Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-23
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Dec 2s.-There was some
shrlnkage of activity in the stock market to-
day in connection with the recovery, but clos
ing very active and the tone buoyant at
the top prices. The feature of the market
was the circulation of rumors of proposed alb
sorptions and combinations OF railroad sys-
TENS.
E. H. Hartman, whose supposed critical
condition Of health figured in the Imagination
of spectators yesterday In connection with
their heavy selling of stocks, resumed very
robust condition of activity today and was
permeating the railroad map of the country
with his projects of combination and trans
formation. On the one hand, 1t was conf
IDENTIFY assumed that he was planning the re-
Mobilization of the Wabash system and devils
ing its combination with some outlet prefer
ably the Lackawanna or Erie.
In another quarter the retirement OF Presl-
dent Newman from the New York Central
might be opening the way for Mr. Harri-
mans expected entry into informal activity IN
that property. An incident was to De the
hitchlng up Of the Toledo, st. Louis & West
ern with the New York Central lines Tor
new connection into the southwest.
There was great activity in oil the seeuri-
ties of the Missouri Kansas & Texas, follow
ing the present assumption that the sale or
the Colorado & Southern to the Hill system
was a fair index of what was to happen to
other southwest roads with gulf outlet ana
eligible for a combination with northern roads.
Opinion halted between Chicago q Alton and
Chicago, Milwaukee & st. Paul, as the most
probable absorber of this system, but that u
would be one or the other there was no room
for doubt.
tones of the call money market deprived the
plausible of the rumors in circulation, and
they will serve as examples of the tendency OIL
the days speculation. The brilliant advance
in the market price of the Colorado & South
ern mortgage securities, with the assurance of
such powerful auspices for the affairs of the
company as the Burlington, offered attractive
proof of the advantages to eccrueSfrom such
arrangements. A considerable short interest
has been built up in the market In the course
of the sharp fall in prices which has occurred
since last week. and buying to cover was a
help to the advance. This was IN evidence IN
the rise Of Missouri, Kansas q Texas, Tor
which stock there had been purchased appar-
emily large options n the long market.
lively demand from that point today testified
to the effect Of the sudden advance in the
price and emphasized it. The money outlook
and the coming tariff revision still entered
into the current discussion, but with not such
effect as the incoming reports yesterday OF
Mr. Carnegies testimony in the tariff hearing.
Nearly three-quarters OF a million of gold was
engaged to 60 forward to Paris tomorrow, and
the ub-treasury continues to absorb quanti-
ties from the banks, with the prospects of this
drain increasing toward the end of the week
of subscriptions to Panama canal bonds. The
reaction in the foreign market was an effect
of the gold shipment, and also IT Is believed
of some buying of stocks for London account.
Requirements are not yet covered, however,
for payments of interests and dividends to
foreign holders of securities, and remit
tances on this account are expected to hold
up exchange rates until the sailing of the last
New Years. The tranquil and rather easier
toes of the call money market deprived the
subject of disturbing influence
Bonds were strong. Total sales, par value,
$40 1854 O00 United States bonds were IN
changed on call.