Los Angeles herald., 1908-02-15
NNAN|AE(0N|ENIAL
NEW YORK STOCK
AND BOND MARKET
By Associated Press.

BY Associated Press
NEW YORK, Feb. 14.--The stock market
today was still regarded as largely made Up
Of contest between professional parties In
the speculation with very small outside
participation. The contest was waged with
varying fortunes and a good deal of obsti-
macy before each party obtained decisive
advantage.
The number Of shifts in the course OF
the price movement up to noon was un-
usual At that time the bears gave signs
OF being discounted and tho advance in
prices quite aggressive until the taking
OF profits when the rise began. Tho SEN
tlmental effect of the prominent stocks
which led the advance was considerable
owing to largo speculative activity always
found IN those stocks and the inclination of
operators in other stocks to act in accord
arce with the mvement of tho leaders.
Thus with St. Paul. Union Pacific, the two
Hill stocks and Reading moving strongly
upwards the bulls had formidable influ-
once enlisted on their side.
An effective supplementary force was
brought forward in tho United States Steel
preferred issues when the railroad stocks
began to show indications of sagging. There
was no special news to account for .he
strength which developed Closing up of
short accounts an effective factor.
Much discussion centered about the New
Yc-'z city bond sale and current expecta-
tion OF a favorable outcome made sus-
No details of the average price of the bonds
were available up to the time the stook
market closed, but favorable auguries were
drawn from the large number of bids re-
ported coming into tho city comptroller 8
office during the day.
News that the number of bidders had
reached the record of 1881 compared with
the previous record total of the September
bids, which reached $685. revived the late
strength in stocks Later the stock mar
ket became pronouncedly dull in the desire
TO await information on the bond sales.
Some remittance from abroad by foreign
er5 desiring to participate In the new loan
was element in the further decline IN
the foreign exchange market in spite OF
come selling for foreign account of other
American security.
weakness in the London market for cop
per metal did not prevent the copper In
duetrials from snaring in the days rise IN
prices.
Tho local money market vas unaffected
seemingly by the demand to participate in
the New York city loan. money continuing
30 loan on call at almost nominal rates and
the demand for time loans being light
Forecasts of the weeks currency move
,nent pointed to a cash gain in the neigh
borhood of s5,c00.000. of which an import
ant portion was yielded. by subtreasury
operations This gain in turn is mostly
due to presentation for exchange into the
legal tenders to serve into their reserves
by the banks of bank notes received IN
their interior receipts.
Not only the large currency redemption
of the bank notes but the heavy deposits or
lawful money at the treasury department
reflect the rapid rate of retirement OF bank
notes from the circulation.
Tomorrow's bank statement in the new
form will have added interest from the COM
parisons to be made with the hrst state
Inent last Saturday and also to the tact
that fhterchanges between the banks ana
trust companies purely in preparation for
the initial showing will not throw out ihe
normal course of the weeks banking figures.
The bid of 103.377 by syndicate for all
Of the hfty-year New York bonds was un-
heralded by any rumor and in itself secures
n better average price than that. this ex-
eeed,ng considerably the preliminary esti-
mates by bond experts of what the bonds
would bring. which ranged from 1o2% to a
shade above 10s.
The result clearly exceeded expectations
The jump in theold rs to 1o6h at the
last on the stock exchange was testimony to
this fact.
Bonds were firm Total sales, par value.
s1,e2s,oo0 United States bonds were un-
changed on call.