The Washington times., 1907-12-27


very fact that it has been very hard to
break stocks, that in spite of dullness
and tight money. values have depre-
ciated very slowly, has given the friends
Of securities a little more confidence and
even caused some little buying.
With the immediate opening this morn
ing the market was just as duh as it
possibly could be and still maintain a
semblanca Of the old Wall Street mart
There was some sagging Of values and
the feeling, while not exactly pessi-
mistiC. was far from being the reverse.
The prospects OF financial legislation
for the relief Of the currency difficulties
seem farther and farther away. The
doctors are not in accord on the matter,
desperate as the case Is.
That 1875 will continue TO witness
Strlngency Is believed. The temper of
the bears Is perhaps leaning 20 caution,
but Il is by no means certain that they
will not raid here and there for the in
fluence Of weakness in spots on the gen.
eral list
1t is known that many large financial
payments have been carried over into
next year and even over into 1909. in or
der 70 prevent the full effect Of cash
In This way s12,OoO.OoO Great Northern
payment is due April, 1908, $4,000. 0O0
Northern Pacific funds are to be paid
In by stockholders in 1908, much of It
being due January I.
There is 100000 due on St. Paul
stocks and another S26,Ooooo payment
\ s6.5O0OOO payment on General Elec-
tic bonds is due In 1905 January 20 is
the late Of payment.
on New Haven and Hartford In 1903.
and also I'm 1909 equal amounts.
Look for a Good Bank Showing.
The Street looks for a good bank
statement tomorrow. The banks nave
gained something over 100000 in their
operations with the sUbtreasury. and
have received some gold from abroad
They have not lost the enormous sums
necessary for January dividends as
Vet, and the statement should be fairly
encouraging.
In the opening PENNSYLVANIA. Atchi-
son. and Great Northern were the weak
stocks. but they were followed by the
list with One-half point losses. The de
Clines were due to long stock coming
out and some short selling. without
much warning. and as If indicating the
power OF the bulls latent power of
late. the market turned very strong, en-
tering the last hour Of the morning.
and recOverles Of the declines were
quickly made and sharp gains as well
The leaders in the decline did not do
a well as the rest Of the list. Atchison
ern regalned loss and y additional, and
Pennsylvania added net gain OF Z
Copper added a point gain, Brooklyn
Rapid Transit 3. Missouri Pacific from
14i4 70 IS. New. York Central advanced
80 qOIz from SO. and was very firm.
Reading gained "a Sugar 1h. Union
Pacific from l159s 70 ITIs.
Southern Railway. preferred, and st.
Paul were weak. even In the general
advance all along the line.
The Steel shares shared IN the I'M
movement to the extent OF y point
After the advance the market again
became slow but steady. The strength
surprised the shorts and started them
70 covering. They accredited some Of
the buying to the reinvestment move
ment in anticipation Of the January div
idend and interest payments Much
will depend on the extent to which this
reinvestIaE IS carried. But for the de
creased dividends. the cut and passed
dividends. and the payments referred
TO above there would unQuestiOnably
be an investment demand that would
result in the usual January rise. Per-
haps there will be after all
Entering the second hour OF the al
tcrnoon the whole market strengthened.
and. while not especially active in their
operations the shorts displayed more
uneasiness than they have shown for
some time
The gains in Pennsylvania and Great
Northern turned to good point above
Thursdays closing. while the general
list Of active railroad shares moved up
to an average of two points all around.
The gains in the Steel shares averaged
nearly a point.
The strength Of the market was highly
satisfactory 70 the bulls, az IL seemed
to indicate the end OF forced liquidation
They took courage and quite number
Of buying orders were executed.
{ The closing promises to be strong.