Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-11-20
NEW YORK STOCK
AND BOND MARKET

NEW YORK. Nov ia constant nuc-
tuation Of prices in the market was the
principal feature of the dealings in stocks
today. The fluctuations were narrower than
has been the rule of late and the volume of
dealings also was smaller, the days sales
falling to near the million share limit. That
the demand for stocks has been satisfied tc
some extent Is indicated by the diminished
activity. While the operations of the pro-
fessionals have been subject OF some sus-
picion and of allegations OF manipulation "
further the distribution of holdings, thelr
decrease has a rather ominous erect on
speculative sentiment These dealings have
been attributed to the initiative of the large
capital interests who were credited with ac-
cumulating stocks far back in anticipation
of the growing demand which has since
developed While a degree of artihclallty
was recognized in these manipulative opera
tions they were accepted nevertheless as
evidence of the continued interest In the
market of the capitalists and institutions OF
first class resources.
This was regarded as an insurance OF
continued protection of prices by supporting
orders when any weakness developed ana oil
fostering measures for extending the ao-
vance in which speculative followers IllS IN I
hope to benefit. The reduction OF this klnd
of activity leaves an apprehension that the
large operators have practically completed
their speculative campaign by the distrlpu-
ton by such part of their holdings as they
market will be left vulnerable, therefore,
TO organize professional attacks There were
signs that support of prices had not beeh
abandoned today, but 1t less aggressive
than the recent rule and was facilitated
by the covering of shorts put out on the de-
cline yesterday. 1ne days news offered no
explanation of the price movement Inc
board room traders lay some stress on tie
announcement of an issue of S30,00O,0OO OF
Panama canal bonds as possible GROUND
for the selling of stocks. That transaction
in itself is not calculated to disturb either
money or securities. 1t Is Hkely however
that the large aggregate of requirements
for new capital which are shortly to be met
with prompt the transfer OF capital from
stock holdings into the newly onered
securities Such a movement occurred IN
London today in connection with the sue
cessful floating OF $4,000, 600 Korean
under japanese auspices. The banks eA-
pect that the growth of demand for capital
in the more fluid form of commercial en-
ployment Will affect the supply available
for speculative purchase in time also. Ihe
Immediate state of the money also continues
easy. There is a party in the speculation
which holds the conviction that the upward
movements in stocks have overrun the gem
eral improvements in general conditions at
present in sight. Another reaction in cop
per at the local metal exchange was an
Incident of the kind dwelt upon by the
Marty Up to this time there has not ap-
peared any aggressive operations IN the
market for such a party which has confined
itself to a conservative attitude of refrain
ing from extension of the long side and to
realizing sales on all advances
Bonds were heavy. Total sales par Vslue'
s4,204.O00.
call.