Los Angeles herald., 1908-08-19
NEW YORK STOCK
AND BOND MARKET

NEW YORK Aug. 1s.-In its essential
features today's stock market was largely
n repetition of yesterday's. Prices moved
with the same uncertainty, the buying and
selling representing for the most part the
o,,arations of the professional element.
Tradinp during the early session in
larger volume than on the previous day,
but later became listless and devoid of sig
nifcance There was an early drive against
Great Northern and Northern Pacific based
ON rumors of the serious illness Of James j..
Hill Although these reports were soon au-
thoritatively denied those stocks held heavy
throughout. Part of the days board room
gossip dealt with the possibility of a reduc-
tion in the Great Northern and Northern
Pacific dividends inasmuch as action on
these dividends is still some two months
off, such talk was not taken seriously. There
is doubtless some justification for the bellet
that the showing of the Hill lines has peeh
disappointing and this together with tne
discouraging utterances of the ttular head
of those properties has served to subject
them to unusual pressure.
There was marked weakness also IN ot,
Louis & San Francisco second preferred ana
New York Central which dropped abruptly
under short selling which was attended oy
rumors of some more financing in that prop
erty In the industrials American Sneltils
and Amalgamated Copper both We're actlne ,,
and strong, in spite of the belief that cohul-
tions in the metal trade are less 1aVeraole
than they were fortnight ago.
The days budget Of news included the ac-
ceptance speech of the Republican eandl-
date for vice president which excited little
interest further efforts to settle the lapor
differences the Lackawanna line less
likelihood of strike by the Indiana pltulh-
inous coal miners reports that charges are
to be preferred against the Atchison ana
Southern Pacific roads for increasing freight
rates, and the publication of our July for-
eign trade report. The latter exhibit was
of interest chiefly in showing that our ex-
ports had fallen off over S25O0O,OOO com
pared with the same month last year whiie
imports have declined over $3S,OO0,OO0. An
unofficial cotton report published Saturday
fixed the condition at SO as against SO a
month ago, and 75S last year. This estl-
mate based on a gauge OF 90 SSoVo'ouo aoi Go
forecasts, a yield of 14,OOO,OOO bales
In the final hour today shorts We're hastily
driven to cover by a sharp upward move
ment in Southern Pacific and Union "a
cifc together with advices from the news
of further crop improvements The tenor or
these reports that the southwest mas
been greatly benefited by last weeks heavy
rains and that returns are likely to exceed
the most sanguine expectations. Tradlns
diminished somewhat before the close put
material gains were registered by num-
bcr of issues.
After buying moderately London turned
seller in this market disposing OF moderate
amounts of Union Pacific, Steel common ana
Reading The attitude of the continent to-
wards this market seems to be one OF mia
suspicion and every sign Of fresh liquidatlon
reaction here serves TO check puyihs ioi
foreign account.
Money continues to pile up here, some OF
the leading financial institutions reporting
a heavy inflow from the middle and south
western states. Demand for money Is very
light all call loans recorded today being
made at / per cent.
Bonds were Irregular. Total sales par
value, $2,472,000.
United States registered 2s advanced 1s
and the coupon 2s, 3s and as registered ad-
yanced Il per cent on call.