Los Angeles herald., 1908-03-04
|HNAK]N;(VN|ENIAL.
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.

By Associated GfeSs.
NEW YORK, March 3.-The stock mar
.xet was whipped into a semblance Of ami
nation for time today. but soon the pro-
ceedings dropped back into a lethargic state
with reaction from the advance. Cover
ing operations by shorts were assigned as
a chief of the demand which was
invited by succession of incidents of the
last day or two serving to make the shorts
uneasy.
Today there was printed In the financial
district a specific statement attributed TO
Attorney General Bonaparte that there was
intention ON the part of the government
authorities TO move an injunction agaiSt
the payment of the Southern Pacific dvi-
dend shares held in the Union Pacihc
control
The bear element in the speculation has
been making much of this supposed inten-
tion to help in depressing stocks, and II
bought to cover with this development.
Support was stil evident in National lead,
and the resumption OF mining operations
in the Montana copper camp continued un-
der discussion. with some stimulating ef-
feet on the copper industrlals
TIE extension OF the rise today. after a
considerable advance yesterday, drove in
shorts who were not affected yesterday.
The dying out of the demand after these
operations were effected was pronounced.
The element that prospers from habituai
activity in stock operations was much I'M
pressed with the progress of the attempts
to secure legislation looking to the limita-
tion of such operations to the actual trans
Ter OF n0iulnES Iully pdlu iDIs
The Introduction of a bill in congress to
tax stock transfers at the rate OF 80 cents
for every $500 share of stock makes
penalty that would be prohibitiye or the
ordinary marginal operations in stocks. Re-
ports that this bill had the approval OF
the administration were current on the
stock exchange and added to the feeling or
gloom for some time prevalent over any
chance of revival Of stock market activity.
Fears were expressed of a similar meas
ure from Albany. The agitation in favor
Of restriction Of dealings in future priVii-
eges on commodities added to the impor-
tance OF the subject of the estimation OF
the stock trading element.
The numerous prosecutions announced on
behalf of the government against the raii-
road companies for noncompliance with
the safety device requirements of the law
kept alive the subject OF governmental ac-
tiyities against corporations. The PUBL
cation of the annual report of the Penn
sylvania, railroad. although it dealt with
conditions of the past, was made the occa-
sion for the support Of the stock, owing
10 the record achievements of the year In
earnings we'll as the outlay
The reports supplied by the railroads to
the interstate commerce commission OF
monthly net earnings are read with growing
attention, although the changes in account
prevent accurate comparisons with previous
reports. The legal requirements for the
methods OF accounting give these reports
added authority and the ratio of operating
expenses affords a clue to the effects now
being felt from economies. These are be-
coming more effective the return TO the
owning companies OF idle freight cars Is
perfected which made heavy and expen-
sive movement of empty cars while 1t was
at its height
Copper was marked down again today.
both in London and at the New York metal
exchange, and this had influence in tho
reaction of prices from the advance. The
money and exchange markets were dull
and fearless. The rise In last weeks ex-
ports from New York to a value OF over
$50, 900 600 is explanatory of the restraint
OF any advancing tendency in the foreign
exchange market.
Bonds were heavy. Total sales par
value $2,292,000. United States rs declined
4 per cent on call.