Los Angeles herald., 1908-09-29
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Sept 2s.-Last weeks specu-
lative excitement longer traceable IN
the sluggish movement of today's stock mar
ket Financial opinion was inclined to .s,, opsesvs
this tendency with qualification as the feVerlsh
/. and violent fluctuations of last week were re-
garded unhealthy and calculated 70 oispol
confidence in the market The decision OF 'he
forces controlling the market TO give ~ -
period Of rest was inferred from the suppoi'
which checked the opening decline. -.
The decline was In pursuance OF the moso, u,,a
ment In progress at the close OF last Weoh 90 go
which had the effect OF bringing In some sen sen
Ing orders from the country at large over 81. sun
day With the check to the fall the na. ma ~ ~.
lapsed into condition bordering on apA.ns ~
and the gains were yielded easily towaras .as .ns
last There were movements IN innt.iuuo 1t.,. as
stocks, but the general list onereo h'"e -
The same could be said of the news Of the
day. The further exchange between tne ss. ae.u
Ing controversialists in the poiithai ar
in their large attention to anars on,s,ninp "a
porations were regarded as cohthlllliiis
threat of developments calculated 10 p.,1,i.o
the interests OF those corporations otner"ise .,s
the political issue rather reeeus" Srawn S,,' from
the effect on the London stock market OF the
defeat of the liberal government candidate @ Lor
parliament In the Ike that Of New
York reasons that radical aggressive legisla-
Ion has the effect Of causing timidity among
securities therefore, advanced with defeat Of
tha government candidate Rumors OF deals
came into prominence again in the New York
circulation in the absence of more substantial
eeyelopments. Those affecting Rock Island
were most heard Of but without any authentic
details. AS Rock Island is under the necessity
OF providing capital to meet early obligations
Of its subsidiary, the st. Louis & San Fran
CISCO there was that much ground for atten-
tion to the reports of steps having been taken
to that end. A supposed project to divorce
the ST Louis & San Francisco from the
Rock Island also figured III these rumors. The
uncertain fluctuations in the Rock Island Sc
curities reflected q degree of speculative doubt
over the truth OF these rumors. The Hill and
Hartman stocks and st. Paul and Reading
maintained their prominent places in the deal
ings and kept alive the conviction that the
control and leadership Of the market remained
in the same hands. Copper warrants In Lon
don declined, and copper securities there and
here were heavy. Dealings In United States
Steel was below last weeks closing level. .al>
most entirely. The action Of corn in declining
on news of freezing temperatures In the south
west had the effect Of convincing sentiment
that the crop considered safe from harm.
The warm dry weather in fact is known to
have FASTENED the maturing the crop. The
breaking of the long drouth was given credit
for some OF the strength shown by the cotton
carriers. The local money market little
changed. but some increase of activity was
reported from western and southern money
what higher rates and buyers were reported
particular as to quality. The experience OF the
banks with tho paper of the Fish combination
has had an effect OF inducing closer inspection
Of names. Foreign markets gave attention to
the report that O $3.50, ,000, 900 Russian loan was
paration which had affected European money
markets for months Bonds were irregular.
Total sales, par value, 900. Government
bonds were unchanged on call.