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

NEW YORK. March 2.-The slender ag-
qregate of business in stocks today was
mostly. completed during the nrst houf
session of the stock exchange. Inc pro-
fessional operators thought they saw an
opportunity of extending the decline which
was in progress when the market left OIL on
Saturday, availing themselves of the com
plexion of conditions from various oraneheS
of business.
The event disapproved the assumption and
again disclosed the insignificant proportions
of the market. When operators snort ei
stocks attempted to cover on what theS
conceived to be unfavorabla developments
they found no offerings coming out Their
buying operations consequently advanced
prices When the announcement was MADE
that the dividend on American Smeltlne
had been cut from an eighth per cent TO
four per cent basis, that stock rallied from
its early depression to a rally over Satur-
days price, tending to show the agility OF
practiced traders in anticipation OF tne
event The resumption of operations in the
Montana mining camp was a factor or posi-
tive strength and came as confirmation of
assertions last week, regarding which there
was more or less skepticism.
The response of stocks affected was, how
ever moderate. This was partly due to the
modifying effect on sentiment of the fall In
the price of copper today. The resumption
of operations in the Butte region was
avowedly based on the expectation or future
renewal of demand for the metal rather
present demand. Railroad traffic officials,
however spoke in less hopeful strain over
future indications for business than has
been the rule with them, even through the
worst of the depression. Railroad earnings
reported showed the heavy inroads result
ing from depressons. The gross decreases
OF Pennsylvania lines directly operated OF
over S2,000.000 for January was held down
to a decrease of sec, 500 in the net Even
the Southern Railway SYSTEM considered TO
be at a disadvantage in its opportunities Tor
retrenchment, shows a net decrease for
January of only $23O,5s4, where the decline
in gross earnings ran to $669,024. This
tendency was regarded as of favorable
augury for security holders
Reports of drastic measures of curtailment
Of expenses on the Gould system, however
did not prevent evidence of weakness in
some of that group The report that the
roads generally had agreed with the inter
state commerce commission to conform
without further delay to the requirements
of the nine-hour law for the telegraphefs
was received with interest in the same con-
nection.
The oisallowance of the legality Of the
Erie scrip dividend evidently had been dis
counted The time money market here
showed an easier tendency and showed that
money had declined Attention was at
tracted by the compilation made by the
journal of Commerce, of the new corporate
issues for February the total OF less than
$50, 600, 600, showing decrease of nearly
$50 900, 600 from the new issues OF February
of last year Nevertheless the issue of short
time notes for the month increased S5,94l,-
700 The inference is that corporations have
had no opportunity to float projected new
issues and are still reverting to temporary
expedients for necessary financing.
Bonds were dull and irregular Total
sales par value $1,71O,00 600. United States
IS declined a per cent on call.