Show NERVOUS CLOSE OF YEAR Prices Unsettled and Final Quotations of 1907 Are Low MANY DISTURBING FACTORS PROCESS OF LIQUIDATION IS l THE GENERAL FORECAST New York Dec 31 The stock exchange community saw the expiration of the year 1907 without regret but with some at attempt att tempt t at cheerful expectation of the com cant coming coming ing lug year The cheerful sentiment show showed showed showed ed signs of ot being forced to a degree and was not maintained throughout the ses session es sion slon owing to the interference of or one or two Iwo incidents calculated to dash any budding enthusiasm Early Advance In Prices The principal incentive to the early ad ance in prices came from abroad where there was a widespread feeling of ot en over the for onick Improvement In the th banking situation after atter the turn of ot the year There was a pronounced recession in the price dis discount dIscount discount count rate in London and confident as assUmptions ass assUmptions s tha the Bank of or England of official official tidal rate would come down on Thurs Thursday Thursday day da The tone of ot the market In Berlin showed an entire subsidence of ot an anxiety anxiety ety tt over the outcome of the yearly set settlements settlements settlements at that point which has been regarded as a danger point up to recently When the time for trading in this market foreign account bad had passed the foreign Influence on the money market waned and prices began to zag sag The call money mar market market market ket was affected by the operations Inci mci Incident dent Jent to the last day of or the year ear but not anything like the extent that had been dreaded Came Later Some Som selling late in the day was pro profit taking based on the rise for several days s past pass The Tle professional Clement has been Inclined to distrust this rise as attributable in large part to manip manipulation manipulation manipulation in the Interest of improved show showIng showIng showing Ing of or market values ues of securities In bal balance balance balance ance sheets of ot Investment holding institutions Institutions institutions There is a disposition to take for granted also that the Industrial reaction tion must run to considerable lengths be before before before fore the of recover recovery is reached There Is less apprehension of ot commercial embarrassments as a prompt relaxation In the th money market is now looked for which will add to facilities for carrying mercantile credits Look for Liquidation Period A process of or liquidation in general busi business business ness cess Is regarded as essential however following the we upheaval in the banking world work Sensitiveness to future demands on the money market was disclosed In Inthe Inthe inthe the effect on the New York City bonds of or the intimations that the city would Issue long term bonds to the extent of to some time next month The 4 per cents of or 1907 receded 2 I Iper per cent on this news The knowledge of the need neede of or large financing by some or of orthe i the principal al railroad companies weighed on sentiment and affected the tocks stocks Im Immediately immediately mediately concerned especially The statement nt of or the Atchison system of er earnings for f r November showed so sharp an inroad on the net return that i railroad stocks were affected unfavorable i throughout upon its publication A nom nominal nomInal nomi i inal decrease In the gross return for that month is 15 accompanied by a swelling In Inthe Inthe inthe the operating expenses of the net return falling tailing in consequence to 2 compared zith In November of ot last year jear par Cut in Anaconda Dividend The anticipation of the cut cutin in the Ana Anaconda Anaconda Anaconda conda dividend had hal a depressing Influence influence ence on the market and there was as no re rebound rebound rebound bound after atter the declaration of ot the divi dividend although some of the tIle gloomier fore forebodings forebodings forebodings bodings had hinted at a danger that the dividend would be bl passed altogether In Instead Instead instead stead of or being cut from front 20 to an 8 S per cent basis The copper stocks stock were relatively little affected the rise rille lse ij p the London quotation for tor copper serving as an off ott offsetting offsetting setting factor The appointment of or a re receiver receiver celver for a minor steel company had a abad abad abad bad impression Last prices were about the lowest Bonds Donds were strong Total sales par value United States bonds were unchanged on call all |