Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-02-21
NEW YORK STOCK
AND BOND MARKET


by Associated Press.
NEW YORK. Feb 2O.-It was only after
considerable hesitation and several false
starts that prices moved decisivey upwards
in today's stock market. The early tone
was unsettled and there was renewed realiz-
ing at the close. Advocates Of higher prices
seemed to be in dread that some outbreak Of
special liquidation might meet them, as
was encountered yesterday In the Gould
stocks and the PETERBOROUGH Metropolitan
bonds and which made the upward move
ment abortive before the end of the day
but no such obstacle interviewed today and
the turn against the short interest was sue
cessfully achieved The demand for that
element when Ii commenced to treat aided
materially in advancing prices. The APP
proach of a Saturday holiday Increased the
disposition of the bears to reduce their
commitments. The one item of news of any
Importance which might be assumed to offer
new conditions was the decision of the
question of the right Of the Hartman rail-
road securities company interests to vote
their holdings of Illinois Central stock
which was contained in the opinion deliY-
cred in the Illinois court. The outcome was
viewed in the financial district as method
for settlement of a dispute which has been
en- unsettling influence in other quarters as
much from the fact of being kept open as
from any questions at issue in the case
There was but sale of Illinois Central
stock itself today. and that at q decline OF
a point from the previous sale. Union Pa
chc in contrast was bought heavily. In
ferences were sought to be drawn OF bear
ing of this decision on the right of Union
Pacific to receive the Southern Pacific divi-
dends which the federal government au-
thorities seek to enjon. although the Illi-
nois Central suit hinges on state law or
Illinois only The assumption of the large
part played by short covering in the ad-
vance was corroborated by the special
strength shown by some stocks regarding
which development occurred which have
been subjects of expressed fears previously
Baltimore e. Ohio has been weak at vari-
Gus times on reports of new financing. To-
day's announcement of the sales of $6,000,000
of one-year 8 per cent notes. however, was
followed by vigorous advance In the stocks
This road also came forward today
amongst the first with statement OF net
earnings for January. which while they
showed n decrease of $9S7S59 to Sl,Ol2,5to
compared with last year. were apparently
not poor as the previous protesslohal
sellers of the stock had feared. stocks
associated with copper industry showed
aggressive strength in proportion to their
recent acute weakness pointing to the same
conclusion of repurchase OF STOCKS py pear
operators. This group was affected also ny
n strong rebound in the London price OF
copper the first interruption to the down
ward course of that metal which mas &C.
CURED In many days. .
penorts of new arrangements for the SELL
ing agency of some of the leading copper
interests were interpreted as indications OF
the approachment of those interests 10
closer relations. ASSertlOHo WIZ 49,
iation which could not secure official sane
tion pointing to an Improvement In the
january net earnings of the United states
steel corporation over the December
showing
The subject of President Roosevelts let
tiers to the commissioner Of labor giving IN.
;structions for an investigation OF proposed
wage reductions by railroads was known
,,esferdav and was ground for some of the
short selling of stocks then and ADDED TO
the days requirements of the shorts
Predictions of a. strong weekly bank
1vere made owing TO the apparent gain OF
between five and six million dollars cash
by New York on the weeks currency move
1nent. The professionalism OF the nia .l,tt
profits late in the day.
Bonds were firm. Total sales par value
ss.o26OOo United States rs registered ad-
vanced a. the 2s coupon and the So u, the
1s coupon a and the As registered "a per
cent on call.