Los Angeles herald., 1909-02-06
NEW YORK STOCK
AND BOND MARKET

NEW YORK, Feb 5.-Short periods of ami
nation in the dealings in stocks today
brought the total sales to something above
the recent average. The stirring of activity
caused by or two occurrences to
which unfayorable Interpretation was
given from the standpoint of holders of Sc
curites. The character of the market how
ever was not radically changed from the
neglected state that has prevailed all week.
Apparently the professional element had
stretched their resources to the limit on the
buying side of the market, and finding no
following to help them, turned to the selling
side for a turn. To expedite the downward
movement they professed apprehension over
the news of another projected vacation by
Z. HI. Hartman, accompanied by intimations
Of attack of rheumatism.
So much has been made as a speculative
force of Mr.. Harriman's supposed plans and
projected activities that any serious de-
terioration in his health would be serious
consequence to the existing fabric of market
values. The slight effect produced by today S
rumors seem to be reassuring therefore as
to the physical condition of the Union Pa
cihe system.
The weakness of Union Pacific was trans
ferred to Denver and Rio Grande. causing a
reaction in that stock, the recent strength of
which has been due to supposition of
part by Mr.. Hartman in a far-reaching pro-
ject for recasting the Gould system.
Another point of special weakness was
Reading, in which there had been persistent
selling for, several days. The stock owes its
high prices to the confident assumption that
the commodities clause of the Hepburn law
would be declared invalid in the test case
brought in the supreme court.
Recent decisions of the supreme court. how
ever, have been so far away from spectators
predictions that a feeling Of uneasiness has
grown up against speculative holdings in
Reading. Stress is laid also on the necessi-
ty of a new agreement this spring between
the anthracite carriers and the miners in
their employ over rates of wages which Of
fers the possibility of a strike
The keeping alive of the anti-Japanese agi-
tation in California and the sensational at
tention given to it are not liked in speeu-
lative circles where the possibility of sud
den untowa-d circumstance is kept in mind
An influence of another kind the ini-
tation of dividends on Brooklyn Rapid
Transit, with the declaration of a l per cent
dividend for the quarter. Brooklyn Transit
dividend prospects have been a perennial sub
jeet for speculation for over ten years, dur
ing which the stock rose at time as
high as 1877, without any actual dividend be-
ing forthcoming.
With the taking of this subject out of
the realms of conjecture, there is a consid-
cradle element in the speculation that will
find itself almost without occupation.
The narrow movement of the announcement
indicated the quieting effect of certainty in
contrast to doubt. The, known movements of
money for the week show pretty even offsets
between the receipts by express from the
interior and the subtreasury operations and
the withdrawal of gold for exports
The final withdrawals of trust companies
on Monday to meet the February 1 reserve
requirements may remain to be reflected In
the bank statement.
The money market retained its firmer tone.
Reports were current of further bond is
sues in prospect. The amount of absorption
in the bond market in the last few weeks
is by no means adequately measured by the
amount of new issues subscribed for during
thta time, or by the volume of sales at the
stock exchange large amounts left over
in the hands of underwriters of older issues
have been digested during the same period.
Bonds irregular. Total sales par
vauie, S,S44, 900. United States 2s registered
declined Y; the coupons r. and the As regis
tered, B per cent on call.