The Birmingham age-herald., 1907-12-18
STOCK MARKET
 IS STILL SAGG|NG Better Showing Is Made on
 Railroad Dividends SHORTS COVER ALL DEALS After Some Depression the Market Makes Recovery Upon a Buy ing Movement and the Close
 Shows Very Little Loss.
SHORTS COVER ALL DEALS

New York, December 13-The scanti- stock market dull and contracted, the speculative activity materially lessened, but the tone of the market showed some relief to the heaviness that has weighed upon 1t for several days past, Prices showed small resiliency, however, and the movement was dragging and hesitat- ing. Assistance towards resisting the mood of depression was afforded by the news of the declaration of extra divi- dends of two per cent on Lake Shore and Michigan Central stock, the two most prominent subsidiaries of the New York Central. Lake Shores semi-annual divi- dend of six per cent has been the regular rate only for two previous half years and the same is true of Michigan Gen. trals per cent, Lake Shore previous to that having been 8 per cent year, for three years and on Michigan Gen. tral 4 per cent a year for eleven years. The surplus from these dividend profits over the sum required to pay interest on the collateral bonds issued by the New York Central accrues to the New York Central treasury which holds most of the stock of the two companies. There has been conspicuous selling of New York Central for several days on an assump- ton that it's dividends will be reduced or paid in scrip by decision of the directors this week. The action on the subsidiary stocks today shook this belief and led to buying to cover shorts by the bears. Other stocks in the lists showed a similar condition of overextension of the short interest following the recent active selling. This was true of Amer- can Sugar and to some extent of the Copper shares. The sustaining effect on prices in general developed only after a period of sharp recessions. The coalers were. conspicuous in the decline, Reading leading. The weakness was attributed to reports of consultation among those in- terested in these properties to devise means to meet the requirements of the law for investment of ownership of coal mines. Assertions accompanied these re- ports that difficulties were encountered in finding a feasible method of com plying with the law which seemed to
 
 business by these companies when the law becomes effective on May 1.
 The subsequent rally in the stocks pointed to professional origin for much of the selling. The whole market, in fact, remained largely in professional hands and was narrow Dividend prospects for individual stock formed the staple of the discussion. Money conditions were unchanged, the premium persisted on currency, call loan rates went higher than yesterday and discounts rose in both London and Berlin. Fears of a severe money strngency over the year end in meeting the necessities of that period af- fected the apprehension. New York com mand of the exchange is explained by the November foreign trade statement, which shows an excess value of exports over imports for the month of $93,655, 751. Not only was there a decline of nearly $9,O00,OOO in value of imports compared have risen in values s21, ,7S9 600, the agri- cultural exports furnishing some S17,000, 600 of the increase. Additonal/ under standing of the international Exchange situation is afforded by the showing that in spite of Novembers s6S, ,461, ,036 of gold imports the eleven months of the calen- dar year show an excess of imports over exports of gold of only 44626, 4S2, com pared with $l03, 133,S ,SS0 in the eleven months of last year. New points of