The Washington times., 1907-12-14
NEW YORK STOCKS
SLOW, BUT STEADY
Weak in Early Trading, But
Recover on Covering.
Situation Not Very
Favorable.

NEW YORK, Dec. 1.-THE short ses-
sion, two hours, was not marked by
much activity nor yet any radical
changes in values, although the huctua-
items amounted 70 about a point all
around The immediate opening was
decidedly soft and following It there
was an average loss Of nearly an entire
point in the leading stocks. while the
usually minor shares were slightly lower
and very much neglected. The action
OF the market during most Of the week
except when a little plain wind and
fresh air was injected into it on Thurs
day, has been disappointing 10 the
friends of higher prices Traders have
come TO realize that some time must
elapse before there can be a perma-
nent Improvement with the big banks
still holding on as best they can to
their currency and endeavoring to re-
enforce their positions. Banks must do
this in order to make the recovery COM
Plete, ard they will have to call loans
and insist on part payments at least,
with the result that stock liquidation
Will continue indefinitely. It will prob
ably come UP in new spots. Moreover
the railroad earnings are beginning to
presage assurances Of decreased net.
even where tho pruning hook has been
deeply inserted into expenses. Southern
Pacific showed a net decrease in Octo-
Der earnings Of 81, 100000. and Union Pa
Cifc of SSI5.OO0
Traders have a wholesome fear of the
possible results of the Harriman-Fish
complications, and there is persistent
rumoring Of the bond issue coming from
New York Central The payment Of the
regular dividend by the company has
been criticised as absurd" and not
likely to merit favorable opinion even
Of the stockholders, who believe that
II Will De impossible to meet the divi-
dend payments without a bond issue.
1t is certain that New York Central
must reduce it's dividend on the next
declaration. Investors do not like the
idea of dividends unless they are earned,
or while they may like the dividends
they are not likely to hold the invest
ment.
Back Of it all there is the tightness Of
time mOney-preSaging stormy weather
in the financial market for time TO come
The cutting of dividend payments
coupled with payments in scrip and
the possibilities Of further reductions, Is
something that investors do not Ike as
market influence. II is likely that the
total loss IN actual cash 20 stockholders
through reduced and deferred dividends
uAIllE the next rev weeks. coupled with
the losses already sustained from the
same causes. will aggregate close on
10 s15.0Oo,O00.
II is true that these causes have
brought the market 10 its present low
condition. that prices have discounted
all this and more. but IL IS hard 10
make investors see il. and margin trad
ing is not as yet very fashionable.
The liquidation Of sugar, by the Have
meyer interests is a serious obstacle
20 an advance I'm that stock Heavy
selling marks the Liquidation of this
interest.
Market FeatuTeless.
The market was more or less feature
less.
IN the opening there was weakness
and the declines noted before. Then in
the last hour the covering by shorts, in
their usual Saturday evening-up proc
ess. brought the active leaders and most
of the minor shares within a fraction
of their final prices yesterday
There was very little doing. the tape
moving slowly and the transactions be
ing usually for small amounts. The
table giving the opening, high, low, and
final closing Of the market viii be found
on this page.
The Baltimore and Ohio Will go after
export trade, having started a line N
steamers between Philadelphia and
AvonmOuth. England. A passenger
service will be put on, and grain trade
is expected TO be heavy.