The Washington herald., 1908-02-27
WALL STREET NOTES
Apathy in Market Relieves
Traders of Worry.
ONLY 215,OOO SHARES SOLD
Rate of transactions Is AbOut Same
Per Hour as FOrmeiy Per Five
Minutes-One-yenr Notes Due In
April, show sharp Advance-Carry
No Interest, but Get Good Price.

New York, Feb. 26.-There was hardly
trader on the stock exchange to-day
who did not find himself unconsciously
repeating from time 10 time Coleridge's
lines. Day after day, day after day.
without a breath or motion, as idle as a
painted ship upon painted ocean" The
stegnation was more depressing, and, as
IL was but a continuance OF the condi-
tions felt for several days preceding, its
effect was marked enough on the fea-
lures and dispositions OF those forced 20
endure it, They looked gloomy and they
felt sad.
The total of transactions did not greatly
exceed 2l5,0OO shares and was the sm8lest
Tor the year to date. The total for two
Successive hours was only 5000 shares.
or at the rate OF 1900 shares an hour; be-
ing less than what might be done in five
minutes OF an active market.
A single Erie general lien 4 per cent
bond sold at So. the low record touched
on the preceding day. when the price
suffered a perpendicular drop Of four
points on the sale OF five bonds. The next
transaction showed a recovery Of a point.
and the absence Of any pressure 10 sell
was regarded by bond houses as indica-
tion Of confidence on the part Of in
vestors that the roads financial needs
would be provided for.
The advance in the price of the one
year notes due next April was. however.
regarded as even more significant in many
aspects. A house which had an order 10
buy a block OF the notes failed 10 get
any because the price was held well above
the limit fixed by the would-be pur-
chasers. and II was only the appearance
OF an inquiry-for the notes have for a
long time been extremely inactive-tbat
attracted the attention OF other houses
to the fact that the price had risen from
its low record Of 6S 20 81 bid. 9S asked
As the notes carry no interest, an asking
price OF 9s now Is regarded by bond men
as affording strong evidence that they
will be paid on at par or lis equivalent
when they reach maturity.
The action OF one Of the great banks in
deciding to form a security company 70
take over its real estate. securities
stocks. and other properties and TO en-
gage. for the benefit Of the stockholders
Of the bank. in other lines Of business not
expressly included in the corporate powers
of the bank itself. was by. many brokers
regarded as a most important move
while a few prOfessed 10 see in il an in
dicatiOn Of what might be done by the
coal roads in case the legality Of their
ownership OF mining properties was not
Sus aimed in the suit about 70 BE- Drough.
70 test the validity OF the commodity
clauses OF the Hepburn rate law. The
bank in question is popularly supposed q
be a large holder OF the stocks OF the
anthracite coal roode. I,srvicuiRriy OF
Lackawanna. Reading, and Jersey Cen
tral
The Presidents message to Congress or
the subject OF the development OF inland
waterways was widely commented upcr
in the financial district the point OF the
discussion being that in this matter Mr.
Roosevelt gives an insight into his knowl-
al Of