Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-02-06
NEW YORK STOCK
AND BOND MARKET


BY Associated Press
NEW YORK. Feb. 5.-Today's market
gave early evidence that demand for stocks
held comparatively to a standstill. Such a
market tends to give way from inanition
and the drop of prices early in the day was
quite evidently of this nature. The selling
pressure was enhanced later by Increased
professional operations the short side
This demonstration was encouraged oy
the manifest lack of support in the mark \,
marking the apparent abandonment of the
policy of sustaining prices which has been
attributed to the power of the banks and
capitalists in association either by tacit or
formal agreement The assigned motive
for the support of the bank by the large
financial interests in the Importance OF fos-
tering the growth of confidence in secufi-
ties and awakening a demand which VIII
help to further the fiotation of new issues
in contemplation to financial requirements
which confront many large corporations.
This policy was not in evidence today Ger
tainly and the bearish professionals showed
growing boldness in following up their ad-
vantage American Smelling was a center
of attack and its decline was influential in
undermining the whole market Inc pro
fessed motive for the selling of the stock
was the formation of plans for competition
in business by allied interests IN the metal
mining industry.
There was nothing in the news Of the day
TO constitute an effective stay for values
and several items were construed as posi-
tive factors of depression Such was the
report of the discharge of 10000 men by the
Baldwin locomotive works and the oHlclal
intfmation that a total shutdown OF that
Important industrial concern was in con
temptation owing to demand for its pro-
duct Railroad equipment industrials as
group showed the effect of this information
Additional reports of net earnings for De-
oember offered little promise of resourc IS
bu railroads for pushing eNpendl-
lures
Compared with December of 1906 the per-
centage decrease in some of the important
railroad systems today reporting net earn
ings for December were: Southern Pacih2
u per cent, Union Pacific 10 per cent, Nor
folk & Western AZ per cent Lehlgh Nalley
80 per cent and for the six months ending
December 81 Louisville az Nashville reported
n decrease of rs per cent compared with
the previous year. A summary OF results
from forty-four roads previously reporting
for December shows an average shrlnkase
in net earnings in the comparison OF 2l0o
per cent.
Discussion of dividend prospects was not
cheerful in the face of these returns ana
several of the industrials were the object OIL
unfavorable estimates of more specinc
kind Some of the selling of stocks and to
some extent of bonds which appears occa-
sonally in the market is attributed to clos
ing out of bank or trust company loans IN
the final clearing up of the affairs Of those
institutions which were helped through me
panic period.
Some hardening of the money market was
preceptible today and foreign exchange rates
continued to decline. A remarkable feature
of the price movement of stocks was the
uninterrupted nature of the decline. Even
.. the last there no resliency and the
last prices were commonly the lowest
Bonds were irregular. Total sales par
United States bonds were unchanged on
call.