Evening star., 1907-08-26
Course of Prices Today Irreg-
uIar to Marked Degree.
A STRONGER RESISTANCE
Frequent and Abrupt Changes for the
Active Stocks.
SOME BANKS CREDITS ASSAILED
Americans Favorably Influenced IN
London-Stock Dividend Prospects.
fractions More Quiet.
A STRONGER RESISTANCE
SOME BANKS CREDITS AssAILED


Special Dispatch to The star
NEW YORK, August 26.-It might be
said Of todays dealings in securities that
they showed a rather better degree or re-
sistance to such liquidation as was again
conducted and to the renewed operations
for the short account than has been the
case for some time. In the aggregate
enormous amounts of securities have been
withdrawn from the market through the
execution of buying orders for small lo's
for the account of investors, and while
this buying has frequently been obscured
by the magnitude of special liquidation
and of short selling 1t is bound to have
some effect when transactions of the lat
ter character fall away materially. At the
same time the course of prices in todays
stock market was to marked degree, ir-
regular.
Practically all of the active SOCKS In
various quarters of the market showed
frequent and abrupt changes OF as much
as one full point The power or resist
ance was disclosed In the read dnesS win
which prices rallied from their frequent
fits of depression in the face of number
of circumstances not calculated to enthuse
speculative selling. Chief among these
was the persistence throughout the day
of sinister rumors asSailing the credit or
several large banking houses of established
standing. 1t is seldom. .he case that names
have been banded about so freely and
wi hout reservation as during the course
of today's business ession.
II was pointed out and with good sense,
that the open insolvency of any one of the
concerns in question would be almost i'm
possible for the simple reason that their
creditors could not with safety to them
selves permit of any such issue to the case
IL has frequently been true before, that the
elimination of a long downward swing In
prices has been marked by the dissemina-
tion of just such malign reports as could
be heard on every hand this morning. 1t
would really seem as If the authorities of
the stock exchange ought to take cogni-
ZanCe of the manner in which such matters
ar" openly discussed within the direct
sphere of their authority. for today's gossip
OF this desert ton was little short of scan
dalous whether well or i'll founded.
Novel Impelling Influences.
Theoretically, each days stock market
session, opens influenced by one more
novel impelling influences. There was, how
ever, none at all this morning. American
stocks were favorably Influenced in Lon
don by the intelligence with regard to the
Treasurys plans for the relief of the money
market, although It may be recalled that
the latter had no influence whatever in the
local dealings Saturday. At the same
time, there observed today slight
easing in the rates for loans on time. al
though the reaction there was naturally of
a somewhat sentimental character Little
or nothing was done here on balance for
foreign account
Apart from the rumors attacking the
solvency of more than one banking house,
discussion was occupied mainly with the
dividend prospects of various stocks
chiefly the Erie preferred shares and New
York Central. The last named fell back again
to the low level touched ten days ago.
which, in turn, was the lowest price for
the stock in nearly ten years but, In COM
mon with the remainder of the list. New
York Central was by no means wanting in
support.
Stock Market Tendencies.
AS illustrating the nature of current
stock market tendencies, 1t is worth noting
that one of the so-called specialists in
New York Central stocks bought 5000
shares of that security when it broke par
today. and his purchases were wholly for
the account of certain firms whose chief
business is the execution of orders for
small and odd lots of stocks.
Whether or not the dividend on New
York Central or the dividends on other
stocks may be temporarily lowered, the
feeling is growing that the lowering in the
market valuation of the shares has gone far
toward discounting any suchFevent.
The Erie stocks. the dividends on which
are expected to be acted on next Wednes-
day, moved irrcgularly, and an initial dvi-
dend of l per cent was declared upon the
Great Northern contract certificates with
out particular effect marketwiSe.
The fluctuations in Union Pacific and
Southern Pacific were particularly wide,
but the transactions in those stocks, as was
true of those In other directions, were un-
accompanied by any important news or
novel gossip. The traction stocks were
more quiet than they have been for some
time rast Notwithstanding the undiminish-
4 I,,ra iy,f lad N
affairs Discussion with regard to the deal
ings in the industrial and miscellaneous
stocks was limited to technical considera-
uons.