Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-28
NEW YORK STOCK
AND BOND MARKET
Nv Associated Press.

NEvv YORK, Jan. 27.--Prices rose briskly
IN todays stock market in face of several
happenings that have been dreaded by the
sneculative element for some time thus
lions which confuse observation of the
course OF speculative markets There was
undoubtedly large selling on the short side
of the market last week when rumors be-
con 10 gain circulation of an unfavorable
turn in the affairs Of the National Bank
of North America, and there was buying
by these shorts to cover today with the
announcement of receivershlp for that
hank in a profit taking movement.
short interest had also been built up in
anticipation of the announcement at Wash
ington of the plans for government suit
10 annul the Hartman railroad merger
fThe harmful effect Of neither of these
events was as great as had been appre-
nended and no apprecabe liquidation was
induced by them TO help the shorts in Sc
curing stocks to fulfill their short contracts.
There was another kind of demand in
cited by the definite elimination of these
,,nfayorable factors from the market and
which was encouraged by the small effect
which they had on sentiment. The forma-
tion of the rumors that have been current
regarding the banking situation into the
official announcements concerning the Bank
of North America caused feeling Of re-
lief and the whole situation was felt to be
bettered
hdence in the banking situation as whole
is the prospect lIldl ny HeNt WEN NV 49,
6ition of the trust companies and state
hanks in New York will be the subject Of
a weekly statement to the state banking de-
partment and thus remove once and Tor
ever the obscurity and uncertainty whch
have surrounded the actual financial posi-
ton in New York by reason of the growing
iuadeduacy of the clearing house BANK
statement to reflect fully the condition as
whole.
The flood OF cash which is now flowing
into New York will also facilitate the es-
Establishment of the reserves in trust com
panies which are contemplated in bringing
those institutions into line with the genera
banking requirements.
Today's statement of United states treas
ury operations showed deposits in national
hanks reduced S243,126,235, the. reductlon
from the maximum amount of the deposits
after the panic having reached Sl6,oSo'VSo.
These two movements tend to take up the
slack in the money supplies and TO avert
an outward movement of gold
The heavy redemption Of bank notes oper-
ates in the same direction. Current re-
demptions thus fas this month had reacheu
the sum of s31,931,00l and deposits OF Jaw
full money for retirement of circulation III
the same time amount to $6,59l,S54. FOR
eign exchange rates here continued TO ao-
vance today nevertheless, and bankers iooh
is likely to be restricted by the limiting
forces referred to.
The advance in Northern Pacific was an
important influence and assertions OF COM
ing extra disbursement on that STOCK was
revived St Paul was strong in connection
with reports of rapid progress IN the con-
struction of its Pacific coast extension.
A large grain movement in the north
west was factor of stocks of all the rail-
roads in that region. outside of the sub
stantial expansion in the grain movement
railroad officials reported continuance OF
the shrinkage in their traffic. There was a
vigorous rebound in American Smelling
from it's recent acute depression Profes-
s.o4s! proa. taking in the latter part OF the
day greatly reduced the extreme gains and
the closing tone was heavy. The bond mar
ket gave moro emphatic response to the
growing abundance of loanable funds than
has vet been apparent in that department,
and the tone was fairly buoyant. The
sales. par value Sc, 1853. 600
United States rs declined Is per cent on
call.