Los Angeles herald., 1908-11-17
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Nov. 16.--Mxed views over
the speculative outlook found their refec-
ton in the spotty and somewhat irregular
tone of the stock market today. The con-
tents of letters and circulars from stock
commission houses show the growth or con-
servatism in that element due to the eA-
tent and the rapidity of the advance III
prices which has occurred since the election.
Point was given to this advice by the re-
dictionary tone of the market at the close
of last week. The result was the receipt OF
a fair volume Of selling orders from OUTSIDE
sources with the opening of the week.
These selling orders came from ABROAD as
well. The origin of good part OF the 1or-
eign orders was ascribed TO Germany "here
the agitation over the kaisers course was
said to be a disturbing factor. The early
decline which the selling orders caused gave
place to recovery later The upward moVe-
ment was constrained and languid by com
parison with last weeks vigorous move
ments and the prominence of stocks OF a
minor grade in the rise left II win Tess
convincing power on sentiment toward the
market Even when 1t was sought to remedy
this by bringing forward again the high
grade railroad stocks 1t was evident that
they were not so readily moved as was tIie
case last week Specific reasons for the
check to the speculative accumulation were
not clear. 1t was based apparently more
on the general consideration of the extent
to which distribution had been going on at
the high level of prices ana the susplclon
that with such distribution effected the
market would enjoy less fostering care from
the powerful interests which have had 1t IN
control all through the summer and up to
the time of the election. The court decision
that the American Tobacco company Is IN
violation of the antitrust law is receiving
closer attention and the further study or lts
contents intensifes the impression OF It's
wide scope and the sweeping application 1t
must have to all the great corporations
More attention also was given to the ques-
ton of tariff revision and its probable bear
ing on business activity and on special IN
terests News Of the government SUIT TO
collect back taxes from the American sugar
Refining company weakened that stock.
decline in General Electric traceable to
renorts of the orders received and the
column Of sales of the company for the thlrd
quarter of the year. showing so large a de-
cline from the corresponding quarter for re-
cent years as to dampen enthusiasm. rms
report also was published last week. but
without effect until today. United States
Steel continued to struggle against the CON
sideration of the rapid rate at which 1t mas
already risen and the statement of its presl-
dent that the present rate of activity had
grown only to so per cent of the corpora
tion's capacity. Another reduction in the
quotation for copper at the New York metal
exchange and a severe decline in the price
OF London copper warrants were accom-
panied by admissions from some of the large
interests in the trade of lull in demand
from Democratic consumers. The fact OF
this admission as much as that of the de-
cline itself, inspired the feeling that the
large interests back of the stock market
were prepared to countenance a reaction
Bonds were irregular Total sales, par
value, s6e26,00O. United States Ss advanced
Il per cent on call.