The Washington herald., 1907-08-29
SHORTS SEEK COVER
improvement in Market Too
Steady to Be Checked.
LIQUIDATION ENDS ENTIRELY
Announcement of Erie dividend
Meets Approval OF Finaneiers-FOr-
eign Markets Also show Improve
ment-Readiust of Traction
Holdings Interests the Street.

New York. Aug. 2S.-The principal char
acteristic of to-daS's market was the
complete absence of liquidation, for
while substantial gains were scored all
through the list, the improvement in
prices resulted more from the fact that
offerings were small than from any i'm
portant change in the character of the
buying
There was hardly any evidence Of pub
lie interest on the buying side of the
market, and nearly all the transactions
originated in the room and represented
either the covering OF short contracts
or speculative operations on the side
which. for the time being, afforded an at
tractive opportunity for quick profits
The short interest al the close of the day
was largely reduced. and in the most
active issues, notably Union Pacific. there
was a very marked change in the ease
with which stock could be borrowed
Improvement slow and Orderly.
fThere was no important news 20 af-
feet prices during the course Of business
on the stock exchange. bur there was a
widespread disposition 10 take an 0pti-
mistic view Of the prospect for the sue
cess Of the New York City financing
and 10 regard Secretary Cortelyou's
measure Of relief for the money market
II not adequate. as at least scientific
and calculated 10 make conditions in the
coming fall easier than could reasonably
have been hoped for couple Of weeks
ago
The opening showed general advance
from last nights close, and all through
the forenoon the market maintained an
upward tendency, the movement being of
the-slow and orderly kind which left
the short interest uncertain whether to
fight the advance or proceed 10 cover
its contracts Finally the greater mum
Der Of shorts elected to follow the latter
course.
Around noon, on account of the uncer-
tainty. regarding the Erie dividends the
trading fell of to a very small proportion
but except for a reaction Of less than a
point around l o'clock there was no re-
cessiOn in prices, and in the last hour.
at the time when the directors OF the
Erie Railroad We're in session, an all
around improvement occurred, which left
the final quotations for all the active
stocks substantially above last night :
closing, and at practically the highest
points of the day
Erie Dividend Approved.
Announcement Of the Erie dividend was
not made until after the close Of the mar
ket, but sentiment seemed 10 strongly
approve of the action taken by the direct
Ors in deciding that the road should make
its distribution on the first and second
preferred stocks at the regular rate. but
payable in warrants instead OF in cash
A tendency toward further ease was
displayed by the time money market, but
a further engagement Of $4,000 was made
for shipment to Hamburg, and it was an
nounced that within the past few days
Sl50,oo0 had been sent to Canada. I'M
provement was noticed in the sentiment
abroad, and no trouble arose in London
10 interfere with the progress Of the fort
nightly settlement.
Meetings of local traction interests Oc-
CURED during the day, and while il was
definitely denied that it was intended TO
throw any Of the companies into the
hands of receivers, il was persistently ru-
mOred that some plan of readjustment or
Encouragement was under discussion, and
that the progress made IN this direction
warranted the change in the market. or
the Electromagnetic ropOlitan issues and
Third avenue stock