Omaha daily bee., 1908-12-09
NEW YORK STOCKS AND BONDS
Diminishing Volume Of Trade Shows
Market is in Professional Hands.
MESSAGE HAS LITTLE EFFECT
Western Union Sells OFF n of
Recommendation for Control Of
Telephone and Telegraph
Companies.

NEW YORK, Dec. S.-The diminishing
volume of business and the narrowing
range Of the price fluctuations are evidence
Of the growing professionalism Of the stock
market. Another indication of the same
state OF affairs is the short duration of a
price movement in one direction. The
professionals move prices with difficulty
and are satisfied to take small profits.
This Is true of the usual mediums of ac-
tive speculation, stocks of a large floating
supply and fairly representative of gem
eral financial conditions and tendencies,
which, by reason of their unwieldly bulk,
are difficult to make responsive to artlfi-
cial devices except by employment of the
largest resources. In a less representative
class of stocks, however, of small capitali-
cation and controlling business of more
restricted scope, there continue to be strik-
ing movements, often without any develop
ment in, explanation beyond the decision of
pooled holders OF blocks Of the stock to
establish higher quotations.
The presentation of the presidents annual
message to congress, being the principal
event OF the day, was seized upon for at
tempted use as a motive force for price
movement. Stocks were bid up on the
assumption that the effect OF the recon-
mendations of the message would be favor
able to values. The substance of the docu-
ment was accurately known beforehand
in many brokers' offices. Its effectiveness
as a stimulant TO new operations in stocks
proved to have been overestimated, as
shown by the decrease in activity of the
dealings after its appearance and the
dropping tendency of prices. In view OF
the extent of the Federation of views in
ZIG httnndBtt III many INSTANCES covered bN
citation of the president, it was not sur
pr1sing that lack of material for new specu.
lative decision should be found. The fact
OF It's being the last annual message of an
outgoing executive also initiated against
It's effectiveness as an instrument for
speculative uses. satisfaction was caused,
however, by the denunciation of the folly
OF the effort to prohibit all combinations
contained in the antitrust law, but this
satisfaction was modified by the advice
10 give to some agency of the government
tul power of control and supervision of
such combinations as might be permitted,
The recommendation to place telegraph and
telephone companies under the Jurisdiction
of the Interstate Commerce commission
conduced to the weakness in Western
Urion, although loss by a fire and ex-
pressed doubts over recent reports of ar
Intention to advance the dividend rate had
an effect on that stock. Its movement was
IN Greet contrast to other so-called Gould
stocks, which were classed for market pur-
poses today with the Harrimans on the
assumption of increased Hartman in.
fluence in the group by reason of financial
ald extended. Hartman stocks were the
sustaining feature of the market and Erie
was included in the group II. the same
manner as was the Gold group.
Foreign exchange rates advanced again,
put there was an advance also in the
sterling rate at Paris, leaving the gold
export position little changed.
Bonds were firm. Total sales, par value
so,SO,VO United States Is coupons ad.
Vanced " per cent on call.
Number of sales ana leading quotation
ON EfONlQ Vvara.