Los Angeles herald., 1908-01-04
NEW YORK STOCK
AND BOND MARKET
Rv Associated Press.

BY Associated Pfess.
NEW YORK. Jan. s-rhe course OF today's
stock market was q succession of backings and
Filings. rejecting the uncertain feelings Of the
professional element which was concerned most
ir the dealings. Opposing considerations came
into play at different times and enjoyed a
temporary ascendant in shaping the course Of
prices. Early in the day factors Of depression
were given most weight in the discussion on
the floor of the stock exchange although the
active weakness OF Northern Pacific probably
had as much effect on prices in general as any
larger development IN affaiEs. This stock was
the market leader yesterday, and those who
bought it then on the assurance THAT largo
extra dividend was to be Immediately forth
coming had mlsgivings today and sold out
At the Same time, the series of poor railroad
earnings reports fol- November aroused grave
apprehensions of the ultimate consequences to
dividend disbursements of such rate Of in
road on the net return. The Pennsylvania rail-
road was added to the list today pennsylvania
earnings reports arc always accepted as highly
representative, owing to the great variety in
the classes o its traffic, and a 10 per cent
decrease in the net earnings Of this road for
that reason makes strong impression on the
feelings towards the railroad stocks In general
The Louisville Nashville showing was even
poorer, the net return being cut in half for
November. A minor factor in the morning de-
preston was the report of the failure of a
email bank in Colorado Speculative support
centered on Reading, and 1t was the rise in
tlat stock that turned the market upwards
The rapid easing of the call loan market was
help to the stock market The call loan rate
went no higher than 10 per cent today, and
from that level receded easily. Brokers who
have handled funds for holders of cash seeking
a premium on currency notified their customers
today that there was no demand, the trafhc
having cor - q definite end. This and the
evidence in the weeks cash movement that
money had flowed freely to the center during
the week was the late strengthening influence
on stocks.
The gain OF thu banks on sub-treasury opera
lions were small partly owing to the surrender
OF government deposits which has been going
on during tho week, while incoming United
states gold coin among that imported. and
which does not figure in the array of office
checks in the sub-treasury operations, has sup
rlied s1.409. 100.
The direct express movement to the interior
seems to havl been to the advantage OF New
or over, so that the weeks gain in cash APP
pears to have exceeded S5,0O0,00
The effect of the weeks money operations on
.he loan item cannot be estimated, but that
conditions are working towards rapid recupera-
zion of the banking position is clear
The stock market turned very strong cfter
She estimates of the currency movement APP
peared. An advance in the price of rehned
sugar had gu q pronounced erect on sentl,
nent regarding the commercial and Industrial
situation. and a number of Industrial stocks
became strong, led by American Sugar itself.
A further rise in the London price of copper
was another incentive to the rise.
Rates for time lean were quotably lower ana
an increasing supply Of funds was reported
The tone of the late advance became as uncer-
endins; easy.
bonds were hrn Total sales, par value,
s.. 774OOO. Unite@ states bonds were unchanged
IN call