Omaha daily bee., 1900-01-07

the selling OF stocks bought i'm the panic.
The short sellers argued also that the
money market would not show immediate
lsiSi after January ana 5nai 'as re{" bo
retarded. Such speculative ommittnonis
must be taken into account TO explain me
apparent contradictions IN price movements
on new develoomeuts. me event proved
that the shorts miscalCulaied the extent o.
the new Investment demand and the relief
already afforded TO the money market pE
last months drastic liuuidatiouS. Their
operations were mostly I'm the mcrCurial
Industrial spcciulties. notably Sugar, and
the demand to cover shorts has caused
some excited advances and fcvcrsh tiuc-
%tuatlons this week in that department Of
the list.
In the railroad list for the most part
changes were small. thouE business was
active and well distributed. There was con-
siderable selling to take profits by last
weeks professional buyers and there was a
steady stream Of liquidation for foreign aC-
count until the latter part of the week;
This was attributed 10 Berlin account and
was not fully explained.
The Berlin money quotations did not show
q condition Of ~stringeney sufficient to force
large liquidation and alarming rumors
of political complications between
Great Britain and Germany were
deprecated at official sources, but the home
demand for securities proved sufficient to
absorb offerings and sustain the level of
prices. The trunk line group was notably
strong. led by New York Central.
Speculative sentiment is not very clearly
formulated as to the prospect for values.
investment consideration rulc Tor the most
part and buying orders of this character
come I'm on any reaction and serve as a sup
port. On any considerable advance in
prices they show a falling of. The high
prices ruling throughout the Industrial and
commercial world cause some questioning
in Wall street, where the recent sharp les
son from the consequence of price imitation
has been taken to heart. The growth of the
proportion of operating expenses OF rail-
roads by reason of high-princd material in
the monthly returns published is impress
sive. The effects to ensue from the ad-
vanCes in railroad rates now going into
force on the volume of railroad traffic will
be keenly studied i'm the light of complaints
by shipping interests. The well flied order
books in the departments of industry give
fresh confidence in the continuation of
prosperous conditions, but the future dem
onStratiOn of the possibility of profitable
consumption of high-priced products is
awaited as an index of the duration of the
period of prosperity,
The bund market has been less active than
stocks, the level of prices on present re-
turns Offering fewer ATTRACTIONS than in
5s advanced y in the bid price.
The Commercial Advertisers London
financial cablegram says: There was heavy
renewal today of the Berlin liquidation ac-
companied by political rumors in connec-
tiOn with the seizure of German vessels
bound for Dclagoa bay ana the Russian
movement of troops In Afghanistan. Moth
ing authentic was given out. Americans
suffered most. The London market
was dead, simply allowing foreign sales
TO dcpress prices. The Bank of England
German coin. Money was superabundant
and bills were idle. The Board of Trade re-
turns for December show imports down
1922, but an increase for the year of 81. EX-
year increased "a. the latter figure exclud-
ing shipbuilding.
The following are the quotations for the
leading stocks on the New York exchange