Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1907-12-18
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Dec. 1.-THE scantness Of the
money supply kept the stock market dull and
contracted the speculative activity materially,
but the tone of the market showed some relief
from the heaviness that has weighed upon 1t
for several days past. Prices showed small
resilliency. however. and the movement was
dragging and hesitating. Assistance toward
resisting the mood OF depressing was afforded
by the news Of the declaration Of extra divl-
dends OF per cent on Lake Shore and Michi-
gan Central stocks, the two most prominent
subsidiaries of tr~ New York Central. Lake
Shore semi-annual dividend of per cent has
teen the regular rate only for two previous half
years. and Michigan Central per cent
year for eleven years.
The surplus from these dividend pronts OF
the sum required to pay interest on the col
lateral bonds issued by the New York Central
cccrues to the New York Central treasury,
which holds most of the stock of the two com
panies. There has been conspicuous selling OF
New York Central for several days on an
assumptich that its dividends would be re-
duced or paid in scrip by decision OF the d.
Iectors 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 similar condition of overextension OF
the short interest against the recent active
selling. This w,.u true of American Sugar and
te some extent OF the copper shares. The sus-
tanning effect on prices in general developed
only after period of short recession.
Ti,e eoaiers were conspicuous in the decline:
Reading leading. The weakness was attributed
to reports of consultation among those inter-
csts in these properties to devise means 10
;reet the requirements of the law for the d.
vestnient OF ownership of coal mines Asser-
tons accompanied these reports that difhculties
were encountered in finding feasible method
OF complying with the law which seemed 10
threaten the necessity of suspension or pusl-
ness by these companies where the laws De-
Come effective May /.
to a professions. origin for much of the sell
ing. 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 severe money
Eirngency over the year-end in meeting the
necessities of that period affected those mar
kets
New York's command OF the exchanges is
expressed b. the November foreign trade state
Enent, Which shows excessive value or ex-
ports imports for the month OF sss, 500, 1ol.
Not only was there decline of nearly $4,000, QUO
in value OF imports compared with the previous
November, but exports have risen in value
S2l, 7S9 900, the agricultural exports furnishing
s17, 900 OF the increase
Additional understanding from the nterna-
tional exchange situation is afforded by the
showing that in spite of November's 1853, 463,O36
of gold imports, the eleven months Of the cal
ondar year show an excess of imports over ex-
ports of gold of only ,4s2, compared with
S183, 1873, $50 in the eleven months of last year.
New points of weakness developed in the late
market and the close was irregular.
Bonds were heavy. Total sales, par value,
sz,ol3.O00. United states bonds were unchanged
call.