Los Angeles herald., 1908-11-10
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Nov 9-The movement of
prices today betrayed the throes Of the
process of digestion to which the market
was subjected by of the large sales
of stocks by the recent heavy buyers, as
well as by the holders of long standing. Al
though the market staggered uhoer thIs
treatment 1t showed strong absorption capa-
city and power of resistance. This action
served to keep up speculative confidence ana
to encourage the renewed operations on the
long side. which became conspicuous a1ter
the reaction of the first hour. The skiitul
professional element Of the speculative oper-
ators in the market were maze wary NY
the. character of the trading of the latter
part of the week and were in dread OF the
effects of the first move or pront- taklhs
sales which might sweep upon the postum ,
Unexpectedly any outward signs. Ihe
inevitable tendency of a promiscuous nloNe
nent Is for the floating supply of stocks TO
pass from the hands of the rich class ot
capitalists with abundant means 70 proteos
their holdings and abundant experlehce VI
how to do it, into the hands or the nuIhet
Gus widely scattered and unconnecteo shhali
holders, most of them with small InSann' II'
operating on insufficient margin ana hkeis,
therefore, to be forced TO sen at q az tbe
at a comparatively slight reaction IN tne
market Even so moderate a reaction as
that of the early part OF To-Day feted eI1i,7e
the existence of large numper Vi i sel-'-ts aS
orders placed at limits below the prices VI
Saturday with the purpose of saving pIphts
or stopping losses in case or d pIeaN ~
prices It has been this situation althousn
in exaggerated form, Whlch causSu ns
worst Decentralization IN SeoSh
the past. -. IT. irci
It was feared for time that the mel %
dent that would topple over the speeulatlto
fabric had been met in the decision on So
,,rda1, of the Governments suit against the
American Tobacco company In taFor Oh 'pe
governments contention OF NioIa'i0" rt,e W.
this company of the antitrust Jaw, os
language in the decision seems TO some VI
those in the financial district 10 open uP
suoh a vulnerable position for praotcaiiF -
tina great corporation combinations u -
modern industrials structure assarx ina. - This
sale readtustment would be necessary. s
Fear grew out of the judicial assertion tiiee
leach one of the purchases Oh oolilpt apl,tract
complained of In the petition WAS d e.t4So,
and combination In restraint OF conip9' ~
axIstine when 1T was entered into, ana tnas
ia snffieient 10 bring 1t within the ban Oh
this drastic statute .-,.4 oe
;rbe assurances of the president-eleet OF
aa.,on from pursuit of those corpora
ttons ,vrtoh are within the law ana nsins
legal methods did not seem 10 ,Is co' as
wide reaching application thus lipleI ~
tha axisting statute. The violent preaA AZ
w H~,aricsn Tabocco securities themselves
as we'll as a good part of the genera P.e9
sure on the market was ascrlpso - - M
influence while comparatively oiset st
Vigorous upbidding of few stocks' tne @ u
onsition To realize speculative prohts coi
tinued in evidence. The time money ma 49, ~
was reported more active TO-DAY anu w..
ianders inclined to hold OH loI Al -.
Ts1a &c ths natural consequence Of the COM
mercial and Industrial activity, the certelly
of large acquisitions for loans by eorposa "a
tions of all classes to prepare facllties III toa
sunnivine the increased demand mace the
oops,daration of bearing the techhleal
snsouIative position dominated the market
N the exclusion Of facts beating on aetuai
values -, ,os mar
value, ss.532,OOO. United States bonds were
unchanged on call.