New-York tribune., 1907-12-24
STOCK MARKET OPERATIONS.

-r-.n.ac+ions in Yesterdays stock market were
light in volume and made up in great part OF
the operations of the professional element Whlc.
as rule was committed to the short SIDE or
speculation Weakness at the opening followed
generally lower prices abroad. and IN the an
sence Of a demand from commission houses
traders sold in most sections Of the lSt WITH
out attracting. however, any important Iqulda-
tion the chief effect of their sales being de-
clines of p point or more in the leading issues
Improvement in values last week resulted IN
the elimination of considerable proportion OF
the short interest. and the resumption or tradifs
for the decline in yesterdays dealings was
merely in line with technical conditions rather
than due TO developments affecting adversely
The general market In a few cases. such as
Baltimore &, Ohio. falling net earnings were 40
vanced as an argument for lower prices. Whlie
the strength in the money market also was
something of a speculative factor, as In cheek
ing operations for the long account 1t enconr-
aged activity IN the other direction by moor
traders New York Central was quite vigorously
attacked by the bears, and it yielded easily It's
decline after opening dividend amounting to
26a pojnts the largest maximum loss among the
prominent securities This issue doubtless viii
be a target for bear operators as long as cur
rent unsatisfactory conditions prevail in the
financial markets. but 1t IS interesting 10 note
that considerable amount of the stock has
heen taken by investors IN recent weeks. and
that the chief interests in the property have
a we'll grounded abiding faith in its future
And the same thing may be SAID or inc
Pennsylvania which, like the New York Cen
trsl will be under the necessity of raising
further large capital obligations in order to COM
plete its extraordinary Improvement and con
struction work. Total sales amounted to less
than 225 900 shares, with the heaviest opera
tions in Reading, Union Pacific and Amalga-
mated Copper. These stocks, with New York
Central American Smelling, st Paul. Great
Northern. General Electric, Missouri Pacific
Northern Pacific and the United States steer
issues closed well under the last prices In Sat
,1rday's market No raliyfng power developed In
the last hour transactions.
In the rest of the year high rates for
money NAV he looked for, and il is not unlikely
loans Will rule at stiff figures until the second
week in January least. when there ought to
begin q gradual decline under the influence or
accommodating bank holdings At this centre The
bank statement issued Saturday showed i'm
provenent in cash and reserve but there was
still large deficit, and in view of the generally
strained position of the money market through
out the world immediate return of normal
conditions is out Of the question, though. fort
unately. factors underlying the situation are on
the mend, and unless disturbed by further ad-
verse developments should lead to complete re-
covery In the first quarter Of 1908. Call money
renewals were made at % per cent yesterday:
time money continued inactive, owing to the
practically prohibitive rates prevailing; the de-
mand for currency incident to holiday require
ments was more active, and additional engage
being possible a result of the premium on
currency, which averaged more than L per cent
Sterling exchange quotations are well above
the normal gold importing point, but with cur
rency at q premium here difference of moro
than 200 points is involved on the sterling rate,
bringing the market within the range at which
the metal may be shipped to this side of the
ocean Throughout the current week arrange
rnents 90 meet the heavy January interest and
dividend disbursements due in January Will con-
tinue 10 be an important influence in the money
market, particularly as the payments, notwith-
standing recent dividend reductions by many in
dustrial companies. Will reach record breaking
proportions of more than s1s4,0o0. 000- Though
many conservative observers believe certain
railroads have adopted q mistaken policy in
maintaining high dividends. and in some cases
IN advancing their rates. 1t is contended by the
directors of the roads in question that the
business outlook does not contain any element
that foreshadows protracted period of reduced
earnings and that as the railroads Of the coun-
try soon must invite stockholders TO subscribe
10 additional capital the companies are
under obligation to pay good sized dividends
out Of earnings in order 10 insure a market for