The Birmingham age-herald., 1907-12-19
STOCK MARKET
 FAIRLY ACTIVE Reading Takes Lead In Recov- ering Previous Losses SOME STOCKS STATIONARY Professional Dealings Mark the Course of the Market, Which Holds
 Fairly Steady, With Bet
 ter Tone Promised.
SOME STOCKS STATIONARY

New York. December 18.-The heaVS congestion of today's dealings in le" stocks pointed unmistakably to the pro fessional character of the market. rms was particularly marked in Reading, in which orders for many kinds of shares were executed from single houses Ihe fact that action was looked TOT uuiins the day on the dividend on this stock aoo- ed to the interest in the large transao- tions. Readings aggressive upward turn, after early weakness, affected the tone ol the whole market in sympathy. rms was partly the covering of professional snort account, which has been built up m the last few weeks in connection with the difficulties to be met in conforming to the law against ownership of coal mines by the railroad companies which goes into effect on March 1. The stock reacted on the regular dividend declaration.
 New York Central was an indifferent sharer in the general upturn in spite or the refutation of the recent unfavoraple rumors by the declaration of the quarterly dividend at the per cent rate inaugu- rated at this time last year. This action was foreshadowed by the declaration or the extra dividends yesterday on Lake Shore and Michigan Central railroads, the two principal subsidiary companies of the l Central The good impression made by the maintenance of the dividend rate was modified to some extent by consideration of the earnings statements of the com panies Even in the case of the sub sidiary companies the extra disbursements left the surplus showing much below the conservative standards of those com panies. Without the expansion of the parent companies, other income which resulted from these extra disbursements, the ability to maintain the dividend rate out of current earnings was plainly inn paired. Not only has the increase in op- erating for the last year far outstripped the growth in gross earnings, but the ad- dition of new capital during the year has enhanced the dividend requirement on earnings even at the unchanged rate. The effect of the dividend declaration, there fore, was notably favorable to the stock.
 The favorable effect on Pennsylvania of the increase in the Pennsylvania com pany's dividend was scarcely greater. On the other hand, Missouri Pacific was quite weak on the circulation of rumors
 
 it's dividend at the present rate. One of the days events that relieved the market from some pressure was the relaxation of the tension in the call money market. The high rate was 12 per cent. and there was a recession from that in subsequent loans. There was less calling of loans by the banks, and holders of stock were freed to that extent from the pressure to sell. The relapse in the rates for cables on London pointed to one source of the re- lief. Yesterday there was an active de- mand for remittance by this method, which was ascribed to the approaching obligations to be met at the end of the year in that market to foreign holders of stocks and bonds for dividends and in terest. A rebound in the London price of copper and tin was some assistance to industrial stocks connected with the metal trades.
 The London money market was helped by the release of funds held in the Bank of England to the order of the India coun- cil, which served to take up large offer ings of German bills for discount in Lon don. The German money situation and the means to meet year-end requirements H financial centers.
 In spite of the activity of few stocks, the amass of the securities list was inert and neglected.
 Bonds were irregular. Total sales, par value, S1922, 900.
 United States bonds were unchanged on call
 Money on Call.
 New York, December 1S.-Money on call firm, 3d12 per cent; ruling rate 12; clos