Los Angeles herald., 1907-11-22
STOCKS SHOW
RESHENCY
BANKS CLEARING UP CREDIT
ACCOUNTS
Southern Group Of Railroad Stocks
Under Pressure-Professio
Bears Responsible for
Developments
BY Associated Press.

By Associated Press.
NEW YORK, Nov. 21.-Liquidation of the
game painful character for several days past
was still in evidence in the stock market 10
day and acute depression in the stocks imme-
dately affected was occasioned by TINS sell-
ing The weakness did not embrace the iist
as a Whole at any time, and the narkel
showed resiliency In the late dealings.
which suggested a responsibility on the part
of the professional bears for part OF the day
dealings.
Developments regarding the properties whose
securities we're being sold were not tne mo
tive for the selling so far as was known. ~
process of cleaning UP of credit accounts py
the banks believed to be In force ana 10
involve new relations OF strictness and inper-
viousness to influence and favor such. as prom
inent capitalists OF practically unbounded re-
sources have exacted from the banks.
The fact that the banking situation IN rev
York is at present under the centralized con
troll of the clearing house authorities through
its loan committee In connection with the IS
suance Of clearing house certificates IN aur
vance for explanation for the enforcement OF
new rules of procedure Whatever the cause,
the fact Is clear that the forced iidaitii'icii
by selling out of collateral in the STOCK riar
ket Is in progress from time TO time .,
The process Is obvious In securities IN "nlSh @
syndicate transactions have occurred Inc
acute weakness yesterday and today or tne
Atchison convertible per cent bonds cali az
tention to the fact that some 15,OOO,oo0 OF nv
issue unsubscribed by stockholders was taken
recently by a syndicate of bankers Ihe soutn-
crn yroup of railroads. the Erie. New York
Central Pennsylvania, Baltimore & Ohio anu
other stocks were under severe pressure Ion'
time TO time.
Tho selling Of some of these stocks was
partly Influenced apparently by fears of COM
ing dividend reductions. "A decided impression
was caused by the report. denied late III tHe
day, Of the cancellation by the Pennsylvania
oe a large order with the American iocono-
tive works was directly affected by TINS rumor'
The declaration of the regular dividends on
the National Lead stocks helped the metal
Industries 90 some extent especially Anleri-
can Smelling rise in the price IN Lonuo1
of copper also aided this end. Ihere was d
feeling of encoura agement perceptible regard
ing conditions in the iron and steel trade
which was accounted for by the views en-
pressed by large numbers Of leaders in that
trade who were present in the city and en-
ragged IN consultation over means 10 conserve
the stability of the trade.
The n,ainte enance of the premium on cur
rency and rise to above yesterday nsure
was an unsatisfactory item of the day news,
and call money was stiff again with the Calling
of loans in nroeress This was rather vaguely
ascribed to rrepara tions for subscription to the
new Panama bon6s and the treasury certin-
Gates. although no authentic details were to
be learned as to the progress of those opera
tions. . =,
securing an instsllmcnt of gold from tne
Iapt of France by the of treasury certi-
fcates as collateral. The increased strene. ~
~ nosition shown by the Bank OF France ~
its weekly statement and the abstentlon Oh
tbe Rank Ct England from advancing us us
count rates were regarded as corrooofatNe
sumnated. 40 ,.e
bonds heavy Total sales. par value, S244o'..
900 United states Is declnedh, the IS "a anu
the is . per cent on call