters of the market moved irregular.
and even a number of stocks hitch usually
huctuate in common pursued divergent
lines
Union Pacific retained its customary
position in point of activity, and for some
reason there were persistent reports In
circulation that on the great decline in the
market quotations for the stock during
the present year the control of the prop
erty had passed into new hands. These
rumors not particularly fresh. and it
would not be easy to say why they were
disseminated with such positiveness as
was the case today.