We present high resolution (R=25,000-35,000) K-band spectroscopy of two young
stars, MWC 480 and V1331 Cyg. Earlier spectrally dispersed (R=230)
interferometric observations of MWC 480 indicated the presence of an excess
continuum emission interior to the dust sublimation radius, with a spectral
shape that was interpreted as evidence for hot water emission from the inner
disk of MWC 480. Our spectrum of V1331 Cyg reveals strong emission from CO and
hot water vapor, likely arising in a circumstellar disk. In comparison, our
spectrum of MWC 480 appears mostly featureless. We discuss possible ways in
which strong water emission from MWC 480 might go undetected in our data. If
strong water emission is in fact absent from the inner disk, as our data
suggest, the continuum excess interior to the dust sublimation radius that is
detected in the interferometric data must have another origin. We discuss
possible physical origins for the continuum excess.Comment: 29 pages, 5 figures, to appear in Ap