Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-15

NEW YORK STOCK
AND BOND MARKET
By Associated Press.

BY Associated Press
NEW YORK, Jan. 14.-The growing abund-
ence of funds in the money market afforded
facilities for the conduct of speculative opera
lions. and was taken advantage OF freely by a
considerable number of the professional class.
The result of these operations was the main
tenance of prices at level slightly above last
night. The business was most unevenly dis
fributed and the price movement was a checked
che, and notable for some of the omissions
that the ass of stocks affected as much as for
those thar showed conspicuous strength
Reading and tile Hill stocks were fed out in
about equal proportion today. These We're
stocks which have been features of speculation
and the realizing of speculative profits in them
with the opportunity offered by the sustaining
effects of the new points of strength OBJ
vious The points of strength were developed
III rotation one stock or group being advanced
for a time then falling back.
This is the favorite method of operations OF
the professional class.
Much stress was laid on the sale of new
Central equipment trust notes. for whlch >.
Pierpont Morgan &, Co. have invited bids for
$50 GEO. O00, rounning from one to fourteen years
Reports point to rapid allotment OF these
securities o bankers and dealers, but the de-
mand from investors was not SO Ihucu uWeiV
en-, although the notes are being oHered 70
yield 5A TO SIS per cent. -.
But the ready allotment said TO be found ior
Them was seized upon sign OF improve
1nent in the tendency of capital to move INTO
investment New York Central itself led the
ta.-'s advance In the stock market.
Reports of hardness in making payment 10
equipment companies by some Of the leading
railroad companies of the country have been a
depressing factor in Wall street ever since the
Westinghouse F4ectric receivership, and
ready sale for equipment trust notes may De
regarded affording assurances TO these COM
l,anies against emil arrassment through delayed
collections This was the avowed graund Tor
.he brisk recovery in some of the railroad
equipment stocks.
Less attention was paid to returns of gross
earnings of railroads, which showed some
heavy decreases ffom the amount of last year
corresponding earnings. Details of projected
economies Of railroads by reduction Of working
forces ane cutting down of salaries of execu-
i've officers was considered of less Importance
as indicating the outlook than was the money
market. There a pronounced recession III
the rate of interest for time loans caused by
larged offerings ard also by decrease IN de-
.nand for this form of loan.
The refiux of funds to the reserve centers
seems to be on large scael that no mis-
elvings are entertained of the effect OF treas
ury Withdrawals OF government deposits from
tho national banks of the other possible re-
guirements
While the market had an irregular appear
ance nearl'- all the time, the process OF llttlng
prices had traveIscd pretty much the whole list
by the end Of the day, and the closing tone
was distinctly strong.
Bonds were irregular. Total sales, par value,
s4252 900. United States bonds were unchanged
on call.