The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-06
NEW YORK STOCKS
IN A FINE RALLY
Slow Getting Under Way,
But Refuse to Consider
Bear Influences, and
Gain 2 Points on
Average.

NEW 1ORh. Jan. 6.-l.50 p. m.-For
Attle time this morning the market
nesitated and then. getting under way,
continued active and rather strong up
10 noon. The leading Wall Street houses
expressed satisfaction with conditions,
and the reports from PittsbUrg indicated
Il steady Improvement in manufacturing
circles with more mills getting ready
10 resume operations. Money was COM
paratively easy.
The first warning note came from a
brokerage house. and one that IS gen
orally right In its conclusions. predict
ing a 10 per cent extra dividend from
the Northern Pacific to its shareholders.
II has been because Of the possibility
of this distribution that the Hill shares
have made such good Roadway. But
the conservative interests do not con-
slider II Il wise policy TO make such a
pisJrlbutiOn at this time when the hnau-
eial status is not fully Tegained, and
When trouble may break out here and
tncre and decrease earnings, make IL
necessary for railroads to conserve their
fiscal resources for their own use.
Another echo that did nOt please those
most interested in the steady character
OF the market was the application by
She Prussi2n government for a loan,
perhaps amounting TO $4,000, Ouo the first
demand or request made in London be-
Ing for S5e 600, 900. German banks Criti-
NlSru TINS 4pait ana II mas caused the
selling OF, stocks in foreign markets anu
VIII probably be CO-TespOnsib with the
sentiment OF the Northern Pacific extra
dividend. for turning this market before
The close of the day. in fact, there was
Quietness and hesitation in the noon
hour, In place OF activity and strength.
On the Immediate opening the market
hesitated, and there were few changes
OF Importance, For ten minutes the
market hesitated, and then II turned
very strong.
This, too, despite lower prices for
stocks In London.
The gold arrivals have brought the
importations on the present movement
up 10 $9S. 466991.
Leaders in Strength.
The chief leaders on the upward
movement were Northern Pacific. Read
ing, Capper. Smelter, Sugar. and Con-
sOlidated Gas. The movement IN Steel
common was disappointing. but there
was no loss. The preferred was a shade
lrmer.
Copper advanced to 492s, as compared
with a close al IS on Saturday Smelter
gained 1 point net, although at one time
II was Z higher Delaware and Hudson
was also q strong leader in the rails
moving up "a points or 10 l59. Penn
sylvania advanced =, Northern Pacific
Is, Reading IL. and Sugar a point. Union
racine was =, and Great Northern =
higher.
Bankers are Of the opinion that It IS
reasonably safe for investors TO buy
stocks on declines, but they want steady
markets, and do not believe IL wise TO
-oioW the list on the upJurns.
An Echo of the Panic.
A statement by the trust companies
Of the Borough of Manhattan as Of date
December 70, 1907, as compared with
August %, 1907, shows the serious char
pcter of the panic. and the awful losses
II caused.
Decrease in checking deposits. Sos
600 600; of deposits for other trust COM
panles, S4O.UOU,0005 depreciation Of securi-
Ties held by trust companies, 500, OU0. 600.
This report was sent out from the
State banking department just before
noon. It may be counted with one of
The bear influences. although II is not
q live issue, being more in the nature
of an aftermath.
Entering the noon hour the market
displayed a better tone, and before the
and of the hour there were many good
advances and a better. broader market
shan for several days past. The bears
Were somewhat startled by the show
OF strength. and started TO cover add
ing to the uPturn and making the gains
more marked.
The COppers and coaIers were I'M |
portant factors IN the secondary move
mont this being inspired in the first 4
the COalerS by the frequent reports Of /
the uncOnstitutionslity OF the laws call /
ing for the segTegatiOns Of the coal /
properties from the railroads.
The whole market broadened and at |
30 was on the wave of activity ana
but fraCtiOnaly below the high prices /
OF the session. It is within the prob
abilities that the list will slow ND and /
20 Oft a little in the final hour on the
taking Of profits, which has been the
feature Of all rallies for days and weeks
past
The gains carried Steel preferred a
higher, TO SS2t. Union Pacific touched 4
12lls; St. Paul 1885, or pa gain; South
ern Pacific, TO 74lz, or rs higher; Sugar.
10 IL net gain: Reading TO 99&, with
strong chance of topping par;
PENNSYLVANIA, up u lips New
York Central, Ia higher; Northern Pa
CifC, 20 up; Great Northern. 10 pos
a net gain of 21s, and Anaconda, ri
points up. Many of the minor stocks
shared In the advance.
P M-Reading topped par and the
entire list continued strong ana active
into the last hour OF the afternoon.
DnlV NJ IMrLMT |