The Washington herald., 1908-01-17
MARKET IRREGULAR
Strength Is Found Despite
Weakness in Shares.
COPPER DIVIDEND REDUCED
Break Of a Couple of Points Follows
AnnOuncement-BulI Take North
ern Pacific rs Leader in Their
Speculative EffOris-Bnnk of Eng
land Reduces It's Discount Rate.

New York. Jan. l6.-Although the stock
market to-day was good deal more
Irregular and htful than at any time II
the week thus far. and the greater mum
Der of the leading shares closed at de-
clines, the prevailing characteristic of the
market was, nevertheless, its decided un-
DERIVING strength and an evident deter
mination ON the part of the powerful
financial interests. who mquestonably
have the direction of affairs in charge not
10 relax their grip upon the tuauon.
IN the early part of the day. after a
really furious upbiddng Of prices In a
Number Of stocks in the first hour OF
business, there followed more Of a reac-
tonary movement than has been seen for
several days. based upon the almost uni
versal sentiment expressed in the Wan
street commission houses that the adj
= vance in the market had been too rapid;
that prices We're being pushed up by main
force, and that manipulation for the rise
was being altogether too openly con-
Quoted
No serious Declines,
But the declines that occurred were not
OF any serious moment, and it was mani
fest that the market was sull completely
in hand There was dulness for time
pending enlightenment as to the nature
Of the quarterly dividend due to be de-
ciared during the day upon the stock OF
the Amalgamated Copper Company. and
when the action of the directors of the
company was announced and became
known that they had reduced the quarter
ly distribution from 81 to 80 cents a share,
or at the annual rate Of 81 a share, the
stock broke a couple of points. But the
price of the shares rose again very quick
ly under a vigorous beating in of the
short interest IN them. and the whole
market closed strong and active
Just as on Monday the feature of the
last hour of the stock-exchange business
was concentrated buying OF the Atchi-
son common shares; on Tuesday of United
States Steel common stock and yesterday
OF Reading, so to-day there was a clear
converging Of the speculative efforts for
higher prices upon Northern Pacific stock.
Rumors Immediately sprang up. as they
have done dozen times in the last
twelve months, of an impending extra
1i"'4 tbNti"A upon NhEAleEN Ia INC, hut
this time they found fewer believers tha1'
usual
Money Is Easier.
Aside from renewed evidences of in
creased ease in the money situation to-
day, there appeared to be no especial de-
VeIoPments affecting prices.
The Bank OF England reduced its min
imum discount rate from s 10 > per cent.
having no option, in view Of the a. Der
cent rate in the open London market. and
F. an increase in the banks proportion Of
reserve 20 liabilities from ISIS pc. cent
last week 10 $3.50 per cent.
, This ratio of the banks reserve is
now higher than at any time AT this
season of the year for more than a gen
Grafton, and although doubtless the bank
viii soon pay back To the Bank of France
the Sl5,0oooo0 borrowed from il last No
Vember its proportion of reserve viii stiU
be abnOTmally large
Bank renewals Of call loans we've again
made locally to-day at per cent. but
money rates Immediately dropped there
after lower figures