Los Angeles herald., 1908-02-19
NEW YORK STOCK
AND BOND MARKET
BY Associated Press.

NEW YORK, Feb. tS.--The short con-
tracts which were put out in yesterday
declining stock market made the source or
the demand, which carried prices toward
recovery today The bears were prompted
TO cover partly by the lack Of verihcation OF
some of the rumors which helped to carry
prices downward yesterday. but more de-
cidedly by the fact of the decline Offering
small profit i'm tho buying of stocks
The market dwindled to narrower propo-
sitions from day to day and the profcs-
sional traders are eager therefore. to take
a quick profit when IT offers. The recovery
today was spotty and interrupted and there
points OF continued weakness IN inc
list. As the recovery proceeded the demand
lessened and left the trading at times III II
condition of stagnation. The news, Of the
day offered no evidence OF important
changes in the conditions which nave 'eu
up to tho present dull and neglected mar
Iet Items from scattered sources reporting
tho resumption Of factory operations which
had been suspended on account OF the imam
cial depression prompted bellet IN graz
ual recuperation IN the industrial cohuit,on.'
but tho contradiction of additional curta.l /
rnent in other places or other lines or IN
dustry leave the situation unsettled as 10
the progress of revival
The copper industry is a center of de-
pression and securities OF companies III
yolyed in 1t are showing lower prices IN
some cases than prevailed during the panic
episode of last fall That metal decllneu
again today both in London and at the New
stocks in Europe threaten discontinuance
of the only demand that has been Tector
Of any Importance in the trade TOT soHhe
time past Discussion was Kept awe ~
the marked weakness of copper, of the con-
trast of iron and steel, owing TO the deels-
ion of the principal producers IN that m
dustry to hold prices. Reports persist IN
the financial district of a possible recohs'I-
GRAFTON of this determination By the lead
ing steel Industries. A reason given Tor
holding prices at the present time is the
unlikeiihood Of lower prices attracting 81,
fective demand from the railroads until
conditions are propitious for the nnahe'ns
of the purchases of material
Securities Aof companies with large ma
turing obligations to meet and which nave
shown at the same time heavy inroadS N
the rate of earnings continue 10 suHer IN
the price showing in the market For SOME
of these a special explanation ior weahn ',s
is offered in the selling Of stocks, was ais
tributed in the form of dividends in neu OF
cash The Gould stocks, especially MISSOURI
Pacific sold below 81 today touching
lower price than for many years past
There was a common downward tendency
in discount rates In London and on the
continent which was TO the advantage OF
investment securities Foreign exohaose
here however made a further strohs
bound, bringing the advance from last
weeks figure for demand sterhng 20 luz ,.s
one cent In the pound. This Is also In spite
of distinctly stronger tone in the local
market for time money. Tho TRANSFER oi
funds RENTED from abroad Tor supsorip-
tions to the city bond issue and Tor "nloh
bids were unsuccessful Is given for part eS-
nIanat,on of the movement of the exchanges.
There was active trading In the New YORK
oitv bonds when issued at recovery IN
price Sharp declines occurred IN mar
vidual bonds. making the tone irrsguiar;
states Is advanced ". and the 4s "a per
cent on call.