Los Angeles herald., 1908-01-10
NEW YORK STOCK
AND BOND MARKET
Associated Press.


NEW YORK. Jan. 9.--The speculation for
ths advance took on considerable animation
today. pesiings expanded decidedly in volume
ana professional Operations to life prices were
conducted with boIdness and sssressveness.
The Tnisgivings (which caused tho setback Of
yesterday had been apparently overcome. The
pronounced Improvement in the money situa-
tion was held to bG of sufficient value to over
wsigh the counter-considerations An effective
factor IN soothing the apprehension caused by
yesterdays news Of the recelvership for the
Chicago Great Western was the dissemination
Of reports in detail and particularly Of pro-
vision hayin.; been made for meeting the COM
ing rnaturities OF note issues of number of
railroads now Of first-cless credit. Efforts to
obtain official confirmation for these reports
were OF no avail. and they were left in the
form Of intimationa. Their influence on specu-
Iative sentiment was none the less decisive
although the stocks of the particular kind thus
supposed to have been relieved did not always
share In tire strength Of the days market
Some Of the other factors in the days rise
were Of q similarly underlined kind. The coal
ers. for instances rose vigorously, buyers pro-
Ssssing confidence that the act would be taken
BY congress to defer the operation Of the Hep
burn bill requiring the railroads to divest
themselves OF ownership OF the coal properties.
The operation OF THE requirement had been
xnuch dreaded, as threatening an extreme ef
feet or a possible total suspension OF business
fy these companies Speculation on this ground
centered IN Reading and carried that stock to
the highest price II has touched since August.
On the side OF the money market there were
many convincing evidences OF the effective
rehabilitation already effected there SO active
q demand for commercial paper has sprung up
among money lenders that uneasiness has SUBJ
sided. and no fears are any longer felt of EN-
barrassmert for any solvent business. In
creased offerings OF time funds were reported,
also declining interest rates. while borrowers
we're reported to show a growing disposition
TO hold Of for still lower rates. The Bank Of
France red ced its official discount rate to the
level prevailing before the crisis. and the
Eank Of England made so strong a turn that
some surprise was felt in London that further
reduction was made in the official discount
Eate Of that Institution.
Enormous repayments of credits were re-
ported by both o. these government controlled
establishments. while the heavy reduction of
government deposits In both explained the in
crease of supplies in the money market by
government disbursements. The English bank
gained heavily also in bullion holdings, al
though the French bank reported a small de-
crease in gof Call loans were not quoted
that rate. thus Indicating the increase of facil-
tiles available for the conduct OF speculative
operations in tho market The radical cut In
the rate of the country's iron production rep
resented by tbr leading trade organizations
and further returns of large decreases in lail-
road earnings were ignored. The market
.broadened and showed increasing strength
durin4 the day, and closed strong and ami
mated, with gains fully maintained.
Bonds we're Irregular. Total sales, par value,
sa,621o00.
United States Is, registered declined x,
while the As coupon, advanced u per cent on
call.