Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-11
NEW YORK STOCK
AND BOND MARKET

NEW YORK Dec 10,-The stock market
today continued to be largely one of special
ties.
The Hartman Pacihcs were pushed forward
into prominence again, but even these usually
influential leaders did not revive any ami
nation in the dealings in the high grade
stocks, which in common practice predominate
in the dealings.
The special strength of the Harrimans was
connected with the showing of the annual
report of the Union Pacific and its auxiiaries.
The report was a sufficiently striking ex-
hibit of the vast and complicated activity
of this powerful instrument of finance and
industry, and the efficiency with which the
instrument has been employed was shown be-
yond dispute by the figures presented.
The general outlines of the contents now
ever, had been generally known and the eX-
peetation of It's publication proved more ef-
fectve in stimulating speculation than ala
the realization.
tion had been whetted by intimations the re-
port was to contain suggestions on the future
general policy of the companies.
The reduction in the holding for investment
Of the Great Northern and Northern Pacific
shares, the conversion of Chicago, Milwaukee
G. S. Paul common stock holdings into sub
scriptons for new stock and the increase in
Illinois Central holdings were items of special
interest to the stock market. The perusal of
the annual report was of less interest on the
mind of the average speculative follower of
the arlSet than was the demonstrative buy
ing OF the Harrimans and of other stocks by
brokers credited with acting for Standard Oil
interests.
The openness with which large orders were
executed from these sources supposed to
proclamation Of confidence in higher
prices on the part of the buyers.
Needless to say the differences as to tho
identity Of the buyers and as to their motives
are purely gratuitous and subject to all the
elusive methods employed in skilled specula-
ton
These infereaces continued effective, how
ever, in inducing a speculative following
which continued to buy stocks and bid up
prices.
Filing of notices with the Interstate conf
merce commission of an Increase In trans
continental freight rates January l was a
helpful factor in shares of railroads in that
group.
The metal industrials showed some renewed
strength. A rise in the price of copper in
London and a recovery in the price of silver
of benefit.
Belief that an agreement is near speci-
fcations for steel rails between the Pennsyl-
vania and the United States Steel corpora
tion a cheering factor as it is believed
the placing of orders by the Pennsylvania
would prove signal for the placing Of orders
by the railroads generally.
The action of the wheat market was of
sympathetic effect stocks and reports of
winter wheat conditions allayed apprehension
of a severe damage to 1t by long drouth and
later freezing.
November exports of agricultural products
showed a falling off of more than $25, 900 600
from the valuation of year ago, but the
rush of commodities to foreign markets to
realize to meet the countrys panic neces-
stiles then in full force.
Foreign exchange rates advanced again and
although there was a corresponding rise in the
Paris cheques, $2,5OO,OOO in gold taken
for export.
Time loan rates here firmer and the
subtreasury continues to absorb large sums
from the banks without the payment Of sub
scriptions for the Panama canal bonds yet
figuring in those operations.
While a number of substantial factors are
thus shown to help the advance the stock in
trade of the spectators still a swarm
of rumors of deals, mergers and combinations
which, If realized, would change the railroad
map of the whole country.
The gold export engagements partly
responsible for the easy closing Of the market
Bonds were firm. Total sales, par value.
S. 800 900. United States bonds I'M
changed on call.