The daily morning journal and courier., 1907-08-28
LATE FEATURES IF TIE STOCK MARKET |Gyrations of Third Avenue Railroad Stock. STOCKS RISE, FALL, RISE But Gain Very Little and Are
 Chiefly Distinguished by Dullness.

OulluG5S.
 The stock market was dull affair, but yet the undercurrent was f1rmness. It is evident that the opposing forces ! of the market have come to stand |btin. On several occasions recently } Ewhen such a stationary state of affairs occurred the dullness was broken by a further slaughter of the lambs What will it do this time?
 Both sides are equally perplexed, and bach is accordingly watchful for some resh development. This describes the 3peculators; but the same thing may sBafely be said of the investment com Krunity and the larger banking houses, : Very few are willing to make definite predictions, whether for good or i'll, as o just what will be the course of events this coming month,
 4 One thing is certain. Prices of many Ecod stocks are from 50 to 100 points lower than they were not many moons Igc,
 T The continued ease in money rates Books good. It is international in scope. #t has amounted to nearly 1 per cent. #n some maturities here. In London *,pen market discounts are 4 Is per #ent., compared with IA fortnight &go Berlin banks are asking about -4 of per cent. less for accommoda- ions than they were in mid-August. Fhis is all complimentary to the plan #f Secretary Cortelyou.
 Loans here have contracted between &Bt 900 and $4O,OOO,0OO in the past F 1onth. Tn Boston they have gone down rom $194,C0O,OOO to $1S5,0OO,OO 900. The call the comptroller shows that Pitts urg banks have $3,OOO,OOO less loans nan in May, while the loan increase in Chicago for the quarter is nominal All 8nis points not only to stock liquida- on, but to reduction of commercial redits
 The features of the market in the fternoon was a further smash in the hird Avenue railroad stock, which old as low as 46 1-4, a decline of 6 3-4, i rom Mondays closing and only 3-4 of point above the low figure at which F le stock hold in 1900, when the fam us raid on the company was made, hich was finally followed by it's lease
 the Metropolitan Street Railway bmpany At that time the stock sold 45 1-2. The smash in the stock caus-
 discussion as to the position of the hird avenue company and the stabil- y of it's lease to the Metropolitan. he lease was accomplished on April 1900, when the Metropolitan Street ailway company entered into an 6reement to pay the fixed charges of e Third avenue for four years. At 0 expiration of that time, or in 1904, lird avenue stockholders were to re- ! i've a guaranteed dividend of 5 per mt. for the three following years, 1T cent. for the next four years and ! r cent. thereafter. The Third ave- le stockholders are now receiving 6 r cent. dividendi
 t Two incidents which tended to check ying of stocks were the coming betting of Erie directors to-day, to act the preferred stock dividends, ana e beginning next week in New York y of the Government inquiry into e Standard oil company's methods.
 is expected that leading fnanciers Il be called to the stand and im- rtant developments are popularly ex- cted, The latter matter alone is not lculated to induce buying of stocks. Nearly the entire proceeds of the sale
 $40,OO0,0OO worth of New York city Y nds, to be offered September 10, will
 needed to pay debts already con- lcted by the city, as $16,O00O0O are e on awards and $l5,O0O,OOO on con- tets.
 Wall Street had a "rumor" early in
 day that Union Pacific was to be up to 12S or 129. This was made so en that many people suspected that
 was circulated for the purpose of ghtening the shorts. This proved to
 the case. When a good profit was
 med by the manipulation the stock
 down again,
 ome of the afternoon selling of the
 nger stocks was due to report # n Topeka, Kan, that the state rail- d commissioners had agreed to order
 lat two-cent rate in that state It
 alleged that the official order will
 made early next week,
 eneral Electrics drop to 12O occa-
 had inquiries. The company is un-
 stood to have bought heavily of
 per metal around 25c and has a
 se loss at present quotations on its
 plus. In addition the company is
 to have taken securities of con
 IS for whom it supplied material,
 se securities, while good in normal
 les, are now hard to negotiate.
 onday nights special engagement
 S50O,0OO gold for Europe make $1,-
 poo that has been engaged in this
 lner in the past week By and by,
 ever, Europe will have to pay good