Los Angeles herald., 1908-07-29
NEW YORK STOCK
AND BOND MARKET

NEW YORK July 2s.-The speculation in
stocks had a good deal OF material available
for the formation of conjecture in the events
which were expected to occur in the course of
the day. These included the delivery Of the
speech of acceptance of the nomination for the
presidency by the Republican candidate and
the quarterly report of earnings Of the United
States Steel corporation. There were injected
into the situation also the official intimaton
that the Interstate commerce commission
would investigate the reason Of increased
freight rates, of which they might receive
notice in advance of the complaints against
those rates.
There were, Furthermore, the conferences of
thc affairs Of the Gould railroads and the sur
misses which these gave rise to. The result
of these various factors was to stir up a con-
siderable degree Of feverishness in the stock
market, which was reflected in the previous
fluctuations of prices. The situation in the
Gould group came In for an unexpected
amount of attention The return from Europe
Of the head of the system was followed by
statements for publication indicating that plans
for providing for the ss0O0,0Oo wheeling &
Lake Erie notes falling due on August /, and
guaranteed by the Wabash, remained to be
formulated. This statement of the situation
caused uneasiness and was reported for the
early violent break in Missouri Pacific. The
early impression was reversed with the
growth OF conviction that the settlement OF
the Wheeling g. Lake Erie note matter would
involve the entry into the Gould properties of
the Hartman interests, looking to the CEN
ualization OF the projected Western Pacific as
a. competitor Of the Southern Pacific. Another
line OF surrnise regarding the alliance was in
dicated by the strong tone of the Erie issues.
Advantageous arrangements between the Erie
and the Gould eastern outlet were inferred
from this movement. The declaration of the
regular quarterly dividend on the Hartman
Pacific and in advance Of the usual period,
and the announcement of the early departure
OF Mr Hartman on an extended vacation
trip kept alive the supposition of the urgency
In tho working out of the projected arrange
ments. The determination implied by the
statement of the interstate commerce com
mission to oppose an increase in freight rates
was attributed to the inspiration of the chief
eecutive and was the subject Of some troubled
comment in the financial district Much had
been based on the ability of the railroads to
bring about higher rate of compensation for
transportation services a method of ex-
trlcation from the financial pressure caused by
tho present contracted earnings. The anxiety
on the subject was not Of long effect in the
STOCK market. as the tone gradually became
stronger. After the appearance of Judge
Tafts speech of acceptance prices generally
reached the highest of the day. These were
near the highest level Of the year In some
cases, including United States Steel the COP
per and mining industras of the Pacific rail-
road stocks Reports from authoritative
sources pointed to the substantial betterment
OF the health of the copper market It was
known that the United States Steel quarterly
report would not be published until after The
market closed and 1t was counted upon that
any unfaVoraole showing in the report would
be accepted as satisfactory. 1t remains to be
seen how the fact will be digested that un-
filled orders on hand on June 80 had fallen to
o.SlS,OoO tons, falling off of $4,000 tons from
the March 81 showing and the lowest tonnage
OF the order books since the September 80 re-
rort In 1904. News from the crops was favor
able Profit taking took something from the
extreme advances in the late trading
Bonds were irregular. Total sales, par value
$G,430000 United States rs registered ad.
Vanced per cent on call