Los Angeles herald., 1907-11-16
WALL STREET
FEELS SLUMP
STOCK MARKET SUFFERS FROM
DEPRESSION
the Decline to Profit from
Necessities Of Il
Sellers
BY Associated Press.

BY Assoeiated Press
NEW YORK, Nov. l5-The stock market
took on the appearance of quite severe depres-
sion today and sold down for some stocks 70
new low levels for the year. The llquldaton
was not large in volume but 1t was apparently
urgent and there was corresponding demanu
to absorb it. The Lear party was accused aiso
with some bitterness of manipulating prices 20
accelerate the decline and to proht from inc
necessities Of the sellers. 1t was the common
suppostion that the process going On was Wha'
the mark Il calls clearing UP OF wreckag'
meaning the selling out of accounts that nau
been carried through the late period OF the Gay
which had beer taken over night from the
embarrassed houses by capitalists able TO carry
them. \ number of circumstances today also
emphasized the weakness although their e,
mediate effect was confined 10 mul'iuui'
stocks.
New York Central was the earliest stock 10
be affecteu in this way, responding to the
published reports of the formation of n hnanco
committee to consider the further needs ol
the company and methods by which tDey "e'e
The United states steel stocks conlinTci IL
feel the effects of the growing evidehre CtJhe
reaction in that trade and this was oi cun'u. 1i-
lafive effect on the whole list. Later IN the
day the Hartman Pacifics we're brouSat lnto
Zine Of depression by the publication oil tne
earnings of the companies for september.
The net earnings of both companies showed
heavy declines compared with september or
the preceding year, in spite OF the commune
expansion in gross earnings. Inc Increaso M ~,
80 per cent greater than the increase III gross
earnings, while for Union Pacific the increase
in expenses was twice as great as the increase
IN gross earnings.
The tendency thus disclosed has become fair
ly general In the reports of railroad earnings
for September, owing to the progressive g Crown
in operating cost which had BECOME manifest
many months ago This is the first time since
the backset in 1908 that this has been true OF
comparisons thus Wade The great increase III
cost of amterials OF all kinds which lis respon-
siblo for this tendency lies back of the whole
question of causes for the present crisis, sucn
showing of business results making the deduc-
ton plain that renewed consumption would pc
a necessary consequence of the price levels
thus represented. 80
been effected since leaves open the question
of results on profits of productive consumers
such as the railroads and manufacturers. Opin-
ION on tho general situation was distinctly
brighter in spite OF the apparent gloom that
oveIspread the stock market.
The disposition was partly senilmental anu
associated with the tragic ending of the lie
of the former pi esdent of the knlckcrbocker
Trust company. The premium on currency
was inclined to relax and bids were not III
evidence in some quarters where the demand
has made itself clearest in the premium opera
tions
Rates arc still quoted on the gold to arrive
on the Mauratania week from tomorrow.
which is in itself indicative that the first de-
rnand did not absorb all of the expected con-
sguments More significant is tho fact that
bids for the gold have now declfAed to tac-
tfon ompa.ed with 19s per cent when the en-
ragement was first made. Demands from IN
terror banks on their New York correspondents
were met today without much alterations OF
loans.
bonds were weak Total sales, par value.
s3,l52.ooO. United States bonds were unchanged
on call.