The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-10-07
NEW YORK STOCKS
DULL, IRREGULAR
Movement Extremely Mar
row With Fractional De-
clines in Majority of List.

NEW YORK, Oct. 7.-Noon-The stock
market these days Is a good repeater,
ole day Of dullness following another,
with strong spots in certain stocks that
are being locked up for investment, but
with not enough doing in the aggregate
TO more than pay expenses of the COM
mission houses. 1t is a market that is
neither satisfactory TO the bulls nor the
bears. for while the turn is more in the
direction of lower prices, the declines
are usually followed by sufficient rallies
10 prevent much proht-takinC on the
Part Of the short sellers.
There are conditions that are hard TO
overcome, but the most favorable fea-
ture Of the security situation Is found
IN the gorwing belief that the market
has discounted all probable develop
ments, including the continued t.ust-
busting tactics and antagonism OF the
Administration.
That the shorts are not sure OF their
position is confirmed by the easy man
rer in which they are forced to turn
and cover on the slightest indication OF
any turning OF the tide -.
. Many of the bear runors are Deins
turned to naught. The Pressed steel
Car Company denies emphaticaily the
reported lay-on Of 1900 men, anu oHeIs
IN SubStantiatiOn lnelr tlloL % " 49, -,
more assistance In meeting the ueihahos
in The IiGnidation of Steel shares by
london is said 70 be about over. II Is
expected that the intenuon OF ISL $50 =
lanes and Laughlin 10 erect a great
steel rail mill may hasten the ouLIlPl1as
OF the English holdings to the speedy
relief Of the market
Financial Situation.
,,.-. No., vorlr hanks reported less
Aben * per cent reserves on Saturday.
THE National City Bank lost the great
est cash. and reduced it's lonns So per
cent. The financing of the crops IS pro-
crossing favorably. but ii will be some
time before the money market VIII per
nit Of speculative operations reaching
INV proportions. II IS nOuceaDle lna1
here and there throughout the list IN
vestment buying is assuming larger
t,roportions People cannot understand
why Reading, Pennsylvania, and the
Hi stocks are not safe investments, or
why they should not be locked up az
this time. This is helping the shares
named, in the face OF abnormal dull
ness.
Coast Line Drops.
There was nasty break In Coast Lane
stock this morning that could not be
explained. but that brought out in
slant rUmors Of possible cut IN the
div 'dend rate of per cent That
conservative Morgan investment stock
should SILL at u is an indication Of divi-
dend reduction. There was but little of
81 Sold the drop being from 70, the close
on Saturday, TO IS for an opening and
then 20 Il. An explanation will prob
ably come with the dividend announce
ment.
Some Firm Spots.
Great Northern was the irmest stock
on the list, advancing while others were
easing of. It sold at Us at the opening,
Rnd advanced 10 1921, and eased to 129.
The bears managed TO break Northern
Pacific q 10 127S4, bat II did not last.
the turn carrying IL up almost 70
the full extent OF the decline Read
Ing from 3 loss, turned Il to 4
gain. and was firm. Pennsylvania was
as steady as could be within a narrow
range Of fractional gains
The Declines.
New York Central eased on q. Chera-
peaAe and Ohio \, Missouri. Kansas
and Texas z. Coast Line points, Steel
common 3. and preferred u. with Con-
pers and Smelling down Am%.
Union Pacific lost $-G1k Souther7, pa
CHIC y, ano Canadian Pacific a.
~ noon the market was Just a shade
hrmer, but without special featura
ana with the lightest kind Of trading.