Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-07-16
NEW YORK STOCK
AND BOND MARKET

NEW YORK, july 15.-There were no strik-
ing new developments to account LOT Tue LuI
Their advance in prices OF stocks eVua a niae
buying was based on the general improve
ieent in the speculative situation. commits
sion houses reported some moderate ana scat
tering increase in orders from %
sources but the transactions remained largely
in nrofessional hands and parties of the ma
nirtlative usual in that class of operations.
S'he decisive fact stood out prominently, as
was the case yesterday, that increased selling
pressure was slight and the level Of prices
was lifted thus leaving the way unobstructed
for a continuance Of the advance. There were
occasionally setbacks in the movement, which
seemed to be due as much TO pauses In the
bullfsh operations as TO any active selling
pressure In United States Steel there was
some manifest selling 10 realize part OF II
coming from foreign quarters. This was alb
sorbed and the common and preferred con-
tinued up to high price for the year.
These stocks constituted an effective lead
ership for the whole market, their persistent
strength having a strong sentimental iniu-
ence in maintaining prices elsewhere. Anal
gamated copper, National Lead. Central Leath-
"a and United States Rubber were examples
in the class Of industrials which went to the
highest prices OF the year The railroad
lists shared in the days strength, but Of
fered fewer Instances OF high record prices
However. Union Pacific allowing for dividend
reductlon), Northern Pacific. Atchison and
Canadian Pacific were at the years best
prices today. The Canadian stock Is helped
practically by favorable reports Of the wheat
crop prospects IN its territory and by the
rapid development Of some Of that territory
Crop news generally was favorable today,
as was indicated by the decline in pdiees
OF grains. The generally cheerful view or
prospects which Is obtaining foothold In
financial circles which, fostered by confident
expressed In published interviews by
several leading financial authorities Proba-
bly, some part OF the underlying strength
Of railroad stocks is due to the conviction
that process OF readjustment of freight rates
- being worked out by the railroads OF the
country which will result in an increase Of
ka ftraI f., ttnt. "a
OF the fling of notices with the Interstate
commerce commission OF new rates shows
the movement to be widespread and the
changes represent Increases as a rule.
While nothing like a general Increase has
been attempted thus far, It is not believed
that the result will be sought in a piecemeal
manner Shipping interests are by no means
agreed with the contention uf the railroads
that thsee Increases can be instituted without
percepuble effect on prices OF commodities
ana can thus hope to escape complaint and
criticism while enabling the railroads 10 cover
the margin OF h&ed charges and moderate
prohts without cutting down wages of EN-
ployes In spite of protests Of shippers IN
various organizations 1t is evident that the
Increases In rates are going on and the effect
on securities prices Is undeniably favorable.
The quick sale OF the Delaware g. Hudson
bond issue and the advance In the premium
on the new bonds In the market had some
helpful influence.
The engagement of 100000 gold for eport to
Paris, being all the bar gold procurable. was
practically ignored in the stock market. Re
PAYMENT OF the quota of government deposits
called for by the secretary OF the treasury
was completed today and preparations were
completed for IS per cent payment Of the
subscriptions to the Union Pacific bonds to-
morrow With the effect OF these transac-
tions and tho Delaware a Hudson bond sale
barely percepsible in the money market, the
gold export excited no uneasiness
break Of four points In Rock Island col
lateral 5s was disturbing element in the
later market. in which a considerable reac-
tion occurred Bonds irregular. Total sales
par value, IS coo, O00
United ststes bonds were unchanged on call.