Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-01-08
NEW YORK STOCKSAND BONDS
Early Promirs Of Large Business Is \ OF
Maintained.
OPENING is IRREGULAR AND AcTN
Telling Pressure Soon Develops
Against Union Pacific. Reading
and AmaIgnmated Copper
Close Irregular.

NEW YORK, Jan. THE early promise
of a large business in stocks Tor the Gay
was not maintained in the MARKET Inc
dullness which interviewed was due 20
seeming suspension of speculative opinion
between the conflicting interests OF markeu
strength in one set OF speculative IaNoii'oS
and weakness In another.
The irregular opening was followed by an
active buying movement Whlch causeu a
fairly conspicuous advance, Di sh aaxni9
of cleavage in the movement then aeVe,-
oped. In Union Pacific, Reading and ANAL
gamated there was obvious selling pressure
and an immense distribution going on,
which was interpreted as a movement TO
take profits on the part of buyers which IN
itiative last week had so much to 90 with
stirring up the speculative revival. There
was no change In the conditions which were
supposed to have melted this buying. Thete
were perceptible, however, some dlnerences
in the construction placed on those condi-
lions. These had to do with the tone OF
the public discussion Of the disclosures OF
the affairs of the Hartman railroad com
panies brought out in the court OF the Inter
state Commerce commissions inquiry. Inc
influence OF the powerful position OF those
companies was modified by the suggestion
that the showing might in itself invite
measures Of hostility and repression py
government agencies. This was revival
stages The appearance OF joint distribu-
ton I'm the market of Union Pacific Anal
gamated Copper and Reading was regarded
by the professional element as rather Inn
posing evidence OF the market views OF a
party whose leadership An the speculative
movement Is of Widespread influence On
the other side was the stubbornness with
which advances were held in United states
Steel preferred, Pennsylvania, Atchison and
Brooklyn Transit, which also was held as
demonstrating the market Views of impor-
tant elements in the leadership of the mar
ket. The news from Washington OF the up
holding by the supreme court of the New
York state stock transfer tax was disap-
pointment to market operators, as hopes
have been built on this suit Of relief from
burden that has had recognized inhu-
ence in REFRESHING activity in the stock mar.
ket A special influence in the strength OF
Brooklyn Transit was the belief that judi
cial decision would be handed down affirm.
ing the right of the company to charge 9
10-cent fare to Coney Island.
The weak showing of the Saturday bank
statement was not much regarded today as
confidence was general that the immediate
factors in the money market are workne
| towards ease, for a time at least Dis
counts receded further in London today and
there was some reaction In the foreign ex
change market here. In Berlin there wal
some recovery in the discount market This
was the only development seeming to con
/ hct with a suppositiOn that the Bank Of
| England was likely to lower its dscoun
| rate this week. Money for all periods wa
obtalnable at 8 per cent in this market to
day. Later in the day there was somt
| rate, which rose to 10 per cent with adde'
effect on prices. Railroad traffic offlcial
were united in admitting reduction in tn,
! pressure of offered traffic. which promised
relief from the car shortages. The lat
furry I'm money caused an irregular closing
s2S4O,OO0 United States IS advanced Y pc
| cent on call
! The following are the quotations on tn
| New York Stock exchange: