Los Angeles herald., 1908-11-12
NEW YORK STOCK
AND BOND MARKET

"
NEW YORK, Nov. u-Todays sequel to
yesterdays market performance in the two
Hartman Pacific stocks opened the eyes Oh
the more conservative element to the TACT tldt
the speculation entering on a reckless and
hazardous stage. There came a pause to take
stock of the situation, and the development Oh
greater caution in the conduct of market ope-
rations which was shown by the evident
lessening of speculative holders and decline In
the rates of activity in the market.
There was a belief prevalent in the financial
district that these results We're caused TO some
extent by regulatiVe measures amongst the
large financial interests and banks which saw
in the headlong course Of the speculation
threat Of peril and the seeds or harm TO the
course of Improvement and expansion com
parison of the action of the Southern racine
and Union Pacific directors in combining them
selves TO the declaration Of dividends at me
rates which have prevailed for two years with
the brilliant hued rumOrs which We're kept IN
circulation yesterday in connection with the
rise in stocks, warning that proved sulIl-
Client as a check. From ll213, at WHICH South-
ern Pacific left off Monday night, Its rise TO
1lo1s with a closing price on Tuesday OF mrs
was accomplished by recorded sales at the
stock exchange of 2Ol,6O0 shares SAFES re-
ooroed today numbered 1873 300 shares, on which
the price fell back to 114$ closing at ITO AS
the total common shares Of the company num-
Der only 1,97s,49O, the manipulatiye character
of many of these transactions may be inferred.
The two days dealings in Union Pacific
reached a total OF $50 200 shares, with total
capitalization og 1854 $40 shares. 1t was the
reasoning from those facts that caused hasty
unloading of speculative holdings and Invited
professional attempts which broke the market
: No unfavorabls news of affairs accompanied
the break. News from all quarters, on the
contrary, continued uniformly favorable There
may have entered into consideration the i'm
possibility of indefinite continuance of eX-
IRENE ease of money with a sustained revival
in trade activity and in new acquisitions for
capital to provide extensions and improvements
The time money market, in fact, continues to
harden and there is reported notable in
crease in the supplies Of mercantile paper, re-
fecting the enlarged activities of merchants
jcbbeTs and manufacturers. A date was fixed
per cent corporate stock of the city of New
York
The governments Panama canal bond offer
ing this month is expected to amount to $780,,
100000 and the effect the money market of
the redemption of the $1,000 900 treasury certi-
shifting of security of the bank notes for
which these certificates were deposited offers
some ground for conjecture
Requirements upon the money supplies of
speculation itself conducted at such pace as
has been the case the last week would make
inevitable lnroads banking supplies
Foreign markets were buyers here, relieved
by the clearing of the international outlook
Vigorous supporting measures were employed
at all stages of the selling, showing the con-
tinued contol eXerted by the organized forces in
the speculation.
lation diverted into the low priced rail-
road stocks evidence of this. These stocks
came up strongly in the final rally on cover
ing by the days short Sellers and it is IN
that class that he days gains are found,
reaching substantial proportions.
Bonds were easy. Total sales, par value
A,72s,oOo- Government bonds were unchanged
on call.