Los Angeles herald., 1908-08-25
NEW YORK STOCK
AND BOND MARKET

NEW yoRE. Aug. 24.--Discussion in the
financial district today had to do mainly
with last Saturdays sensational market and
announcement that the stock exchange mad
determined to take immediate official cog
nizance of the episode was received with
general approval
A closer study of the days business would
seem to have heightened the impression
neither genuine short covering nor legitim-
ate trading of any kind.
It Is the avowed purpose Of the governing
hody Of the exchange to probe the matter
to the bottom and preparations to that end
are already we'll under way. That traders
and the speculative faction whole have
taken warning was clearly evident from the
character of today's operations
Business during the early session was less
than one-hfth of that transacted in the
period Saturday and throughout the day the
market had frequent periods of utter IN
ertia
Reports dealing with general business
conditions were rather conflicting. Railroaa
officials west OF Chicago admitted that long
haul traffic continued disappointing, win
the grain movement much below expecle-
tions. From the southern mercantile centers
came advices of very slow recovery. Inc
coal lumber and live stock movements are
somewhat better but still much beloW nor
NAL. Grain receipts at Chicago last week
were 250,000 bushels less than the previous
week and 1057.000 bushels under the same
week last year. The same falling on ap-
plies in greater or less degree to other fooo.
stuffs. Other developments having uireoI
relation to the stock markets were Canal-
date Taft's pledge to early tarim reVls-
ion in the event of his election and the IN =
auguration Of an action by the attorney
general of thiB- state against the various
companies engaged In the transportation OF
hard coal within such boundaries. Lower
prices were recorded in the local market at
the opening, the greatest loss being sus-
tanned by Northern Pacific General weak
ness was shown throughout the active ns.
with occasional fitful rallies resulting chiefly
from the support accorded United states
Steel and the Hartman issues BY noon
the market had improved with quotations,
however, still below Saturday prices Last
weeks pressure on New York Central and
the Rock Island issues was renewed and
had the effect Of curtailing business else
where The strength of Southern PACING
was the most conspicuous feature of the
later trading, the balance of the active llst
showing a weak undertone Londons DUST
ness here was small, moderate purchases ,.
steel common and Union Pacific being re-
ported The market again was slightly al :
fected by our weakness, together with fears
of Paris selling because OF recent events l..
Morocco The Bank Of Germany was
strengthened by a cash gain of over $l1,-
900, 900 Further cash gains and the re-
sultant increase in surplus reported laSe
Saturday by our banks caused money 70
work lower today. Five and six months
loans were made at 8 X per cent and plenty
Of call money was offered at * per cent
Chicago was reported with hardening ten
dency the marking up Of rates suggesting
n change in the monetary conditions there
Estimates Of interest and dividend disburse-
ments for September are placed at StS'
100000
Bonds were irregular today. Total sales
mar value aggregated 1924, 900.
United States IS advanced u per cent on
call.