Los Angeles herald., 1908-01-03
NEW YORK STOCK
AND BOND MARKET


NEW YORK Jan. 2.-Prices moved over III
ouite a wide range today, but the maGket was
narrow measured by the extent OIL lhe nun
Iers interested in it, Dealings were laiBSly
professional and reflected the readiness OF the
fnerators 10 turn quickly from one SIDE Oh the
market to another. =, .,-. -. 49,
o,anine and then rebought later In the day to
cover short contracts largely because the ear
1ier selling had induced but ltte hquiuatloll.
,rhe early decline was largely lrliu i., Wy
tho news over the holiday OF the appointment
of receivers for the Seaboard Air Line ran
way on account Of its inability 10 meet the
axed charges due on January l.
The causes given for the plight OF the prop
ortV especjally the legislative pursuits or ran
loads in some os the southern states ana the
atringency Of the money market, are Oh suCh
general application to railroads IN lnat teili
5orv that they were generally responsive 10
Even more effect was produced on specula-
live sentiment by the reports from washington,
NOT without officiel sanction, that a SUIT would
Fe acttvely pushed by the government alohe
.be lines Of the Northern securities SUIT Y
force a dissolution Of the Hartman railroai
merger. u.,,,,, t., .,o,,e
euarters or III, financial world that state OF
truce was to obtain between the goVern lq,l
and the great railroad corporations as nra ,,
ure of policy in view OF the depression s'V"
ing out Of the financial crisis. Lro-
intimation of plan looking 10 the sgrc-
,,atio, ~ the Southern Pacific and Union fh-
rtfic Investments in the hangs OF a 5tp"i" q
company was believed TO assure the removal "a
affections Of the authorities to present GU"
ditions. Ao-oforc
The Hartman railroad stocks, uereloI,r,
shared witt the Southern group IN ine cal
denressiou The rise in prices which occuIIe "a
toward the close of the year was peIslsVe,p'is
distrusted by the professional element wr ~ u
was inclined to assume TO-DAY tnas oa w,o Tar
,assing of New Years day the occasion 10.
eunnorting values would disappear Inns Wow
was fostered by the general note OF conse! a.
ism in annual financial reviews as 10 tno lae1
or remuneration to be expected IN the Be"e."i
situation a certain amount OF comnerclal anu
industrial liquidation being commonly aecep' e,
as o necessity before effective recovery may
be looked for .a.,,t,,s also
came in for special consideration. In snls IT,
spect the November statement OF Re NC 5
showed an exception in the increds1 u -
es4ninag over those of last year anu INA. s'o =.
ed tho recovery in the market me s.Iel - ~
Of the market became general as tne uay ~ IL
pressed. The action of the money ma. ne, 80 N
gave satisfaction, the early NJ me-, dealings
Der cent ielding steadily in ty later ueaiii -
Larger offerings of time loans VIZ
ported also. although rates y ulat ueP'''
yielded but little. - ,.rso,,ca,i,
The dwindling premium on gold pracucsiy
a,satraarad todav So png as the premium
existed it was felt tha- an oostacie telnal,. ri
% be overcome to the establishment OF "0'H'''
"sn l S,,atior i,1 ehe Bank OF England Off
oiai discount rate from to per cent also
marked the passage of Que of the , measures
which were sigr5ls OF aonormal cohult pns, q,
1,ta 1o,v banf rate however. is expected 70
recnn,e more effective in holding up the Lon
oon discount market as the discrepancy IN the
bsnk and market rate has become SO WIZ
~. has.sl,yers would not resort TO the bank.
rrbs weekly relation of the Bank of France
was weak and indicated the likelihood OF an
carly call on II, London market to return ao-
20 ,.ces made to /. by the Bank Of France
copper rose again at the New YORK metal
exchange and this factor in lifting the
prices II stocks. Substantial net gains were
shown at the end of the day.
Bonds were heavy. Total sales. par value
81 oil, 600 -,
United state. bonds were unchanged on call.