Los Angeles herald., 1908-03-24
NEW YORK STOCK
AND BOND MARKET
By Associated Press.


Nrv YORK. March 23.-Irregularity
marked the movement of prices in the stock
market today. Business was in moderate
volu,no as has been the case for some time
mast most wholly professional Ihefe 's
stin a dearth of public interest not only III
stocks but in bonds as well. sentiment was
bullish in the mafn though ueNeloP pm ~.
were not all of the sort TO make Tor IN
creased confidence. The days budget OF
news included forecasts of President koo'e-
velt's Forthcoming special message 10 con-
sress concerning which there was mucH
Si,,e-sitv of opinion The first public ro-
mort of the American Sugar Refining com
pany showing unexpectedly large ctsh as-
sets and large surplus adVices from lHe
leading railway centers, which bespoke
more cheerful view of general conditions
DESPITE fears of a coal strike. a reported
decrease in the number of idle ffelght cars
and good crop outlook.
Dispatches from New England mill towns
telling of further wage reductions served to
call renewed attention to the labor sltue-
tion. Ruuors of a strike on the heaulns
system depressed the coalers during the
early session, the rest of the railway isl
falling in sympathy but general recoveries
were later registered. Locally the day was
devoid of important incidents, apart from
the announcement that two erstwhile I'm,
portant financial institutions-the OrlehlHl
hank and the Knickerbocker Trust conf
pany-were about to emerge from their dlI-
hculties. The early movement or prices was
more favorable to the Industrial group thAn
to the ralers. Excepting the exceheh'
statement of the sugar company which au-
Vanced that stock smartly there was httle
to account for the strength of industrial
shares though the belief is gaming grouhu
that conditions in steel and iron and the
metal trade generally are beginning TO take
on a more hopeful outlook. The market
developed increased activity and strength
under the leadership of the Hartman ana
Hill issues and the steel and copper shares,
the movements embracing the entire actiNe
list and some of the specialties.
Among the jmpelling causes were the de-
cision of the United States supreme court
which overturns the Minnesota freight and
passenger law declaring the penalties i'm
posed excessive, and the introducing OF
amendments to the Sherman antitrust law
level of the day. Foreign markets eXer-
cised little or no influence here. although
rallied. No important railway
earnings were reported today, but those of
some minor roads were in line with recent
returns. virtually all showing a marked
falling off in gross The money market was
without noteworthy incident. rates for call
and time loans being practically unchanged
with little demand. The payment to Wash
ington on a final installment of about Sl4,-
600, 600 of government moneys was accom-
plished without disturbance. The greater
part of this sum disbursed by local
banks for their interior correspondents
Money is accommodating here in unwonted
volume and the secretary of the treasury
to trustworthy reports Is likely to
make further Withdrawals on or before
April /.
In the bond market United States As reg
istered declined u per cent on call.
Railroad bonds were irregular Total
sales par value, $2,40O,000.