Los Angeles herald., 1908-01-24
NEW YORK STOCK
AND BOND MARKET
Rv Associated Press.

NEW YORK, Jan. 23.-The movement Of
tbe stock market today was under con-
strsint and professional operations were
,otable to make much impression on prices
The dealing made up large portion of the
tota transactions. The reduction in the
officiaI .scount rates of the Bank of Eng
land and the Bank of France was made the
occasion for opening prices here on a higher
level The promptitude with which the
advantage was taken of the advance to
make sales for the purpose of realizing
nrofts was accepted as illumlnative of the
desires of the larger speculative class. But
when the professional traders attempted to
follow this hint by sales of stocks in con-
tinuation of the movement they found an
abatement of the offerings coming on the
market and felt obliged to turn again and
cover their short contracts. An inference
was drawn Of strength on the part of the
bulI marty owing to the subsistence of SELL
irr nressure on the decline, but desire 10
reduce their holdings at profitable levels
was argued from the eagerness of the sell
ing on the advance. Prices fell back
sharply to the lowest at the last. The
nause in speculative activity was in harmony
with the tenor of news of affairs. The rapid
progress towards ease in the money market
was unaccompanied by any positive evil
dence of a revival being thus stimulated in
trade activity, although improvement in
sentiment in various lines of trade was dis
cernfble as 1t applied to hopes of future re-
vival. This was true of iron and steel trade
Of the United States Steel quarterly report
next Tuesday is awaited before forming any
definite conclusions on the subject. The re-
duction of the Bank of England's discount
rate from to 4 per cent was wider than
was anticipated, but the accumulation Of
reserves to a proportion of $3.50 per cent
OF liabilities proved the necessity of the
step in order to conserve the central insti-
tuition influence in the open money market,
where the new discount rate was still higher
than the prevailing open market rate when
also receded before the reduction in the
bank rate. The acceptance Of this example
by the Bank of France confirmed the uni
versatility of easing tendency OF money 1t
was significant OF the feeling persistlng to-
ward questions of new capital issues, not
withstanding the rapid accumulation OF
money resources. that suggestions of new
loans, oven when reported to be already
arranged, it caused depression in existing
securities Of the companies affected. Della
ware & Hudson was an example, the severe
recent decline in that stock being followed
by well defined reports today of the placing
OF $4,000, 900 one year note Issue. The
seeking of only short time accommoda-
tions by this company as was done also by
the Consolidated Gas company. an extension
secured for some other short time loans
soon regard offering but moderate
promise of immediate advantage to seekers
of new capital from the evident piling up
Of funds in the centers. The announcement
OF a treasury call on the New York banks
for $1O,O0o,000 of government deposits was
passed over as an unimportant incident
The same was true of the advance of for
eign exchange towards the gold export
point The handful of railroads which have
reported their net earnings for December
cannot safely be accepted as a criterion of
the general showing to be made. but the
shrinkage shown by these few roads is so
heavy as to leave a formidable impression
Of the possible exhibit to be made by more
complete figures.
Bonds were irregular. Total sales, par
value, s2,2S4,000. United States bonds were
unchanged on call.