The Washington herald., 1907-12-20

New York. Dec. 19.-It became rather
more apparent in Wall street to-day
than ii has previously that views as TO
the course Of the present stock market
must consist simply of attempts TO
guess the rapidly changing attitude of
one or two cliques of professional
spectators.
indeed, the reference might be almost
exclusively made to one or two specu-
IatlVe commission houses and one or
Two large operators doing business
through these firms. There are sub
Stantial reasons for believing that this
relatively small interest has trans
acted much the larger portion of the
buying In stocks in the last few weeks.
Having hammered" the market all
through last week and during the ear
her part Of the present week. these
spectators reversed their policy yes
terday and to-day and bought stocks
Tor a turn. But neither their selling
nor their buying had attracted any fol-
lowing worthy of the name
Center on Few Issues.
The operations have centered upon
only few issues the Reading. Union
Pacific. American Smelling and Rein
ing. and Amalgamated Copper shares.
In the early dealings to-day all the
stocks rose quite sharply. most of them
and certain other stocks as wen max
ing gains before noon Of a counle of
points in each instance: but in the re-
naming hours Of business the market
was given over TO utter apathy. and
prices uniformly sagged. so that in the
main the larger portion of the DAVIS
advances were lost
Rather especial heaviness was notice
u0le IN the final trading in the Reading
and New YORK Central issues. and the
last named did not participate In any
particular degree in the strength Of the
market in the fore part of the day. Ad-
verse criticism continued to be heard con-
corning the action OF the Vanderbilt man
aSement in declaring extra dividends on
the Lake Shore and Michigan Southern
stocks and in keeping the New York
central distribution maintained at it's
present rate. and the payment of these
dividends IS not uncOmmouly spoken Of
as forced
Ii is admitted on the other hand that
the action taken is IN a sense iustified bv
financial necessity. After the close of
business announcement was made Of a
decrease in the gross earnings of the
Southern Railway Company for the sec
ono week Of December of S14700O.
Money Rates Responsible.
The weakness IN the market in the
afternoon to-day was attributed. no doubt
with justice, TO the rise in money rates
TO L per cent after money had been lent
freely at a lower figure. and to a further
hardening in the premium on currency.
both events testifying. OF course. to a
closeness OF the money situation that
makes impossible any extended movement
for the rise I'm stocks
very sharp rise in sterling EXCHANGE
was also matter that attracted more or
less attention, although this was due to
mischance that occasionally figures in
the foreign exchange business. the non
arrival on an expected date of a steamer
outward bound from this side CARRYING q
large amount Of bills Of exchange that
would under ordinary circumstances be
available for the liquidation of indebted
ness owing European creditors at set
time. This happened to-day in the case
OF the Lusitania whose delay in reach
ing Liverpool compelled cabled remit
tances Of money to London that would
otherwise not have been required.