The Washington herald., 1908-02-15
SALE BOOMS MARKET
Millions of Municipal Stock
Bring Good Price.
DEPRESSION ACROSS WATER
Western Union Sells at Nearly Low
est Figure Within MemOFy-Mis-
RecOrd-High Figure Brought by
New York City Bonds.

New York, Feb 1.-THE interest attend
Ing the city Of New Yorks sale to-day of
S50e00,O00 municipal stock was easily so
great as to overshadow all other con-
siderations in the stock market.
' The success Of the sale was so pro-
nounced that the strength Of the market
following the news of the fact seemed in
every way logical.
Previous TO the time when the bids for
the bonds became known. which was not
until the closing hour of stock exchange
business, the market, though irregular.
svinced definitely upward tendncy.
It was commonly anticipated that all the
new bonds would be taken at higher fig
ures than those obtaining at the time Of
the last similar sale on September 10, 1907
The rising movement in the market was
more noticeable inasmuch as buyers had
: TO withstand the liquidation here of about
2o,O0O shares of stocks for the account Of
London houses.
Depression Across Water.
In London and on the continent OF
Europe to-day financial sentiment was
depressed for various reasons that did
not seem entirely clear. but which had to
do it may be, with the political ques-
tons suddenly arisen regarding affairs
in Macedonia. and a consequent possible
''regrouping" of the European powers.
New issues of securities and larger ap-
peals to the European money market also
seem cutting larger and larger figure in
the foreign financial world.
~ Locally to-day the impression became
widespread on the floor Of the stock ex-
change that the security market had been
considerably oversold during the present
week. Prices OF certain stocks were, how
ever. weak IN the early trading. the cen
ter Of the depression being the Gould
stocks.
Western Union at Low Ebb.
The Western Union shares sold at al
most the lowest prices touched within the
memory Of the majority of people in the
financial district Missouri Pacific stock
went TO new low record for a long
J. period Of years.
y There appeared 20 be more or less sell
I ing also Of New York Central stock, based
not only upon the financial problems con-
fronting the company, but upon a cur
rent idea that there may be more or less
legal demand for enjoining the recent
sale Of S3000O000 equipment notes guar
anteed by all the railroads Of the Van
derbilt system. on the allegation that the
proceeds Of these notes are TO be used
only OF chiefly for the benefit Of the New
York Central and Hudson River Railroad
Company
Other current developments to-day were
unimportant.
=. Neither IN the present extreme ease OF
the money market was there anything
nore than languid discussion concerning
Pto-morrow's bank statement
Sale Complicates Figures.
The usual estimates were that the banks
had gained between 100000 and $4,000 90
cash during the week. It was realized
that the figures Of the joint trust com.
pany. State trust company, State bank
and national bank returns would be com
plicated by to-day's city bond sale.
When it was officially disclosed in Wal
street that a syndicate Of bankers, headed
by j. P. Morgan & Co. had put in a bi,
for all but a trifling portion Of the new
} city bonds at price Of l032T7. this con
trasting with an average price obtainet
at the former sale Of 1920 the strength
Of the stock market became buoyant al
though closing figures were at slight re-
CeSsiOnS from the highest upints fOucbad