The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-02-19
INFLUENCE
GETS IN WORK
Drives Traders Out of the
Market-.-Put Gloomy
View on Situation

NEW YORK. Feb. 1S.-Dullness
and depression oyerhung the stock
market today. The active operations
which prompted price declines were
largely at the hands of professionals
of the room trading class. The sem
timent which prompted their atti-
tude was, however, quite generally
prevalent and was a fair reflection
on the unfavorable Interpretation
placed on immediate events in the
financial district and the lack of
hopefulness of early betterment
Much had been hoped from the sue
cessful sale of New York City bonds
as a stimulating force in the securi-
ties market Today confirmed the
impression of Saturday that the
event has fallen fat The impress
sion was heightened by the action
of the bonds themselves which are
dealt in when issued at the stock
exchange. The price reacted more
than a point from the first quota
tions in the new securities made on
Saturday and the older issues of city
JULIUS ltii bdth WIN Pahs-
There wer some special incidents
in the days happenings which had a
disturbing effect on speculative sem
II ment New force was given to the
fear of the governments prosecution
of the Hartman railroad group by
the steps taken against the Southern
Pacific for rebating offenses. The
copper securities, including American
Smelling. were under special pres
sure in connection with another
sharp decline in the price of copper,
both here and In London, and Ameri-
can Smelling touched a new low level
for the year. Gloomy reports were
current of the copper trade outlook.
Discussion of the trade outlook in
general took the form of some criti
cism of the tendency of the great
trade combinations, especially in
steel, to hold up prices. the question
being raised whether revival of con-
sumptiye demand would not thereby
be referred and the depression pro-
longed. The report or the net earn
ings of the Erie for the December
quarter, showing the previous years
surplus converted into a heavy de-
felt, explained the past weakness in
the securities of that company.
Railroad traffic officials in their
usual weekly statement of views for
publication were not reported in a
cheerful strain over the present state
of affairs of traffic or the promise for
the immediate future. The apparent
check to the inflow of banking funds
from the interior evidenced by the
last two bank statements is arousing
some discussion and seems to mega
tive the assumptions held at one time
as to the extent to which reserves
would pile up in New York after the
panic had subsidized. The replenish-
ment of the deficit of reserves here,
the withdrawal of government de-
posits by the United States treasury
and the rapid rate of retirement of
national bank notes has helped to
take up the slack as the return tide
flowed in, but no gold has gone out
In export. The foreign trade state
ment for January shows, in fact, that
the excess value of exports of mer-
chandise reached total of upward
of $120, 100000, thus exceeding even
the record of Sis, 100000 shown in
December. The sustained control of
the international exchanges held by
New York is thus explained.