Los Angeles herald., 1908-03-13
NEW YORK STOCK
AND BOND MARKET
By Associated Press.


NEW YORK, March 12.--There was in
termittent and spotty strength in the stock
market today. but 1t was comparable TO the
aggressive upsweep Of prices which occupied
yesterday. Tho volume Of the market was
decidedly diminished also.
The sustaining force of upward move
ments in special stocks was taken advan-
tage of by proft-taking, which showed Itself
on every occasion when advance was
getting fairly under way. Some OF the fac
tors which were OF use in lifting prices
yesterday had lost some of their influence
today and there was a residue OF damaging
effect coming over from the previous uaS
from, some undigested factors
one OF these was the setting on foot by
instruction of the president OF an inVestl- :
cation by the bureau OF corporations Oh
stock trading. with the announced purpose
of finding a way to penalze marginal oper-
ations In stocks The attitude adopteo
amongst the stock exchange membership
towards this subject Is that the stock ex-
change itself has nothing to fear from a
revelation of its methods but rather mucn
TO gain in the demonstration which Woula
be made OF safeguards and securities Denlnn
obligations assumed in the regular STOCK
exchange procedure and the dominant rule
of strict probity In the conduct OF pfoher
age and commission business In stocks.
There is no disposition in Stock marker
circles 70 deny tho evils OF the bucket snop
type of operations, against which, In fact
stock exchange interests always have waseu
an ncessant warfare. There Is recosul-
tion also of the discredftaple sue u ehS -
casional hagrant manipulations OF PRICES anu
Of plunging with the proceeds of bank loans
But these are evils which the stock eN-
change members discaim responsibility ior'
or indeed power to prevent
Against this influence in the market Whs
tho continued stress laid on report thdt
a message from the president was 70 pe
Forthcoming shortly which would favor per-
mission to the railroad companies 10 uu-
vance their freight charges as measure OF
prevention against the threatened ran III
the rates of wages Yesterday circu,ns' ,.' ~
tial reports that the Union Pacific plan 1or
segrepating it's assets in a company 70 nc
distributed in shares to the stocknoiosrs
met with official dscountenance Inc
NORTHERN Pacific extra dividend rumors re-
yived with some show OF force and MADE
rnllying point against the effects OF pront-
taking In the market.
Analgamated Copper enjoyed the advan-
tage of an advance in the price OF copper
hofh at the local market and in London.
An excellent impression was MADE py tne
oversubscription, some sixteen times. OF the
81 900 900 of New York state bonds oqereu
Yesterday as an evidence of a plentitnde Oh
capital for attractive and weli-insureo IN
vestment The general bond market how
ever was not responsive to these FACTORS.
Western Union suffered from its poor
showing of quarterly earnings. ana Dela-
ware & Hudson from the injunction against
distribution of its declared diyideno Money d
and exchange conditions were little changed;
rhe irregular tendency Of stocks persiston
throughout An upward swing was IN pro
grcss at the close. and the days changes
were gains In consequence
Bonds were irregular. Total sales, par
value. s2472o00. United States 4s regis
tered declined z per cent on call