The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-12-26
THE MARKET I'M
N y SECURITIES
REa EiN or ~ EEK s. James, 8 =
gEEss Ia

PER. &
This hiss been b weeIs of consideFsE5
BILE activity on the New York stool
Exchange. attended, however. By not
q little variability In the tone Of the
market and the tendency Of prices,
says BTadstreet:s. 1T the outset il
was weak, and on Monday. in partic.
ular, the decline assumed the form Of
a rather severe break On Taesda.-.
however, a steadler telling asserted il.
self, followed by a general recovery
on Wednesday. in which not only he
standard issues but a number O. the
spectalties participated. One az til,
leading features was the activity AMI
strength of the bond market. A goo.
deal Of manipulation wss doubtless IN
progress IN some Of the prominent is
sues Of this class, but It also 10 .kcd
as II preparations for large re;rves.-
ment demand after January had a
share in the movement. One Interest
ing development was the decision at
the Stock Exchange committee shHt or
and after January 2, 1909, dealings in
bonds at the Exchange shall be With
accrued interest" instead of mixing
the prices "1at," or without the 'u-
terast. this change conforming TIE
custom of The New York market TO
that which prevails at Boston and 9th !.
er cities.
Various causes contributed to c-cata
the early weakness OF the market. TIE
principal factor, however, was the bad
bank statement Of last Saturday, th,,
preparations for the January dis
bursements and the calling of loans
Incidents thereto creating. as they
did higher range of interest rates
and imposing conservatism on b9"kia;
interests and the larger class of opel-
ators in stocks. 1t lid not appear,
however. that the market tate- or took
rrr' nectai note of the high foreign
exchange rates or of tbs engagement
OF $70O, 900 more gold for export to
Paris. with the possibility OF a furthsr
movement of that kind. Another lis-
turbtng factor was the Testimony o.:
Mr.. Carnegie before the cons -rsilonnl
committee which is co1'ioerfnK The
tariff, and some effect was produced
by exaggerated reports concerning thu
health of Mr.. e. H. Hartman. The
deal WHEREBY Inc Hill n''r. 81 has ac-
quired control OF the Co rr!; z.
Southern Railway for IN. Bnrllns ton
Northern Pacifc,Great N9rtie:n COM
b!rs!ioH was favorably regarded. its
SPECIAL effect being to caus= a f;'riner
re" in the bonds OF the Cnlu:ad1 &
Southern. Still some curl ,sly Vas
felt as to how the rela.io>s brt~e er
the rHcrin ard the Fili interests
would be affected by the dea: in ,ues
ton.
There was an abs-nca Of any de-
yelopments OF general character 20
account for the later recovery in th.,
market. The appearance of western
banks as lenders of money on time
and the resulting easier tone in the
loan market had something OF a senti-
mental effect. 1t also seemed that
there had been a heavy short interest
outstanding. and that in the absence
of really disturbing factors, covering
on an extensive scale was readily pro-
duced. This was especially noticeable
in the Hartman stocks. New York
Central also advanced on the idea that
the retirement Of President W. Il.
Newman implies that an active part
in the management of the system may
be assumed by Mr.. Hartman. The
same gentleman was also credited
with having become more clearly iden-
tilted with the Gould properties, IN
which stocks there were number OF
notable rises, particularly in the Wa
bash stocks and bonds. The local trac-
lions were strong under the lead of
Brooklyn apid Transit The Steel
stocks were heavy and somewhat neg
lected on what is deemed the greater
chance OF revision of the steel schoa.
ules OF the tariff.