Los Angeles herald., 1908-09-02
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Sept 1.-The firm undertone Oh
the market again today was undoubtedly at-
trihptab,a IN the systematic effect OF the
strength in the Hartman stocks Southern "a
o,ao was the conspicuous Feature OF the oay'
q. an many days past, the movement was
,ar,oaicaily to a greater or less extent IN
stoeks of all properties with wnlcn tne ~, neL
riman name is connected as q suppossu a.
uant or controlling force. This prousnt IA
Illinois Central and Erie as well as Union
Pacific. Southern Pacific proceeded on its WAY s
to new record levels, crossing lVS ourlns siae
dnv The movements elsewhere were not NO.
table and The volume OF the market, outslos
of the Hartman issues, was not large. ~. nui1o. ~
continued busy with the supposed proyec.s 40 -
new financing of Southern Pacinc looA'nS ,rS 80
the retirenent OF the preferred stock. Lnese
arrauRements are dscountenanceo IN oIllo'es /.
quarters where the persistent rise IN snales - -
these properties are preferably aftr1puteu !"
snonroved fs,siness conditions and continue
aDce of their Improvement ..-,,,,,v,v re-
Guoh improvement was not str1kinsK u
ected in any news OF tne ooy the anu s,owness a.
She hetterment Such was -the statement oi
earnings OF the Pennsylvania system ror !uly ,E
The drastic cut or S2'evViV wv IN .ho o,th faiI
sai7. 300 short OF the amount OF the lalnns va
in gross earnings. which thus measuleo rhe r
decrease IN net returns FOR Ine napnsn ,nN roSvaS
lines west of Pittsburg and Erie alse shon w. gu
a decrease OF ss115 800 in the net earnlhss coin
pared with last year, showing reersi.sia.,n sn -
ot 81 402. 500 in the operating .cost. 49, a.
showing Is not encouraging for the oenei a. ~
effectiye recuperation UP to that time In ~, rSe .
varied traffic of that extensive system. ~.
effect Is offset to some extent py tne eiiil,i @
that the rate OF Improvement has become NOR o. . D
rapid since The government report on 'ne
condition Of cotton showed. WIDER oechne II. ~
the nercentare than had been foreshauoweu py
any of the expert private estimates wnich nave ~
preceded IT, The market had period OF us-
cided heeviness at the outset during wncn ,l1
sailing orders were said to come potn 1roh
vyeateTn wire houses and from foreign quar-
Sers The profit taking sales were resumed
at different times, that the sustaining IN
6uence of the Hartman stocks was parity neu-
treIlzed. The large absorption OF bonds IS a
feature Of the situation, which Ia not surpris-
ing IN view Of tho redundant state OF the
money market August sales OF bonds at tne
stock exchange reached an aggregate par Value nt
Of $50 e47 800, which, with the exception OF isVo,
IS the largest August business In oonds IN the
records Of the stock exchange.
In connection with this active marKe. lot
mortgage securities II Is regarded as signlncant
that new interpretations for million oolers
and upwards of share capital fell to lower M
total for August than for any other mor.n nv
since the era OF large corporations opened. Inc
days dealings balanced each otner SO iar 10
10 leave the net results small. =.
Bonds were firm. Total sales, par value' So,-
s4s ooo Government bonds were unchanged on
call