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

NEW YORK, Dec. 29.--The rate at which
prices started upward with the resumption
Of dealings In stocks after the Christmas
holidays was not maintained on the second
dav Of operations substantial check was
encountered in the weight Of the onerings
to sell at the higher prices, for the lever
at the ouset today was considerably hlsher,
The genuine buying investment IS 1denti-
aea Nv its sober methods and its more care
fui 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 readiustment pressure was most pro
uouneed in some of the stocks which were
most conspicuous in recent sudden al
vances, including some Of the lower priced
railroad stocks, but embracing also solne
~ the high priced speculative favorites.
The railroad deal continued to play
part in the speculation and 10 touch sums
new stocks with its animating influence
The copper industrials showed themselves
unresnonsive to trade of the same hopeful
character which proved efieaeious IN rals-
ing their prices yesterday. copper Ih ss
was marked up again yesterday IN Lonaoh'
and further reports were heard OF an active
1nnvement among consumers to take renned
copper but that group sagged 10 ioWer
prices. notwithstanding this stimulant to-
day. .4..a.,. =,
the important effect on railroad earnings
to result from the proposed ADVANCE IA
freight rates on January J. OF which notice
has been hled with the interstate eommerce
commission. -.,... ..o,,sa5
against this proposed advance came INTO
larger consideration today owing 10 rePo ,, ~
Of the holding of mass meetings IN Oa1-
fornia to protest against the mtehaeo au-
vances on behalf Of shippers.
railroad traffic officials displayed no
more than a quiet satisfaction with the
freight movement. and do not give express.
sion to enthusiasm. In the comparisons OF
railroad earnings with the last year II Is
notnted out that the comparison is with
fhe slump in gross earnings Following tue
nartc and while operating expenses were
atiil held at an extravagant leNel as I'M
had not yet been given to put INTO euec'
measures of economy. In other "orus'
conditions at this time last year ana IN
the period following were the mos lSso,
able for the railroads whlch nave e 1880
Tar many years past so that satisfaction
with a favorable contract at this time VIII
demand some restraint. s,..
THE Italian calamity brought no direct
measure upon the market, but the senI-
mental effect of such a great olsas'ei -
depressing to property values -,
The news of the Balkan situation also
had some dsqueting effect on ioFeleh
markets rhe decline in sterling exenahse
hero kent pace with that in Paris leaving
the force OF the demand on our gold holu-
ines about the same.
Money was offered freely in time loans
ana rates declined. The closing tone Oh
are stock market was distinctly weak after
snnuenee on some Of the speculative bonds
al we'll as stocks, and the tone OF the ponu
division was rather irregular. Deallhgs are
still a large scale, oo ,,,,.oa
Total sales par value s9044,O0O. united
states IS declined Is per cent on call