Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-08
NEW YORK STOCK
AND BOND MARKET
pv Associate. Press.

BY A0socidte- FESss.
NEW YORK, Jan. 7.-There was con-
traction OF business in stocks at the stock ex-
change today anG the market gave other m
1icatlons OF an attitude toward advance winch
came into the play yesterday. Cautious profit
totrirrr was nursued where price advances had
passed far enough TO make this attraction.
In a group Of high-priced stocks in which
purely speculative accounss "re .0atred to
onarate them there were some striking ad-
vances Stocfs of this class set forward most
severely IN the ruthless liquidation OF the last
Tsnallv they are supported by buying or
ders In sufficient volume to protect their Sc
ctrfty as coliatera in loans. When the panic
r,led however, all such customary safe
guards were swept away, and prices dropped
away many points at time on marketing OF
email supplies. ,,,.- -.
a is found possible to mark the prices upward
Inv successive bidr with great facility There
a. much reconstructive work or this Kind 70
be done in the market, and the cleaflng OK
the financial sky is being awaited Of to per-
The buoyant appearance given to the mar.
ket by these striking advances Is OF sreas
service In sustaining speculative commence
in the pushing Of operations for the rl4e IN
stocks, Of which the floating supply is mucn
more liberal and which are at all times mucn
more active. In these the erect OF the mar
Lat sunply was obvious today In holding back
the prices while the inactive specalties were
rising buoyantly
The evidence OF selling 10 take pTuutS Nheii
any sustaining influence In the market OF
rered favorable opportunity created some sus-
picion of the rise in prices which has occurred
and Of the reports which have oeen puf ia
circulation TO account for 1t.
Professions were still made today with great
appearance Of entire confidence that large
extra dividend on Northern Pacific had peeh
determined on although II was admitted tnat
a roaetina intended to act on the measure had
been postponed No official information coulu
be secured. and the subject was thus kept
within the realm Of speculative chances.
The stock was quite steadily sold all day.
with ultimate decisive effect on the tone OF
the whole market. Evidences OF the rhp lI
improvement in the money SITUATION cohtln
ned 20 manifest themselves. but these We're
not no stimulating TO the speculation as tney
were yesterday. Reports OF dithcullies IN the
diamond trade although adjusted by uus-
teeship gave direction TO some uiseusslon
which limited to possible mercantile empar-
easements in other directions
The increasing demand for commerclal pa.
per furnished one possible saiesuaaG 'nt ahnnt
tho reflux OF interior bank funds 10 new 1orh
rank deposits. which has now Re. III ~ a
Plentiful stream. is that the loaIins Ie ~
OF the banks maklng the deposits is no, I'M !,
haired by it, although the available circuits VI
the New York central reserve BANKS are
greatly expanded by IT. % .A.
This is by reason Of the revision Oh the
,anlsing law which permits national banks
outside the reserve centers to count as re.
strve a portion Of their cash Kept on ueposi'
IN the reserve and the central Fese''e 'e"
tiers. , -. s,..,-,.
The surrender Of this power in the panieky
calling home OF bank deposits from the re
~ The crisis and the repair now going on Is
fast removing the most serious cause OF re-
striction OF credit facilities. The speculatlve
realizing proved the dominant factor IN Wv.
t,,,.a markell ans the stocks that were most
aetiye showed u majority of declines at tho
end OF the day. ,,., - a
,-,ns,,,ar for one Of the smaller western grain
carrying railroads was IA factor IN tne ia'o
reacted market .,
Bonds were strong. Total safes, par Y ea...o,
"a sss 600 United states As coupon advanced
ia per cent on calm