Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-02-22
NEW YORK STOCK
AND BOND MARKET


NEW YORK, Feb. 21.--The days opera
lions in stocks were almost wholly confined
to the customary closing up of open con-
tracts by the professional operators on the
eve OF a holiday. The bearish sentiment
which has prevailed amongst the speoula-
tive element was revealed by the predomi-
nance of short contracts to be retired. OPP
posing traders were inclined to take adj
vantage of the necessities Of the shorts Ivy
bidding up prices and striving to take the
market away from their opponents The
narrow Limitations of the market to these
professional operations was the subject Of
common agreement. 1t supposed at tne
outset that the weekly bank statement
would be given out at noon and there was
some activity based ON the assumption that
a strong statement would be before the
public before the market closed
When II became known that the state
inent would not be published until after
o'clock the dullness of the market was SEN
sfbly aggravated The strong feature of the
trials, with sympathetic effect on othHr
metal Industries. A number of circum-
stances combined to give this group
strength. Ii has suffered acutely from
pressure for some, time during which a
considerable short interest has been built
up. Yesterday and today the downward
course i'll the price. which encouraged the
selling of the securities has been halted ana
a sharp rebound recorded. The signii-
canoe of the rebound In the prices of the
metal is somewhat obscurod by the specu-
lative conditions which surrounded its mar
ket especially that for London copper war
rants
The course Of copper gives evidence. how
ever thst the sales Of the metal affected tn
the recent decline have relieved the pres
sure Of supplies seeking market.
Many assertions were circulated today or
Tho volume of sales which have been made,
but these were given out without credlteu
authority and official sanction was not 2p-
tained for them. The resumption OF dt'i-
dends by the Brooklyn Union Gas company
gave an upward impetus to the stock OF
its associate company. the Consolidated Gas
company. -. :.
The stock exchange that return of borrowed
stocks which were a prominent feature OF
the days operations, but corroborathg tue
supposition of the retirement OF snort con-
tracts going
There was conspicuous rise in LOUIS
willie g. Nashville. which was ATTRIBUTED 10
the substance of the statement mace ~
the president of the conpan yrela,Fe "
the wage reduction question. Ihat ques7
ton continued to receive much discussion IN
the financial district. together WIN the
probable bearing on 1t OF the inVestisatioi
of conditions ordered by the presioeh' y.
the United states. Some influence on tne
specuIatiyc tone was felt from the intlna-
tlon that the interstate commerce coihhiis
sion might have information in reply 10 Inc
president which might tend to uphoid the
contention of railroad companies Tor the
necessity of retrenchment OF labor cos..
Rates for time money for the longer
pefiods showed n continued advancing zen
dency today. Responses to the conoltioi
of national banks Of February IL. made TO-
day, will be followed with interest," as ~
dicating the prospect in the money ma, ~.
Foreign exchange also was nrih' snol I
contraction in the weeks outgo or wnea.
conpared with last week helps to explain a
scarcity of commercial bills In the excnanse
market The bank statement oiscioses VIC
full expected gain In cash. pu. .no 'o IVA