The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-02-05
WALL STREET NOTES
Few Marginal Transactions
on Floor of Exchange.
BOND SALES HOLD UP WELL
with 1900, Present Month
Makes Good Showing Healthy
Tone Gives Indication as to COndi-
ton of MarIket-PensyIvani State
ment Not So Pessimistic.

New York, Feb. At a statute restrict
ing marginal transaction in stocks had
been In force to-day and, the business
conducted just as it was, there would
have been few violations Of the law
Total transactions were but 26G. 600 shares.
less than half the aggregate of the pre-
vi0us Tuesday. and the bulk OF these
was furnished by floor traders
Commission houses contributed less than
on Monday even TO the days business
Rooms that were crowded with traders
during the January boom were all but
deserted and of those who watched the
board there were more spectators than
spectators. No one could answer the
question. Who's got the customers"
To brokers the only solace was the re-
Election. considered by several OF them
that after all equilibrium and inactivity
are the best qualities the market could
have at present.
The same chill which has struck the
share market tempered the enthusiasm
for bonds. On the stock exchange total
sales Of bonds We're g, 1890 as compared
with A67o000 on the previous Tuesday
The decrease in activity was not as great
as the decrease IN stocks. and by com
parison with the stock and bond dealings
Of the corresponding day Of 1901 showed
much more favorably.
On that day sales Of stocks aggregated
5g3, 500 shares, more than double those Of
to-day. while the sales Of bonds were but
$l,7m,o0o, or more than 100000 less than
to-day. Compared with last year. ac-
cordngly the bond market remains i'm a
very healthy condition. Bond dealers
said Il was not natural 10 expect a con
unuance of the 100000 bond days Of the
recent past
II one respect the diminished activity
in the bond market was considered ia
yorabIe development. In New York City
.41-2 per cent bonds there we're sales Of
buJ S55,C00, the price holding within d
range of One-haf OF ! per cent Ap-
parently there was no tendency toward
further liquidation Of these bonds on ac-
count Of the forthcoming 100000 issue
and bond dealers considered themselves
In a position 20 make a closer estimate
Of the price at which the bonds may be
sold % investors.
Since the street learned Of the forth
coming issue, the market price has de-
cllned only from a fraction above los 10
1855 at the close to-day.
The short interest in Pennsylvania had
accumulated 20 the accompaniment Of
many predictions that the statement Of
December earnings would startle the in
vesting world with its showing Of great
decreases. It would demonstrate it was
contended, that the company must reduce
its dividend rate. The statement. COM
ing out to-day. failed utterly 70 justify
these pessimistic predictions. II showed
a decrease i'm gross as well as net. but on
account Of President McCrea's policy Of
retrenchment. the decrease in net was
not as great as the decrease in gross
Compared with many other statements
for December. the showing was graft
flying.
Twenty active railroad stocks to-day
hold al just about the same average price
as prevailed a month ago At the top OF
the market, meanwhile, the average price
was little more than s. a share above to-
day The reaction has been dlscouraging
enough 10 induce many operators TO leave
the market alone and help bring about
the apathetic condition prevailing to-day,
but many bankers consider the market
fundamentally much stronger than was
the case a month ago.
The opinion is based principally on the
fact that ii is within the past four weeks
that the majority Of clearinghouse GER
titcstes were retired, and that in the
same period many of the loans given TO
trust companies I'm the panic swere
paid of.