Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1909-01-07
NEW YORK STOCK
AND BOND MARKET
rBv Associated Press.1

NEW YORK, Jan. 6.-The stock market had
apparently disposed of the disturbing effect
Of the collapse in Consolidated Gas before
the days session at the stock exchange had
proceeded far.
This factor had no more than lost its in
1uence when a drop in New York Central in
tervened to give fresh start to the nerves
of speculative holders of stocks. The reaction
in New York Central based like that in
Consolidated Gas on previous excessive specu-
lation, although not carried to such length as
had been that in the gas stock, nor was the
news which caused the spectators to feel mis-
givingS definite abrupt as that offer
ed by the supreme court decision in the gas
case. The unfavorable influence on New York
Central's price emanated from the board
room of the directors of the company, where
the action of electing w. C. Brown president
of the road was interpreted as belying the
position that E. H. Hartman was to assume
an active place in the directory and place a
of his own choice in the management OF
the system.
Control of New York Central is about the
latest Of a large number of new activities in
the railroad world that have been assigned to
Mr.. Hartman in a constant succession ever
since last April, when the gentleman re
lieved the situation by coming forward TO
pitch a block of that company's notes necessary
to meet default maturing obligation and
save a receivership
The conjecture over the course OF the plans
of the group of powerful capitalists represented
by Mr.. Hartman have been busy at all points
Of the prolonged speculation that has been IN
progress since that time.
The inference drawn from the result of the
New York Centrars decision on president
that the latest and most conspicuous of these
coniectures mistaken was not rellshed
BY the speculative contingent.
Heavy speculative liquidation was renewed
when the break in New York Central occurred.
II is not certain that influential liquidation
was entirely suspended at any time during the
day but it was disguised early, owing to the
large demand from the short interest, which
met it.
The bears had sold freely on account of the
coIlapse in Consolidated Gas and, when that
stock showed signs of having reached the
limit of its drastic process Of liquidation
large short interest remained to be covered.
This was especially notable in American
Smelling The Colorado & Southern stocks
were the center of another demonstration on
the strength Of rumors concerning the terms 10
he offered TO holders Of the preferred stock by
tn alleged action of the Chicago, Burlington d
Quincy authorities.
The whole market was quite impressively
strong at one period, but prices quickly melted
away with the renewal of liquidation late IN
the day. 49, -,
The effect on speculative sentiment was dis
o1Iieting and gave additional impulse TO the
selling The money market continued to work
easier and 1t was evident that large resources
were flowing back in the banks and seeking
employment in the money market.
New York Central, which closed last nlght
at 12s sold up to 1888 in the morning, broke
to 123 and closed at 1251h.
BONDS were irregular. Total sales, par value,
Sc 1855 900. Government bonds were unchanged
on call.