The San Francisco call., 1909-11-30
DISORDER Marks
MARKETS. CLOSE

NEW YORK, Nov ga struggle
against the forces of reaction was percep-
tible in the stock market speculation TO-
day, which was ovsrshadowed, however, by
the lowering prospect of the approaching
session of congress and fears of the legis-
lative program on the trust problem. Sug-
gestions of reopening of the tariff re-
vision question also had their effect.
In the light of the Standard oil decision
further proceedings in the direction OF
combinations is made matter of grave con-
sideration. The copper group continues to
reflect most closely the mutation of feeling
on the subject owing to the advanced stage
which the project for a consolidation OF
copper producers had reached, and the ap-
parent continuance of efforts to find way
TO carry out the project without contraven-
ton of the principles laid down in the new
Interpretation of the antitrust law
A violent decline in the price of copper
warrants occurred in the London market
today. The demand from consumers is re-
strained again and the whole trade suffers
The vicissitudes of the prosecution of
the American sugar refining company were
reflected in the fresh liquidation in that
STOCK
poiut of the year. This was accompanied
by reports of undesirable prominence to be
given the company's affairs in the forth
coming presidential message, with the
chances of congressional investigation.
Another restraining influence on the
sneoulatiou is the belief that the time for
relaxation of the money market may be
deferred. The continued Withdrawals of
cold for shipment both to South America
and to Canada are significant of the con-
timed control of the local gold supply by
London bankers. This is ascribed partly
10 the maturing of loans from foreigners
IA New York borrowers, and which are
called for payment instead of being re-
newed.
The official announcement of measures
designed by the British government to care
for revenue requirements after the coming
rejection of the budget by the house OF
lords is awaited with interest and some
anxiety in all financial markets
In our own market future requirements
are becoming defined New York will sell
sl2. 500 900 corporate stock December 10;
the first installment of subscription to
PENNSYLVANIA stock will call for $24, 900
December Is; on December 20 the New
Haven stock subscriptions will call for
Sl2, SOC. 600 installment, while for January
the s44. .6ss 600 of New York Central stocks
and $40 23O. 600 on account of Missouri Pa
cifc convertible bonds must be provided
fo-. besides other smaller issues already
announced and more expected.
The Strengthening effect of Wabash
deal rumors, the Rock Islands sale of
ST. Louis and San Francisco and the repe
tition of Reading melon rumors proved
unavaiIing in face of these factors of dis
couragement. The professional bear party
grew rapidly in the course of the day and
found the market increasingly vulnerable
as the attacks gained in boldness The re-
suit was a closing in some disorder, with
prices rapidly declining and showing losses
from ! to points and upward in the list.
Bonds were steady; total sales (par
value) S4I55. .0oo United States IS coupon
declined "a and the registered 7s per cent
on call.