Los Angeles herald., 1907-11-30
ARE
IRREGULAR
NEW YORK MARKET is HALTlNG
AND ERRATIC
Little Doing on Wall Street Excep
When Need of Ready Money
Causes Some Liquida-
tlon
BY Associated Press.

NEW YORK. Nov. 29.-The human motives
which always lie back of the action Of the
stock market were rather more easily dis
cernud today than usual. The hating, rreg-
ular movement Of the market was quite plainly
the reflection of the dread that the exigencies
OF the December l money settlements would
bring out forced liquidation of the kind
which has come on the market from time to
time since the financial condition began to
mend
There was in fact evidence of such liquida-
tion at Cr- or two POINTS, notably in the Gould
group, with effect in Missouri Pacific and
Western Onion. The buoyant tone which de-
veoped later was evidently dAe to the convic-
tion that the December liquidations were not
to entail serious burdens on the market.
The scarcity of stocks, except when some
special supply forced out of a loan, has
been a conspicuous feature of the market for
some time past The professional operators
have been keenly alert to this state of affairs,
but cautious against premature attempt TO
take advantage OF 1t or to mark up prices in
face of further liquidation that must be accom-
plished. Holders of stocks are clearly deter
mined not to sell them at the present unproht-
able level except as they may be Obliged TO
do so by the maturing of money obligations
on which extensions are refused. Win the
lifting of that kind of pressure today 1t was
found easy to bid up prices rapidly, with the
absorption of comparatively light supplies ol
stock the way up.
The same process is going on in the bond
market The movement today did reflect som"
degree of the special demand from the prepa-
ration for the December settlements, but this
was SO moderate that 1t was accomplished as
q favorable deveoI Iment.
AS the day progt essed call loans touched IA
per cent Today practically the last day
of the month at the stock exchange, as loans
made on Friday carry over until Monday, 80
that the greatest strain of the preparation
would be counted upon being met today.
The developments over thanksgiving holuay
were given a favorable Interpretation. inc
decision to discontinue the offer of the United
States treasury per cent certificates was ac-
Ct pied as testimony that the need for this
emergency measure was considered to decline,
and is expected to disappear as soon as the
end of the month payrols are met There was
an accumulation of testimony from bankers
throughout the country of the readiness to re-
sumo cash payments The local banking situ-
alton was known to be improving fast, al
though the surface showing of tomorrows
weekly bank statement may be thrown out OF
the reckoning by the treasury certificate trans
actions. The redepost of the 7o per cent OF
the subscription with the banks which the
secretary of the treasury agreed to did not
work smoothly at first. and the transaction
will also affect the loan item. The gain OF
s., ,O75, 900 by the banks on the subtreasury ope-
rstions for the week. to which is to be added
several millions of United States gold imported
and not figured in the subtreasury operations.
shows that the force of the tide of imported
gold has overtaken that OF the forwardings TO
the interior banks. The country's demands FOR
currency are shown infallibly by this test to
be satiated.
The rise In prices became rather mpetuous
in the late dealings, but this was attributable
in part 10 the retreat OF an uncovered short
interest.
Bonds were very strong. Total sales par
value S5.460.000. United States bonds were up-
rha