Los Angeles herald., 1908-03-21
NEW YORK STOCK
AND BOND MARKET
By Associated Press.

BY Associated Press.
NEW YORK. March 2O.-The only motive
power in the stock market today seemed to
bo tho shifting operations of the profes-
sional traders. This element acted withou'
any show of fixed conviction, changing po-
aition many times throughout the day. Ihe
speculative tone was one OF uncertainty anu
instability until the brisk advance OF tnt
final hour Large attention was given 70
the state OF the iron and steel trade OWNS
to the publication of the pamphlet repor'
of the United states Steel corporation loi
the last year and to the outcome OF tht
conference yesterday among steel men oVei
the policy of maintaining prices me con,
tents of the annual report for the most part
presented conditions of past date which
are no longer of influence in speculative
sense, OF u different sort was the opserNu-
tion with which the report closed that tne
bookings for January were 20 per cen.
larger than December and for FEBRUARY 20
per cent larger than for January. As this
report goes to press the bookings per day
arc at least 25 per cent larger than those
of February The management express
hopeful views OF the future
This naraRraph was a corrective, in some
sort of impressions which emanate from
the recent conference that the rate OF m M
proyement in the trade was not pelhs lu.g ,s
maintained in March. In connection with
the determination arrived at yesterday 10
maintain prices the language OF the repor.
of foreign trade was read with interest,"
where ii said
IN order 10 obtain the maximum benefits
from such trade during the times OF lesser
activity in business in the domestic marker
IL seems wise to sell out continuously III
the neutral markets of the world, ana even
at times when foreign trade conditions 90
rot result in prices near the domestic
prices as were received in 1907
The record exports of steel which were
made from New York in February may oe
explicable from the policy thus formulateu,
The favorable impression of the iron and
steel trade derives from these factors was
sunnIemented by good reports from copper
trade The price of that metal advanced at
the local market exchange and In LONDON
and the export price in New YORK also Mas
reported to have raised by the prihcipa'
selling agency. -
A decreasing influence was exerted during
the morning by the reports of sweeping re-
duetions in working forces IN all uepar.
ments projected by the PennsyiVahia ran
road owing to the heavy curtaiiment IN its
traffic The greatest strength was SHOWN
late in the day after the publication of the
usual preliminary estimates of the week
subtreasury operations, but they have gained
largely on balances from the interior on the
express movement. The s3.l55,OOo gained
from the subtreasury was largely innuehceu
by the presentation of notes OF interior
banks which were followed to banks mere IN
very large volume and which are inVarlaoly
presented to the treasury for eNchahse ~
legal tenders, which may hgure IN pahA
reserves Some preparation is making also
by the banks to meet the next instalment
of repayment of government deposltlrs'
which is called for next Monday and which
will withdraw a total of $2l,0O0,OOQ from
the banks This payment is expected 10 pe
provided for without effect on the Hione'
market which continues easy.
Bonds were steady Total safes par
vaIue 81 100000 United States As regis
tered declined Y per cent on call