Los Angeles herald., 1909-11-30
STOCK MARKET
STILL ANXIOUS
SPECULAT0RS FEAR COMING
SESSION OF CONGRESS
LEGISLATION ON TRUST PROB
LEM CAUSES WORRY
Unsettled Condition of Proposed Cop
per Merger Causes Violent De-
cline of Red Metal War
rants in London Mart
ASSOCIATED Press1

NEW YORK. Nov. ga struggle
against the forces of reaction was per-
ceptible in the stock market specula-
tion today, which was overshadowed,
however. by the lowering prospect of
the approaching session of congress
and fears of the legislative program
on the trust problem.
Suggestions of reopening of the
tariff revision question also had their
effect.
In the light of the Standard OIL de-
cision, further procedure in the direc-
tion OF combinations Is made matter
of grave consideration.
The copper group continues to re-
fleet 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 apparent contin-
uance of efforts to find way to
carry out the project without contra
vention of the principles laid down In
the new Interpretation of the anti
trust law
A violent decline in the price of cop
per warrants occurred IN the London
market today. The demand for con-
sumers is restrained again and the
whole trade suffers. The vicissitudes
of the prosecution of the American
Sugar Refining company were re-
hected in the fresh liquidation In that
stock today. down to 116 5-S, the low
est point of the year.
This was accompanied by reports or
undesirable prominence to be given the
eompany's affairs in the forthcoming
presidential message, with the chances
of congressional investigation.
Another restraining influence on the
speculation is the belief that the time
for relaxation of the money market
NAV be deferred The continual with
drawals of gold for shipment both 10
South America and to Canada are Sig
nifcant of the continued control of the
local gold supply by London. This Is
ascrlbed partly - the maturing of
loans from foreigners to New York
borrowers. and which are called for
payment instead of being renewed.
Gold Withdrawals Affect Stocks
The official announcement of meas
ures designed by the British govern
ment to care for revenue requirements
after the coming rejection of the bud
get by the house of lords is awaited
with interest and some anxiety in all
financial markets.
In our market future requirements
are becoming defined. New York Will
sell $12,50O, 900 corporate stock Decem-
her 10, the first installment of sub
scription to Pennsylvania stock VIII
call for s24sO0, 900 December is, Decem-
her 20 the New Haven stock subscrip-
tions will call for S12, 100000 installment,
while for January the S44,69S.00O of New
York Central stocks and $l0,2300OO on
account of Missouri Pacific convertible
bonds must be provided for, besides
other smaller issues already announced
and more expected.
The strengthening effect on wabash
IDEAL" rumors, the Rock Islands sale
of st. Louis & San Francisco and the
repetition of Reading melon rumors
proved unavailing in face of these
factors of discouragement.
The professional bear party grew
rapidly in the course of the day and
found the market increasingly vulner-
able as the attacks gained in boldness.
The result was a closing in some dis
order with rapidly declining prices and
showing losses from to 8 points and
upward i'm the list
Bonds were steady. Total sales, par
value. S4,155,000. United States As
coupon declined IA, and the registered
3-S per cent on call.