Los Angeles herald., 1908-02-18
NEW YORK STOCK
s AND BOND MARKET


BY Associated Press
NEW YORK, Feb. 17.-Duliness aud de-
preston overhung the stock market today.
Tho active operations which prompted price
declines were largely at the hands of pro-
fessionals of the room-trading class.
The sentiment which prompted their at
titude was however, quite generally pre-
valent and was a fair reflection on the I'M
favorable Interpretation placed on the imme-
diate events in the financial district and the
lack of hopefulness of early betterment.
sale of the New York city bonds as a stimu-
iating force in the securities market To-
day confirmed the impression of Saturday
that the event had fallen fiat. The impress
sion was heightened by the action of the
bonds themselves. which are dealt when
issued at the stock exchange.
The price reacted more than point from
the first quotations in the new securities
made on Saturday and the older issue of
city bonds fell back in sympathy.
There were some special incidents in the
days happenings which had disturbing
effect on speculative sentiment. 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 pressure In connection
with another sharp decline In the price Of
copper both here and in London. and
American Smelling touched new low level
for the year.
per trade outlook. Discussion Of the trade
outlook in general took the form of some
criticism OF the tendency OF the great trade
combinations, especially In steel, to hold up
prices, the question being raised whether
revival of consumption demand would not
thereby be deferred and the depression pre-
longed
The report Of the net earnings of the Erie
for the December quarter showing the pre-
vious years surplus converted into heavy
deficit, explained the past weakness in the
securities of that company, railroad tranic
officials in their usual weekly statement OF
views for publication were not reported IN
the cheerful strain over the present state OF
traffic or the promise for the immediate
future.
The apparent check to the inflow Of
banking conditions on the interior evidenced
nv the last two bank statements is arous-
ing some discussion and seems to discredit
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 repienishment of the deficit OF Sc
serves here. the withdrawal of government
deposits by the United States treasury and
the rapid rate OF retirement of national
bank notes have helped to take up the SLACK
as the return tide flowed In but no goio
has gone out In export The foreign trade
statement for January shows, in fact, that
the excess value of merchandise reached a
total Of upwards of s120,O00,O0O, thus ex-
ceeding even the record OF slle'ooo,oVv
shown in December. The sustained control
OF the international exchanges held by New
York il thus explained.
Some of the days depression came from
foreign influences. The Macedonian ques-
ton. an important failure of a Scotch en-
rineering arm and professed apprehension
over the relations between the United states
and Japan were amongst these
Bonds were irregular. Total sales' par
value. 1882, 900.
United states bonds were unchanged on
a