Show L fOllOWING THE i HARRIMAN lEAD Pacific Railroads Show Strength Upon Publication of Annual Report STANDARD OIL PURCHASES INCREASED FREIGHT RATES A HELPFUL HELPFUL FACTOR DeC Deo lOThe stock market w V York York D continued to tobe be largely one of or were wera Harriman Pacifies Mea The again shed h l forward Into inte prominence usually influential leaders lt It t even the the these In tile deal apy animation dea deaIn revive any l I not stocks which in the high hl h grade de in stok thE RS predominate In to the deal The Time practice lUtle l strength of the tiar Hr ted with the showing mans ns was wih Pa of the Union the th annual report f r tho annul was wab Wasl The rho he report f fi and its Is auxiliaries striking exhibit of ot the theart l and complicated activity o of this po pOW vast art of finance and industry Instrument industry with which the in the efficiency mci nd been employed was shown has ben wa yond vond dispute by the figures Presented of the contents general outlines content T ne lie nerl f had been generally known and hen generl the lower he expectation of its is publication ion proved stimulating speculation effective In wore more ihan han did the realization the themore themore themore anticipation had been more true because whetted te by b intimations that the report contain suggestions on the future to te was as The of the companies general policy reduction In Ui the holding for tor investment Pa Pacific and Northern Northern Norther of the Great Gret othern ad hue te shares the conversion of ot Chicago Milwaukee share St Paul common stock stockholdings stok stockholdings holdings In Ino o subscriptions for or new stock stoc In Illinois Central hold holdings and the increase of special interest to toi Items ings were i the lie stock stOk market The perusal of the annual report was wn of or less influence on o the te mind ot of tho to aver average average le age ge speculative follower of the market maket nan fian I was the demonstrative buying of o othe the Harriman Hamman wa and an of ot other stocks stock by brokers credited with acting for Standard Oil interests The openness with wih which large orders order were wre executed from tom these tese sources was supposed to mean a procla n 1 of ot confidence In higher prices nn n the part of the buyers buer Needless to toa MV say a the jt inferences inference as to the Identity of the buyers and as a to their motives motes are purely gratuitous and ad subject to all al the purey elusive eluh methods employed In skilled spec speculation speculation These inferences continued effective however Tese in Inducing In a I speculative speculate fol following following I lowing which continued to t t buy bu stocks stock and andi i bid id up ap prices Filing Fing of notices with wih the Interstate commerce commission of an a In Increase crease rease reas in transcontinental freight frel ht rates on Jan an 1 was a helpful factor fator in shares hars nf r railroads In that group The metal in industrials industrials showed showe some renewed strength th thA A rl r e in m the price of copper coppel In London Ln on onan end and an a recovery in the price of ot silver were of nI benefit benefit Belief Belef that an agreement Is 19 near on specifications for f r steel rails rais be between b between tween tw n the Pennsylvania and the United States Steel corporation was a cheering factor artor as a it is i believed that the placing of orders by b the Pennsylvania would prove proe I a signal for fo the placing of ot orders by the railroads generally The Te action aton of the wheat market maket was wa of sympathetic effect on stocks stock and reports of ot winter Iter conditions allayed apprehension of a se Sc severe see yore vere e damage to It I by b long drought and later Uter freezing November reports of agri agricultural agricultural cultural exports showed a I falling off of ot over oo from the valuation of a year