Los Angeles herald., 1909-02-18
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Feb. 17.-Only scanty ma
terial for comment could be found in today S
torpid stock market. Speculative interest
was more stagnant than at any other time
since before the national election.
The few stocks that moved appreclaply
from some special cause were without any
sympathetic effect on the general llst' 1hey
drifted idly backward and forward on nom
inal transactions, representing nothing more
than the tentative efforts Of the room trad
ers to scalp a small fractional proht.
The bond division still offered a strong
contrast to the stagnation Of the market,
although the volume Of transactions there
also fell away from the recently prevailing
level Of activity.
The remaining doubt over the final out
come Of the Erie financing is partly respon-
sible for whatever check is preceptloLe III
the bond market. Dealers report the gem
eral conditions in that branch of the mar
ket excellent and designate the situation as
approaching a famine appetite for invest
ment.
This condition is perceptible in the man
ner of f1otation Of new issues more than IN
the open market for existing issues. Ihe
expected Chicago, Burlington q Quincy OF
fering which appeared over night proved
to be s15,0OO,Oo0 against previous estimates
Of probably s20, ,000, 600 or upward and the
offering was closed soon as opened, pre-
vious applications having been larger than
the total issue AS the allotment price OF
99h compared with price above par FOR
bonds previously issued under the same
mortgages, the prompt rise III the price VI
the new issue to a premium over the issue
price was not surprising.
It became known also that the New York
Central had disposed of a block OF S4OOO,OOo
of its refunding g Y per cent bonds preYl-
ously authorized without public announce
rnent or Offering These evidences of un-
stated investment demand for bonds proved
Intellectual in stimulating any dealings IN
stocks The halt in the trade revival ap-
pears to nulify the effect of abundant money
resources in that department of the securi-
ties market. The contents Of the annual
report of the Pressed Steel Car company and
the unfavorable views expressed by its presi-
dent over railroad prospects kept attention
fxed on the subject today.
Another reduction in copper quotations
here and in London was a contributory fac
tor. The gloomy feeling in the steel trade
was deepened by reiterated reports Of a com
ing cut in prices. The tariff question and
its uncertainties were a neutralizing force to
the coming inauguration of the new presi-
dent which has been looked forward Ito as
a possible stimuIant for the stock market
such as the November election proved to be.
Published reports Of the program being
followed by E. H. Hartman to build up his
health had the effect Of arousing some mis-
givings on that subject. An early rise in
Atchison was associated with rumors of a
coming dividend increase
The banks are surrendering government
deposits to the subtreasury IN advance OF
the date fixed in the call which names Feb
ruary % as the period for compliance.
Money rates are unaffected. The declin-
ing interest rates common to all the
worlds great money centers and this was
coincident today with universal dullness on
stock markets
Bonds were irregular. Total sales, par
United States bonds were unchanged on
call.