The morning journal-courier., 1907-12-19

terday owing to the declaration hy the 1 New York Central or its usual quar- t terly dividend, and the favorably divl- { dend action by the Pennsylvania com ] pany and by the Lehigh Valley rail- road, almost as unexpected as was the Lake Shore and the Michigan Central extra dividend on Tuesday. As a. con sequence the downward tendency which has distinguished the stock mar ket since the middle of last week was checked in the leading railroad issues and the bears put to sharp efforts to cover.
 The Pennsylvania company, which manages Pennsy's lines west of Pitts burg and Erie, was put on an per cent. basis per annum by it's declara- tion of a 4 per cent. dividend. The pre- vious disbursement was per cent. From 1S9? to 1894 inclusive the com pany paid 1 per cent yearly; 1901 to 1903, 8 per cent; 1908, per cent; 1904 and 1905 per cent, and 1906, per cent.
 Three other Vanderbilt lines also de- | clared dividends. They were the Can ada Southern. IA per cent. for the quarter; the Carthage, Watertown and Sackett's Harbor, a semi-annual divi- dend of 12 per cent, and the St. Lawrence & Adirondack, the regular guaranteed annual dividend of per cent.
 Amalgamated Copper was weak again
 Reading was the leader on the up- tack and it looked as if the pool, which recently let go largely of the stock, might have taken back some of 1t and was endeavoring to repeat the trick. Naturally, the argument regard ing benefits that will accrue to stock holders in the coal roads through separation from them of their coal propertiA~ under the terms of the Hep burn law, is being utilized by the bulls \ on -evrry- opportunity. The bull point of view is that there will be valuable asset distributions, but on the other hand the roads are to lose control of their mines.
 One year ago yesterday St. Paul, which had touched its high record of 199 s5-S the day before, dropped to 1SS, closing at 1855 1-2, net loss of Il 1-2 points. The whole market was de- moralized, particularly shares of com x.yIaia f1, capital issues Great Northern fell 10 1-2 points to 199 1-2 and Northern Pacific points to 200. Call money got up to 25 per cent.
 The Lehigh Valley directors declared the regular semi-annual dividend of 2 per cent, and an extra dividend of per cent. on the common stock. The usual semi-annual dividend of per cent. on the preferred stock was also declared. The extra dividend on the common stock is the same as declared at the last dividend meeting.
 Trading in stocks during the last hour was quiet, but prices were gener,
 
 Pacific continued the frmest Senti ment was improved by reason of thu somewhat easier tone of call money, o which plenty was offering around and per cent, as against 12 per cent early in the day. Banking interest showed a less cautious disposition, an, brokers were quick to notice this. Tn easier tendency of foreign exchange and the lighter demand for currenc compared with week ago., were sus gestive of steady improvement in tn monetary situation.
 Some of the prominent houses wh represented the bear party in the mal ket were understood to be coverin shorts in Reading, Union Pacific an other active issues. Their change base was understood to be- a refeC tion of their recent inability to fore general liquidation.
 The statements of earnings by the s' called Vanderbilt lines were regarde by Wall street as fairly satisfactor considering that rather poor exhib were predicted, Compared with u showingNof the prev ious year they we disappointing, however. But from tl action of the New York Central stoC 1t was evident that most of the day news had been fully discounted in u market.
 New Haven road stock sold at 1So i i'll Boston yesterday; rights g. shannon 9 IA, Swift & Co., S9.
 Besides possible reductions in copp compal6y dividends, Wall street was terested yesterday in other industri declarations. The New York Air Bra
 directors met but deferred divide action. Air Brake stock which dropp
 10 1-2 points Tuesday, opened
 points higher. at 5O The announC
 nlent of President Rice of the Disti
 sng company of America, that the
 Fectors when they meet to-morrc
 will not pass the dividend, but W
 certainly cut it, aroused interest.
 An engagement of s7OO,OOO gold v
 terday brings the total of engas
 ments to date to $l04,050O0U.
 STOCK MARKET REVIEW.
 Maintenance of Railroad Divide