Los Angeles herald., 1908-02-29
NNAN|A|;(QN|IENIA[
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.


NEW YORK, Feb. 2s.-For an hour today
the stock market took appearance of
revving animation. 1t then relasped into its
recent condition of lethargy and scarcely
moved for the rest of the day The grounds
advanced for the operations which advanced
prices the first hour had to do with uncon-
irmed rumors for the most part, and be-
trayod the professional origin Of most of the
activity.
Copper mines in Lutte 1t was said. were to
be reopened, and an extensive communication
was to be effected among copper in this
district which were still working independently
of each other. Inquiry in official quarters failed
TO verify these assertions. The price of cop
per metal in the London market suffered a
reaction. The p blished remarks of the head
of the American Smelling company permitted
the construction that reduction in the divi-
dend disbursement on the shares is the con-
temptation The influence Of the various
rumors in circulation showed some waning
power therefore, as the day progressed The
report OF a large extra disbursement by the
Oregon Railway and Navigation company, one
of the subsidiaries of the Union Pacific, puz-
zled the trading element at the stock ex-
change greatly, owing to the intricacy of the
financial relations between the various COM
panies in that system. The operation In
itself was regarded as largely one of change
in book accounts, but surmise was busy over a
possible ultimate bearing on the plan for
segregation of the investment holdings of the
Union Pacific, of which official intimations
Money markets were slightly affected by the
preparations for the March 1 settlement The
weeks known movements of money foreshad-
owed loss by the banks tomorrow on account
of this weeks absorption by the subtreasury
of nearly $4,000. 900 through Withdrawals of
government deposits and also by the retire.
ment OF national notes. The disposition or IN
terror banks to retain their reserves at high
point is inferred and is confirmed by the con-
troller's abstract of condition of all the ma
ilonal banks of February II.
This shows rise in the percentage of legal
reserve ID deposits of 20 per cent compared
with 21S9 per cent at the time of the last
call on December g. and with 26.S2 per cent on
January 26 last year. the nearest date cor
responding to the present report The re-
opening Of additional steel plants was an
item of the days. .Iews that had favorable
effect Remarks read to the interstate COM
merce commission by railroad officials were
pleading for postponement Of the nlne-hour
law for work Of telegraphers offered some
rather gloomy figures of railroad earnings.
The circumstances under which they were
made had the effect of modifying their effects
in forming judgments Some late sustaining
effect on prices was exercised by the news
that the Fowler currency measure had been
favorably reported to the legislature at wash
ington The early advances, although not fully
held in the late dealings, were better main
tanned than the first movements have peen
prviously this week.
Bonds wre steady. Total sales, par value
81. los 600 L. S. Ss and 4s, registered, ad-
vanced - and the As coupon declined quarter
per cent