Los Angeles herald., 1908-01-03
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.


NEW YORK. Jan. 2.-Prices moved over In
quite a wide range today, but the market was
narrow, measured by the extent OF the mum mum,
Lers interested in it. Dealhgs stses df ths
fnerators to turn quickly from one side OF the
market to another :, ..,. -. A.
The professiona; element sold freely at the
onenine and then rebought later IN the DAY 10
~ hort contracts largely because the ear
lier selling had induced but niue nquiuatlCl'
irhe early decline was largely ln1luenced ny
the news over the holiday OF tns S
of receivers for the Seaboard Air Line rail-
,,,av on account of its inability to meet the
fixed charges due on January l.
The causes given for the plight OF the prop
ertv. especially the legislative pursuits OF rail-
,oads in some os the southern states ana the
stringency of the money market are OF sucn
General application to railroads IN that tern
tory that they were generally responsive u
Even more effect was produced on specula-
i've sentiment by the reports from washington,
not without officiel sanction that sun "oull
he actively pushed by the government along
.be fires of the Northern Securities suit y
force a dissolution of the Hartman raiiroaa
merger. .-.,... l.. ,.o4,a
c,,,rtcrs m N, financial world that a state OF
truce was TO obtain between the governpeut
and the great railroad corporations as mr. me-,
ure of policy in view OF the oppression CIV"
ing out Of the financial crisis.
intimation of a plan looking TO the sgre-
cation Of the Southern Pacific and Union "a
cific Investments in the hangs OF sepaialS .
company was believed to assure the renioN al u
objections OF the authorlues W PieS9A
ditons. t-aforo
The Hartman railroad stocks uereI e,.,,
shared witt the Southern group IN me eat
depression The rise in prices which oct t, ~
toward the close of the year was peIslstenuy
aistrusted by the professional element VIM III
was inclined to assume today that WIN t''e
,,aesinp of New Years day the OCCASION lu'
supporting values would disappear. This view
was fostered by the general note OF cuhsoI VI a.
tism in annual financial reviews as 10 tlle lao
or regeneration TO be expected IN the sshe,',ii
situatiou a certain amount of cOmlnercldl a"I
industrial liduidation being commonly aecspteu
as a necessity before effective recovery may
be looked for. .,,,. .iso
came in for special consideration. IN Inls - -
meet the November statement of Keadlhg
showed an exception in the increSsI "a -
e1ninEs over those of last year ana Una. 81
.ed the recovery in the market lio s.iS4ie
Of the market became general as inc uay pr
pressed The action of the money ma! Nc. . .so
gave satisfaction the early hgh Iute ~ ~
per cent fielding steadily IN w ,nse' We're re-
Larger offerings of time loans w. W.,
ported also, although rates u that department
yielded but little. -, .....too,,,,
The dwindling premium on goiu S,,,,
disappeared today So .nng as inc P .eil,un,
,sxisted II was felt tha. an obstacle remained
% be overcome to the establishment OF Norman
banking conditions -, =. ,,,.,aod off,-
.,ai a,scount rate from to per cent also
marked the passage of Que of the measures
which were sigrals of abnormal eonaitio c1sd 10
p,ear,o more effective in holding Zip the Lon
oon disconnt market, the discrepancy in the
hank and market rate has become so wide
that borrowers would not resort 70 the oaIlh.
rrhn 1slly relation of the Bank of France
Was veak and indicated the likelihood OF an
,ariv.call on tr3 London market to return ad-
N-arces made to T. by the Bank OF France
copper roso again at the New YORK metal
Exchange and this was a factor in lifting the
prices II stocks Substantial net gains were
I hown at the end of the day
Bonds were heavy. Total sales. par value,
81 Oil, 600 u
United state. bonds were unchanged on eau