Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-12-30
NEW YORK STOCK
AND BOND MARKET

NEW YORK Dec. 2e.-The rate at which
prices started upward with the resumption
OF dealings In stocks after the Christmas
holidays was not maintained on the SECOND
day of operations A substantial check was
encountered In the weight Of the offerings
to sell at the higher prices for the Level
at the ouset today was considerably higher'
The genuine buying investment Is idehtl-
fed by its sober methods and its more care
full scrutiny of price levels, with relation
to dividend rates in the adjustment OF IN
come returns to conform to existing con-
ditions in the money market
The readjustment pressure was most pro
nouneed In some of the stocks which were
most conspicuous IN recent sudden al
vances. including some OF the lower pIlceu
railroad stocks, but embracing aso SOME
OF the high priced speculative favorltes'
The railroad deal continued to play
part in the speculation and to touch some
new stocks with its animating lhhuehce.
The copper industrials showed themsel I'VE,
unresponsive to trade of the same hopeful
character which proved efficacious IN rals,
ing their prices yesterday copper meta
was marked up again yesterday In LonoUn,
and further reports we're heard OF m az 49, :
movement among consumers to take rehned
conner but that group sagged 10 loWet
prices. notwithstanding this stimulant TO-
day. ...-a.,, =,
tho Important effect on railroad earnings
10 result from the proposed advance III
freight rates on January l. OF which notlcs
has been hled with the interstate eohlmerce
commission. .,,.oa
The amount Of upblic agitation aroused
against this proposed advance came INTO
larger consideration today owing to reports
Of the holding of mass meetings IN ~. 81
fornia to protest against the intenoeo au-
vances on behalf of shippers.
railroad traffic officials displayed ne
mare than a quiet satisfaction with the
freight movement, and do not give express
sion to enthusiasm. In the comparisons VI
ratlroad earnings with the last year II rs
nasnted out that the comparison is with
the slump in gross earnings tolloNins tne
manic and while operating expenses were
stti1 held at an extravagant level as time
bad not vet been given to put into euecl
measures of economy In other worus'
conditions at this time last year ana IN
the period following we're the most 1av vtls
able for the railroads which nave eNls sss
Sar rosnv vears past go that satisfaction
with a favorable contract at TINS uihe wiz
demand some restraint. s,u.o.
THE Italian calamity brought no oirecl
vressure upon the market, but the sent
mental effect of such great disaster Ia
depressing to property values. -
The news of the Balkan situation also
had some dlsqueting effect on lorelsh
.sar,,ats rbe decline in sterling exchange
here kept pace with that in PARIS, ieSVi w
the force of the demand on our gold holu-
ings about the same 80.
Money was offered freely in time loans
ana rates declined. The closing tone Oh
the stock market was distinctly weak hiter
q dav of hesitation. Profit taking was an
tnauanee on some OF the speculative bonds
a. we'll as stocks. and the tone OF the oonu
division was rather Irregular Deaii"sS %
still on a large scale. -,.,
Total sales par value s9O44'oOV, ohiteu
states Is declined q per cent on call