Los Angeles herald., 1907-12-20
NEW YORK STOCK
AND BOND MARKET
By Associated prsas.

BY Associated Press.
NEW YORK, Dec. 19.-rhe atmosphere Of
the holidays began to gather about the stock
exchange today and the tone of the dealings
became dull and Indifferent. The operations
showed some Of the favorite devices OF pro-
fcBsional manipulations to be in force and
the whole market gave clear evidence OF its
narrow professional limitations. Activity was
ccngested in a few stocks and in these the
action was irregular and not ruled by any CON
sIstent motives
Any sign OF strength in one part Of the list
was taken advantage of to sell stocks at an
other. There rather general show OF
strength at the outset in continuation OF the
movement among the bears to cover up their
shorts which has been manifest for day or
two.
Meantime stocks which have been made the
engines OF the bulls in lifting prices against the
shorts began to show the effect OF the retreat
OF the bull party. Especially in Reading the
movement to take profits was conspicuous and
that stock was sold steadily at the time the
Hill stocks were most conspicuously strong.
There little in the occurrences Of the day
with any direct bearing on values Of securities.
The rise in American Locomotive seemed TO IN
dicate feeling OF qualification by stockhod-
ers that the rate of the dividend distribution
was left unchanged.
New York Air Brake, however, was equally
strong in spite OF yesterdays decision to post
pone the dividend action Now York Central
and Pennsylvania did not share In the early
rise prices, Notwithstanding yeSterdays
declaration of the dividend at the full per
cent rate for the first and increase In the
subsidiary Pennsylvania company's dividend In
the case Of the other. Much weight Is given
10 the supposed intention Of these companies
to prepare the way by these dividend actions
for the Offering OF additional new securities at
e later period. The effect Of this consideration
seems to be depressing on the stocks them
selves although It might be regarded sig
afd nf of feeling a future
viyal of prosperous activities on the part OF
the capitalists thus planning for additional
cutlays.
Reports that an agreement had been reached
among the steel rail experts on the pattern for
the 1908 rail were accompanied by ntimatons
that railroads were preparing to make their
assignments Of their contracts covering their
needs for the coming year. United States Steel
preferred had some benefit from this develop
ment.
A sharp advance in the London price of cop
Per was feature of the days news. Holders
OF stock were not subjected to any great pres
sure by lenders Of money, but the easier tone
Of the call loan market is attributed to the
keeping of funds in hand for the needs Of the
end Of the year.
The time money market is almost wholly
nominal yet and there is no market of conse-
quence for commercial paper. There are some
fears OF embarrassment unless sufficient de-
mand for merchants paper springs up to take
care OF some of the large requirements at the
end OF the year. Rates for call loans became
somewhat frmer as the day progressed and
there was active demand again for remit
tances to London.
Another engagement of gold made in
London for New York. nevertheless. The weak
Bank of England return was disliked in Lon
don and any reduction in the official discount
rate before the turn of the year was con-
sidered less likely Not much Of the earlier
gains were left at the end of the day.
Bonds were steady. Total sales, par value.
s2.13sOOO Government bonds were unchanged
on call