Los Angeles herald., 1909-03-04
NEW YORK STOCK
AND BOND MARKET

NEW YORK, March SIT was a day OF
small things in the stock market and the
meager business almost entirely came from the
class of professional operators who make a
livelihood by the daily fluctuations in prices.
The part OF the professional element en-
gagged in watching the differences Of quota
ties ruling in this market and in London In
order to profit by arbitrating operations played
quite an important part in the narrow market.
The traders who had bought stocks In a rising
scale up to the close of the demand were some-
what disconnected over a number OF develop
ments that confronted them when they started
business today. They unloaded their light
holdings AZ a consequence with some precipi-
fancy. While this selling was light the de-
mand was even lighter, and tho result was
rather violent breaks in prices.
The selling from foreign sources was
prompted by the sudden turn for the worse In
the news OF the relations between Austria and
soryia. The foreign markets plainly showed
the disturbance OF sentiment caused by this
news and the reflection Of this feeling was one
of the factors In the opening weakness here.
The clearing OF the outlook In the Balkans dur
ing the day reported too late to effect a
recovery in the foreign markets, but there was
buying OF stocks here late in the day on the
assumption that orders Will CONT from abroad
tomorrow TO buy back the stocks sold for that
account today.
measure caused a slump in Pacific Mail as that
stock had been lifted aggressivey on the
strength of assertions that the Dill had
good prospect Of passage
disappointment felt at the refusal or
the New York public service commission to
modify the terms OF their permission for the
issuance of Erie bonds. Danger was reared
OF the failure of the financial plan intended
TO rehabIlitate the Erie The incident widened
In its effects as a symptom OF the growing re-
strictions to which corporations are subjected.
The feeling OF distrust this score was IN
tenslfied by the terms of the Interstate COM
merce commission ruling on the Spokane rate
case. The detailed attention given In that
ruling to the question OF the cost OF railroads,
Capitalization and manner OF issue In forming
a Judgment Of the reasonableness OF freight
charges and the opinion that earnings OF the
Great Northern and Northern Pacific In recent
Years have been excessive, threw open wide
field for conjecture Of the effects OF future
annlioations OF this method.
Reading was subjected to some special pres
sure because OF statements In circulation that
A. was the intention of anthracite companies
n shut down all the mines on April l. pending
the making of a new agreement over wages
Win the miners A sudden drop in the price
Of copper warrants in London received more
attention than did the renewed claims OF tur-
ther large sales OF refined copper in New YORK
A good effect was produced In the latter
mart OF the day by the announcement OF the
placing OF the years orders for steel rails by
me New York Central system. The recovery
proved unstable, however ana prices snppeu
back and made weak closing.
The bond market was irregular ana there was
less activity than of late. Total sales par
value, s432O 600. Government bonds were un-
changed on call.