Los Angeles herald., 1908-12-25
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Dec A-With closed inter-
val of three days in prospect, on account Oh @ ,,le
holidays, from tonight until Monday there was 40
little disposition to operate on large scale IN
stocks. a..
davis business was largely devoted to closing
nm contracts already open. This seemed to
operate both ways in the market serving TO
illustrate the decided confusion IN which specu-
lative sentiment stands at present
Short covering in evidence IN Some u
The stocks which were left over from the ac-
tive selling earlier in the week In other quar-
ters there was liquidation OF long accounts ~
the case of some Of the stocks, which nave hB-
ufed in the weeks deals, rumoIs Oh thls sell- s
ing caused very unstable CONDITION Oh alai tn& . .
A counteracting movement appeared IN other
quarters where the deal rumors EXTENDED anu
advances were made in stocks tnat nave MT @not
responded hitherto to the fact that tney ar ar
available for possible junction win "a
Belief that very extensive amalgamati!on,ss are
in prospect In the railroad world especialIy IN IN
the southern section, continued uoiii4s
Influence in the market. -, l., 10,
There was pronounced movement also in the
Vanderbilt group in pursuance Oh tne ,Ipitio
ton that an early entry into active directlon
of the affairs of that property VIII be maze py
E. II. Hartman. -, l..
The. railroad equipment stocks responded to
renorts of resumption of mill activities OF some
of these properties. American Smelling was
We al, and showed the continuing effort OF the
formidable competition said 10 De oisali1ihs III
its field of industry
United States steel was also inclined to be
heavy and was affected by the moderate rate
of expansion reported to be IN progress III 'ne
steel industry.
The sharp fall in the Wabash stocks repre-
sented partly profit taking sales on the au-
vance which has occurred on the strength OF re-
ports of an approaching deal aftectlnB TINS
property The stocks were weakened also by
reports Of the withdrawal of the company from
the trunk line agreement, and its determination
to cut freight rates to the seaboard by the New
Haven and Canadian Pacific division OF tratlc
The recent differences OF this same company
with other lines over Pittsburg and Chicago
passenger business Joined to the present de-
veopments created the impression of new de-
parture in policy which wa sof disturbing ef-
feet.
The demand for call loans to carry over the
prolonged holiday caused disturbance in the
money market and thi sleft without much
effect the indications of continued increase in
banking reserve Evidently the increased need
of this center has drawn funds from the in
terror, the movement IN favor Of New York on
balance since the last bank statement having
reached about $1,000, 600.
The subtreasury operations have taken over
s7,00O,000 from the banks in the same time Not
only has the interior sent cash to New YORK
during the week, but lending in this market
by interior banks has been feature Of the
money market.
The decline in condition of the Bank Of Eng
land, reported today, unusually violent even
for this season. but the London money mar
ket was little affected and the price of gold
was lowered there.
The price movement of stocks manifested a
good deal of confusion in the later dealings
and was sluggish and irregular.
In the bond Market besides the active deal
ings of a speculative complexion, there were
traces Of reinvestment demand in some Of the
high grade, seldom active bonds. The tone was
irregular. Total sales. par value, SS,2lG,O00
Government bonds were unchanged on call for
the week.