Los Angeles herald., 1908-12-19
NEW YORK STOCK
AND BOND MARKET

NEW YORK. Dec. 1s-rhere was further
weakness in stocks today, but the market
not so entirely without support the
case yesterday. Last prices, in fact, were
little changed.
Efforts were plainly during the early
part OF the day to arrest the decline. The re-
slatance shown by American Smelling at so,
and BY U. S. Steel at So. example.
When the Smelling stock began to break to
new low levels tho bears threw off their tim
idity and renewed the attack on the general
list. The assumption is widespread that a
concerted professional attack is responsible for
The decline in prices, and the quick rallies
from tlrpe to time, indicating a hasty covering
by shorts, Is corroborative of this view.
The subteties of stock speculation, however,
are beyond clear dscernment and another view
of the matter attributes the semblanco OF bear
operations to the masked purpose of party
long Of stocks TO dispose OF the holdings DIE
raid on prices tending to incite support of
prices by inside interests, where known specu-
lative liquidation would be left to take Its
course.
Much attention was devoted to American
Smelling and to the published reports Of pro-
ject to build rival smeters through the country,
and organize formidable rival to the present.
dominant interests
While the intention to organize this compe
tition was believed to some extent the present
weakness OF American SnlellnB SnaiGs WAS as
crbed partly their vulnerable position by
reason of over speculation and an advance of
lrices unwarranted by the dividend return the
osrrings and the prospects ip the trade. The
close sympathy with this weakness was shown
by other stocks in the metal group even those
supposed to benefit from the new smelling pro-
ject being proof of this.
The condition IN the copper market was re-
sponsible evidently for the sharp decline in
Emalgamated Copper and reports of a combi-
nation in process of formation to control the
mn nj Of did offset the kQOWl-
edge that production proceeding far in ad-
vance of consumption in that industry The
larger inferences drawn from the threatened
citing Competition also hurt the ~'iart It.
The hostile array of great financial groups was
an unpleasant contrast with the hopes recently
prevalent in the financial district Of drawing
togethcr all the great forces of wealth into
harmony and cooperation.
The passenger fare opened up by the
Wabash over business between Pissburg and
Chicago. had something of the same effect,
with increased influence on account of the
supposition that Il. II. Hartman was a new
power in Wabash affairs.
A more rational explanation of the pressure
of liquidation in the stock market was found
in the outlook for tomorrows bank statement
The rise in money rates during the week
seems to have attracted some funds from other
points, the gain Of the local banks on the
balance 10 the interior movement rising sharp
ly over last week to over $1,000 600. This is
meager offset to the subtreasury's absorption
of $24 453 co., AS the figure of the surplus re-
serve stood at under $1,000, 900 last Saturday,
the disappearance of the surplus would indl-
cate without allowance for changes in the loan
itom. Important financial operations during
the week have continued requirements on the
banking credits. The easier tone of call loans
yesterday and today, however, prove the con-
servation of margin of surplus reserves, The
easier rate for money was accomplished today
by a recovery in foreign exchange rates and
by a violent break of two centimes in the
sterling exchange rate at Paris.
Discounts also hardened In Paris and in Lon
don and gold marked up in London today.
The likelihood of a resumption of gold exports
from New York thus increased.
Bonds were irregular. Total sales, par
value, IS, $50 600. Government bonds were un-
changed call.