The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-18
SCANTY SUPPLY
Of READY MONEY
Stock Market Dull, Dragging
and Hesitating, With
Prices Going Lower.
WEAKNESS OF COAL ROADS
CLOSING IRREGULAR WITH
DOWNWARD MOVEMENT.
WEAKNESS OF COAL ROADS

New York, Dec. 17-The scantihess of
the money supplies kept the stock mar
ket dull and contracted the speculative
tendency materially, but the tone of the
market showed some relief from the heav-
mess that has weighed upon it for sew
eral days past. Prices showed small re-
ss,lIency. however, and the movement was
dragging and hesitating. Assistance to-
ward resisting the mood of depression
was afforded by the news of the dec
Iaration of extra dividends of per cent
stocks, the two most prominent subsidi-
aries OF the New York Central Lake
shores semi-annual dividend of 6 per
cent has been the regular rate only for
Two previous half-years, and or Aichi-
gan CentralSs per cent a year for eleven
years. The surplus from these dividend
proTts over the sum required to pay in
tefest on the collateral bonds issued by
the New. York Central accrues to the
New York Central treasury, which holds
most of the stock of the two companies.
There has been conspicuous selling of
New York Central for several DAYS on
an assumption that its dividend would
DE reduced or paid in scrip by decision
of the directors this week The action
in the subsidiary stocks today shook this
belief and led to buying to cover shorts
by the bears.
= Other stocks in the list showed SINH
lar condition of OVer-eXtension OF the
short interest against the recent active
selling. This was true of American
Sugar and 10 some extent of the copper
SHARES. ne SUSTAINING effect OH prices
in general developed only after a period
of sharp TeceSSionS.
The coalers were conspicuous in the
decline, Reading leading. The weakness
was attributed to reports of consultation
among those interested in these proper
ties to devise means to meet the re-
quirements of the law for Investment of
ownership of coal mines. Assertions ac-
companied these reports that difficulties
were encountered in finding a feasible
method of complying with the law. which
seemed to threaten the necessity of sus-
pension of business by these companies
when the laws become effective on May
1st.
The subsequent rally in the stocks
pointed to a professional origin for much
OF the selling. The whole market in fact,
remained largely in professional hands
and was narrow. Dividend prospects for
individual stocks formed the staple OF
the discussion. Money conditions were
unchanged The premium persisted on
the currency. call loan rates went higher
than yesterday and discounts rose in both
London and Berlin Fears of a severe
money stringency over the year end in
meeting the necessities of that period
affected these markets. New YOrk's COM
mand Of the exchanges is explained by
the November foreign trade statement,
which shows an excessive value of eX-
ports over imports Tor the month of S93-
e55 10l. Not only was there a decline of
nearly 50 00o 600 in value of imports com
pared With the previous November. but
exports have risen in value 81, $50. 900 the
agricultural exports furnishing HI0Oo0o0
of the increase.
Additional understanding from the IN
ternational exchange situation is afforded
by the showing that in spite of Novem-
bers SIS 46S 036 of gold imports. the eleven
months OF the calendar year show an ex-
cess of imports over exports of gold of
only A4 696, 4S2 compared with Sl03, l23 $50
in the eleven months of last year. New
points of weakness developed in the late
market and the closing was irregular.
Bonds were heavy Sales, par value,
100000.
%