ago but the rush of commodities to foreign markets to realize on to meet the Ihl panic necessities nce was then in full tul force Foreign exchange rates ad advanced vinced again agin and although there was a corresponding rise re in hv the Paris cheques niO In gold Jold was Wa taken for export Time Tie loan rates here hero were firmer and tIme the continues to absorb large sums from the banks without the pay payment payment ment of subscriptions for the Panama canal bonds yet et figuring in those tose opera operations oper tons While a number of substantial factors are ae thus shown to help the ad advance advance vance ancl the stock In trade of the specula speculators tors tor was wa still sti a swarm of rumors of eals eaIs mergers and combinations which if realized would change the te railroad map of the whole country count The Te gold export engagements was ws part pa Iv l responsible for the easy ey time of the closing dOln of ot the market market Bonds BondI were firm fn Total sales pox par p val value ue Ut r call All United States State bonds were ere unchanged on Stock Quotations Sales High High Low LW Close Ama Copper 85 8 I Amer C F 1600 Jw 45 4 45 46 4 V Preferred e 10 Amer Cot OH Oil 01 1600 4 43 43 4 Amer AIr H I L WO 30 37 35 3 36 6 Amer mer Tee lee Sec Se WO 70 7 54 25 23 25 i Amer In Linseed d WO 15 16 15 16 15 IB I Amer mer Loco Lo 30 56 5 0 65 55 Preferred MO 1 10 1 Aicer Auer A mer S R B O ti J 91 9 Preferred 1 t 10 Amer mfr Sugar Sur Ret Ref 40 1324 4 13 13 Amer Tob pfd r 95 9 91 94 9 Amer mr mer Woolen Wo 4 33 32 3 31 3 Ana ma nl MIT Jin Co 2400 50 30 5 49 4 4 4 SK S 98 KM S Preferred OY 10 10 i 4 C Line Le 10 Baltimore rN 0 O HS 1 OH I Preferred p E 93 9 92 Brooklyn R R T i 35 30 0 00 55 i 67 57 9 54 n Canadian adlan Pac Pi P 84 tent Cent l Leather Ir U Ur 30 29 0 Preferred P 1 lO 10 ii r i r Cent ent nt o c of N J 1200 1 I hs I A Ohio 57 37 5 M hI Ot Gt West 1100 11 ii 11 1 Wt 1 h ii 38 16 i 1754 1 M f St P 16 Jl 2 loO 1 i io l 1 t I 4 S 1 St St L I 9 69 6 69 1 69 Cob olo F I 1 41 39 Cob Colo South 6 i 37 5 f 1st preferred 18 1500 74 74 lt d preferred 00 70 61 Con Gas 1 1 16 1 Corn Com Products 5 IS 18 1 IS ISDel iSDel Del Hudson 4 17 1 li 2 D D G lW 39 36 3 Preferred 2200 2 81 S 5 i F Dil Dis See Sec 3 37 3 Erie Eric 3 33 k Zt 3 1st preferred 26 2600 W 50 0 d preferred 0 41 40 40 Gen Electric 1500 lr 1 Gt Norh North UI IH do Ore 19 1000 73 7 73 71 73 Illinois 10 1000 y 4 11 Inter Met S 16 15 S IG 16 Preferred 26 3 3 Inter Paper 10 10 J 12 12 1 11 Preferred 10 5 37 57 WA 56 Inter Pump 4 31 3 4 Iowa 15 3 32 31 14 K C South 46 S S Preferred GS 67 S 6 Gf Luis Louis Nash J 21 1 1 Minn Inn St St L O 51 52 r 53 M S P S S M I 12 1200 13 1311 13 MissourI Misouri Pacific 45 60 4 w c M 1 K T lS 39 Preferred 25 2500 2 4 i m National lead Lead 90 84 8 8 N Y Central Central 52 lS Un 1173 l N K Y O 0 West 9 i Norfolk West 10 1000 81 54 s North American 10 74 1 4 Northern Pac Pae 40 H 1434 12 Pac MaiL 19 1900 31 37 36 G 37 Pennsylvania 90 1 io 1 13 Peoples Gas 6 o 1 l lP P C C St t L SI Pressed Steel Car 50 o 3 i pun Pull PaL ar R Ry Steel 2 3 43 3 4 42 itH Republic Steel 26 2632 26 2 Preferred t Jr S Sc 6 Rock Island Co 40 40 24 21 21 Preferred 90 f 9 O St St L 1 3 JS IS F 1 40 40 o St L SO 21 2 23 23 PrEferred Preferred 55 51 5 Shoes S S IJ I i Souther Southern Pac J 12 1 Preferred 3 rj 1 12 4 Souther Southern R By 2500 25 2 25 2 2 Preferred 1100 C CO 5 Tenn Term ppe 2 45 44 Texas 8 Pac 7 31 t tT T S L West Vest 2200 42 4 41 Preferred 66 t 6 65 Union PacifIc S IS IS Preferred 5 9 93 9 95 9 95 U Rubbe U S Rubbe 3 Preferred lOS 10 4 IO IOU 2 U S Steel 54 F 54 Preferred 18 1 ln 12 Uth Utah Coppe Copper 0 1100 15 8 m 47 47 7 Vir Preferred Car Cher ChemO S 44 4 43 43 13 b 2 Wabash I 80 i 1 l 19 Iii 19 Preferred 45 43 Wet Electric 9 1100 IO r S 59 Western Wester Union OO 0 6 69 09 s Wheel Lake E 10 12 Wis Central 33 32 23 Amer T 8 T iO 1 l ii 1 Total sales for the day shares |