Omaha daily bee., 1908-12-30
NEWYORK STOCKS AND BONDS
Upward Movement of Values Which
Started Monday Not Maintained.
ONE-PoINT LOSSES ARE NUMEROUS
RealiEinE Pressure is Most Pro-
nOunced in Issues which Have
Been Most Conspicuous
Recently.

NEW YORK, Dec. 29.-The rate at which
prices started upward with the resumption
OF dealings in stocks after the Christmas
holiday was not maintained on the second
day OF operations. Just what sentiment of
opinion may have prompted the moder-
ating OF the movement is not clear, but a
substantial check was encountered in the
weight. Of the offering to sell. At the
end Of the day one point losses were
numerous. Ihere was some perception OF
an incongruity between the manner of the
scramble for stocks at the rapidly rising
prices, such as occurred yesterday and
the investment demand which the move
ment is supposed to represent. The genu-
Inc Investment buying is recognizable by
It's sober methods and its more careful
scrutiny OF prevailing price levels with
relation to dividend rates in the adjust
ment OF income return to conform to ex-
sting conditions in the money market.
A Volatile and excited price movement is
more likely to repel the investment buying
than to attract Il. Probably the conf
dence that conditions favor genuine in
Nestment buying which it would be un-
wise TO discourage has it's influence in the
quoting of the more purely speculative
maneuvers In the market. The realizing
pressure was most pronounced IN some Of
the stocks which were most conspicuous
IN recent sudden advances, including some
OF the lower preferred railroad stocks
also some of the higher priced speculative
tavorites. The railroad deal continued to
pay, a part In the speculation and to
touch some new stocks with its animating
influence. The copper industrials showed
themselves unresponsive to trade reports
OF the same hopeful character which
proved efficacious in raising their prices
yesterday. Copper metal was marked up
again at the New York Metal exchange
ana in the London market and further re-
ports were heard OF an active movement
amongst consumers to take refined cop
per. but that, group sagged to lower prices,
Notwithstanding this stimulant. There was
much discussion yesterday of the important
effect on railroad earnings to result from
the proposed advance in freight rates on
1 january L OF which pnffaA hoa A,1- NgY.l
with the Interstate Commerce commission.
The. amount of public agitation aroused
agalnst THIS proposed advance came into
larger consideration owing to reports of
the holding of mass meetings In California
10 protest against the intended advances
on behalf of shippers. Railroad ira fife
officials displayed no more than a oujet
satisfaction with the freigh movement
ana DO not give expression to enthusiasm.
earnings with last year from this lime on
wards 1t Is pointed out that the com
parison Is with the slump in gross earn
lngs Following the panic, and while oper-
ating expenses were still held at an ex-
travagant level, as time had not yet beer
given to put into effect measures OF
economy. In other words, conditions al
this time last year and the period follow.
ing. were the most unfavorable for the
railroads which have existed for many
years past, 50 that satisfaction with a
favorable contrast at this time will de.
mand some restraint.
The Italian earthquake calamity brought
no direct pressure on the market. blu
the sentimental effect Of such great dis.
asters is depressing to property values
The news OF the Balkan situation had
some disquieting effects. The decline ir
sterling exchange here kept pace witt
that at Paris. leaving the force of The
demand on our gold holdings about tn,
same. Money was offered freely in tim
loans and rates declined. The closing tone
or the stock market was distinctly veal
after a day of hesitation.
Profit-taking was an influence on some
OF the speculative bonds, as we'll as stocks
and the tone of the bonds division wa.
rather Irregular. Dealings were still OF
a large scale. Total sales, par value
%,O44,OOO. United States IS declined q
per cent on call. #"
The following were the closing quotation,
on stocks and bonds: