Los Angeles herald., 1908-03-12
NEW YORK STOCK
AND BOND MARKET
By Associated Press.

BY Associated Press
NEW YORK, March 1.-The aggressive
speculative leadership which took hold of the
stock market late last week asserted itself
again today and prices were lifted substan-
tally II was not until nearly two hours Of
the session had expired that the movement got
under way, the interval being filled up by
an uncertain drift In tho price movement
which marked the conduct of further testing
operations by the leaders of the corporations
ac the long side Of the market.
When operations were resumed In an aggres-
slve way the improvement in the technical
position of the market resulting from yester-
days reaction became manifest The hesita-
ton in the upward movement yesterday had
resulted in a largo extension of the short In
tercst as the professional element had been
distrustfui Of the advance from the outset they
were watchfu for opportunity to put forth
fresh short lines. These uncovered shorts
made potential demand for stocks on the ad-
vance, which aided the bulls materially.
THO digestion Of profits effected by yester-
days selling also left the sellers in a strong
position to renew their holdings. - The obvious
Capitalization Of the operations foetered the
conviction that important financial interests
were embarked in concerted movement for
extending the rise, with the probable approval
Of banking interests looking to the further9nce
of coming plans for necessary financing which
confronted them.
The upturn in the market was notable for
revival of rumors of important developments,
which lacked verihoation and which were IN
themselves vague as to form and somewhat
confusing as to substance. The most potent
Of these In its effect on the market was a re-
vival of the report sent afloat last week that
the conferences were in progress to secure as
surance of permission being granted by the
interstate commerce commission to the rail-
roads to adopt moderate advance in freight
rates In return for agreement 10 MAINTAIN
wages by the railroads.
The days speculation held its view Of a
probable agreement between railroads and the
national authorities, In spite OF the lack OF
official confirmation. The conspicuous leader
ship of Union Pacific in the movement was
que TO revival OF reports that the plant or
segregation of that companys investments
was ripe and would involve an extra disburse-
rnsnt to stockholders. The extra dividend
rumor was revived to apply to Northern Pa
cific also.
Tho strength in Reading was connected with
n report that a compromise was benig pre-
pared by the department of justice to test the
commodity clause of the Hepburn law. which
would exempt the coal roads from penalties
for Noncompliance pending the decision OF the
suit.
The reaction late in the day was partly due
10 profit taking. The instructions from Presi-
dent Roosevelt to the commissioner of corpora
tlans to investigate stock trading was not
generally known on the flor of the stock ex-
change before the closing. but II Is probable
that some OF the late selling came from the
early informed on it's contents. The market
closed distinctly weak in consequence.
Ronds were firm. Total sales par value, 81
SOC Oo0 Government bonds were unchanged on
cali