The Washington times., 1907-12-18
NEW YORK STOCKS
SHOW GOOD GAINS
After Uncertainty in Second
Hour Bulls Get Busy and
Cause Advance.

NEW YORK, Dec. lN.-CloSllB
tering the third hour of the afternoon
session the market became less active.
The shorts had about finished covering
for the day and there seemed to be a
new supply of stock ON the market. This
indicated that the banking interests of
the city were lined up to prevent any
further advances, while they are ap-
parently equally reaCy 10 support STOCKS
when necessary.
This is liable 10 cause a duh market,
with the big professional traders hold
ing off until there is something of im-
pOrtdnCc sufficient to overcome the
regulations. when they Will lend their
ala to either an upturn or break.
In the quIetuess Of the last hour most
OF the stocks lost about one-half Of the
gains made earlier in the day. The
closing was by no means weak but in
the reaction, following the cessation of
covering, the market declined slowly TO
the aggregate mentioned.
NEW YORK Dee. IS.-NOon--Wau
Street needs some new stimulus for
bull market and something more de-
pressing to give the beers courage
enough 10 raid stocks. II IS a wearyiug
market, at times fairly active and again
so slow that IL tires watchers. Nor is
there any steadiness to the lisr,
strength and weakness alternating, but
with weakness predominant most Of
the time. Then there Is also the If
regularity which develops weak
ness i'm one spot and strength In aEoth-
predetermined more or less by the raids
of the bears on the list All I'm an. il
is not a satisfactory market, nor Is IL
likely to improve during the remainder
OF the current year
one OF the features OF the session was
the declaration or Tho regular dividend
on New York Central. This question
has been discussed quite freely, the
general impression Yesterday being that
the dividend would be declared, he
cause of the extra dividend on the
stock Of the two hiSh-grade railroad
companies owned by the New York
Ccntral-AIichiEan Central and Lake
Shore and Michigan southern
Sell on Dividend.
Immediately following the declaration
of the regular dividend on the old Van
derJHt ravorite. the selling pressure
directed against the stock was quite
severe. Gossip has il that il VIII not
De long before the New York Central
viii have TO issue preferred stock and
the common Will then take its proper
position as a 6 per cent dividend payer.
Initial gains were scored in quite a
number Of stocks. with strength IN
Reading. evidently the result OF the UNI
covering OF "a short Interest," large
professional short interest-and this
aroused a desire 20 punish Il, with the
result that the stock advanced from
$685. TO 81. After the cessation Of cover
ing price declined to Sess and later ad-
TdnCed to Soiz. Most of the high-grade
rails acted much after the manner Of
Reading. Grca- Northern was a point
higher al the tap OF the bell, Louisville
ana Nashville q. Northern Pacific. pre-
ferred, a point, and Union Pacific y
point
The New York Central dividend was
IL per cent for the quarter, largely paid,
so the Street believes. by the dividends
from the two roads mentioned above,
and not from earnings. IL was this be
lief that made the stock one of the
wcaklings Of the day.
Much depends later in the day on the
action Of the New York Air Brake
Company on the dividend matter. Read
ing shorts sold yesterday on the theory
that no good plan had been devised
for the separation of the rail and coal
properties as demanded by the Hep
burn law.
Metal stocks were again unsettled.
She cutting in half of the dividend rate
Of the Utah Consolidated Mining Com
pany had bad effect on Amalgamated
Copper as both interests are closely
allied
Copper sold or Z to. 42sl. but recovered
slightly. Smelter was easier. but not
much lower. The Steels held their own
reasonably well during the morning.
Missouri Pacific was one Of the weak
rails, breaking points to IS.
p. m.-Shortly after the noon hour
the whole market changed front The
inactivity Of the bears and easier none.
encouraged the bulls and they charged
the list with the result that they quick
" uncovered short lines here and
there The spirited attack changed the
entire market from one of vague ur-
certainty and wearying dullness to one
Of activity and rather phenomenal
strength. The bears showed IN a few
minutes that they We're not satisfied
with theic position, and they covered
freely here and there, sending price
on the jump TO a higher range without
much trouble.
This advance carried Atchison. BaIti-
more and Ohio, Louisville and Nash
Vile, Pennsylvania. and a number Of
rails up y point. The turn in Shelter
was for rise Of 2iA points to 20, the
shorts being crushed here
The Hill shares showed fine strength
advancing 10 the extent OF 2 points and
better. on Great Northern to 1851 as
compared with a close at 113 yesterda-
Northern Pacific was Ia higher at 1I5L
Union and Southern Pacific also moved
up.
Reading set the IveIiest advancing
pace OF anything on the list. Il sold
at S9S 20 93Is-
The trend Of the market entering the
second hour Of the afternoon was to-
ward a higher close and a good active
business, unless the bears find their
courage again and drive the list, on the