The Washington herald., 1907-09-08
PRICES OFF A LITTLE
PrOfit-taking Causes Declines
of Nearly a Point.
HILLS DENIAL ALSO IS FELT
Question of IncreRse in Northern
Pacific Dividend stiu Unsettled.
Bank Statement Is disappointing,
as Cash Loss of Million and Half
Is Shown-GOssip aud Comment.

New York. Sept 7.-Reacuonary ten
dencies prevailed to-day in the stock
market as they very we'll might have
done in view OF the sustained rise in
prices throughout the week. and particu-
larly OF the violent advances made in GER
tain stocks yesterday. The p-oht-taking
that went ou was, however. of moderate
sort, and the net declines recorded in the
active stocks wefe seldom more than a
point and were in most Instances not as
great as this.
The decline in the market was no doubt
accentuated IN some degree by the ap-
pearance this morning OF flat-footed de-
nial by Mr. James j. Hin that the decla-
ration Of any extra dividend was contem-
plated upon Northern Pacific stOck-a
matter that formed the subject of many
rumors yesterday. and by the publication
OF a weekly bank statement, a little less
hattering than had been looked for.
Dividend Still in Doubt.
AS far as the Northern Pacific dividend
matter is concerned, il may be said that
IL is believed by those who ought 10 be
well informed on the subject that it is
stll more or less Of an open question
whether any permanent or special in
crease VIII be made in the Northern Pa
cinc's semi-annual distribution that is due
10 be announced not far from a month
hence. There have been not few indica-
tions in the course OF the last year that
preparations were making for such
change in the control Of the Burlington
railway property as would result in the
deposit in the Northern Pacidcs treasury
Of large cash sum representing the pro-
ceeds Of the sale OF the Northern Pacific
equity in the Burlington road. and there
is very little doubt that sooner OF later
an arrangement OF the kind viii be ef-
fected.
Whether the changed condition of the
money market and other circumstances
VIII suffice TO make the execution Of this
programme later rather than sooner. is
something. but as yet is involved in
good deal of doubt
Statement a Disappointment.
The bank statement was only disap-
pointing in that as its operations cover
ed a business week Of but five days. the
movements Of cash ing and out Of the
banks were. under the average system.
q good deal confused, so that a cash
loss Of S1,425,So0 was reported instead Of
q gain Of nearly S3,go,0O as was est-
mated yesterday.
An exceedingly gratifying feature OF
the bank statement was, however, as it
has been for two or three weeks past,
the very favorable comparison made by
it with the statement q year ago. The
bank surplus stands at present at S.3l2,-
$50. as against q deficit Of over S6,5Ol,o9J
at the corresponding date in 1906
1t is thus becoming more and more
manifest that our banks are entering the
financial crop moving season, not only
IN better shape than twelve months ago,
but IN a much stronger condition than
they have been in many recent years.
All this, too, appears 10 have been ac-
complished with the aid thus far OF but
a slight degree of deposits of public
funds In the local banks.