Los Angeles herald., 1908-02-28
NEW YORK STOCK
AND BOND MARKET
by Associated Press.

NEW YORK, Feb. 27.--Conditions in the
stock market showed no Improvement to-
day and it was the general comment that
the day of small things has arrived. An
air of gloom pervaded stock commission
houses in the financial district the current
volume of business being wholly inadequate
to provide ordinary onfsprlngs. Dealings
were not only at a stage, but the lethargy
of the price movement was more pro-
nounced, detraeting from the ability of the
room traders to scalp their fractional profits
in the course of the day. The sales for the
day were slightly in excess of the record
low level of one day last year. but with
that exception the daily business at the
stock exchange is less than has been done
any one day in over three years So far
any general condition was renected IN
the days sluggish market that in the metal
trade was of most influence. Authorities
were agreed in assigning some improve
ment to the steel trade. due particularly 10
the placing of steel rail orders by the rail-
roads from which some unemployment of
labor in the trade is hoped for The re-
ported increase in rolling capacity OF the
United States Steel corporation was re-
esrded as of cheering import. The stocks
of the corporation little affected by
this bit of favorable news as they have
been by unfavorable happenings 1t is held
as belief in the financial district that
support of these securities is an integral
part of the policy of the forces behind the
steel corporation. which includes ai3o the
maintenance of stable prices for the product
condition of affairs at large.
While the United States Steel stocks have
given signs of being "pegged' their action
today did not indicate a disposition to ad-
vance the prices
The coppers were more responsive to
various favorable reports that were cur
rent regarding that industry Large sales
of the metal were said to have been effected
and the surplus stocks largely worked OIL
in that way.
Rumors were circulated of an intended re-
sumption of activities in the Butte Copper
company, but these were without connrma7
tion. Equally unconfirmed were tine re-
ports of buying of the stock by outside IN
terests in the company. and of a possible
deal in contemplation.
The circulation OF statements OF that
kind indicated the professional character ol
the market The appointment of receiver
for a subsidiary Gould railroad in Texas had
some depressing effect on sentiment, not
withstandng vigorous assertions OF the
purely local causes of the incident having
TO do with Texas legislation. There was an
impression in the stock market that chances
were increasing for the enactment OF a
currency measure al Washington, ana TINS
had some effect in sustaining stocks KAN
road earnings reported showed no markeu
change in the unfavorable conditions ior
some time prevailing, This was special
influence on New York Central. which was
a heavy spot in the market. The returns
Of the great foreign banks showed an eX-
pansion of their outstanding creditc ana
money rates abroad were affected in con-
sequence. Time money rates here Tor the
longer periods were higher. The slight
movements in the stock market were not
held with any constancy.
Bonds were irregular. Total sales. par
value s2,S2O,000. United States As regis
tered advanced 4 per cent on call.