Omaha daily bee., 1908-08-20
NEW YORK. STOCKS AND BONDS
Days Market is Dull. Narrow and
Meaningless.
TENDENCY SLIGHTLY UPWARD
Hartman Issues Advance on More
Favorable Interpretation of An
nuaI statements-RaiIrOad
Bonds Are Heavy.

NEW YORK. Aug l9.-Briefly summa--
lied. todsy's stock market was dull mar
row and meaning less. Trading was very
much curtaiied and IL required but a cur
sorry glaI &C at the list q buyers and se 'ers
to make clear the professional Character
Of the days operations. In its teChnical
nature the market continued 10 hold is
strength Of the last fortnight. The speyu-
lative element is about evenly divided a.
TO the markets immediate future. but dis
Interested observers generally bcizNc mat
the tendency Is still upward The in
creased strength Of the Hartman issue Is
ascribed to further digestions Of the an
nual reports Of the Union Pacific and
Southern Pacific. recently published,
wherein 1t was manifested that both sys-
TENS have made material reductions in
operating expenses despite the increased
taxes imposed, which IN the case Of south
ern Pacific seemed vel nigh oneroJs. A
similar showing is made by the Baltimore
4 Ohio road IN its July statement. which
h. a notable Improvement over some previ-
Gus months expenses being reduced by
about S.Z50.OO0 For the month Of July the
road operated at a cost Of STA as against
5s26 per cent last year. New York Central
was again a weak feature. with a revival OF
reduced dividend talk. The local traction
shares we're distinCtively heavy, a c1n6i-
ton directly traceable 10 latest develop
mpnts. which include q deficit Of over
81, oOC.O0 reported by the receiver for the
ten months ending June 80 last. The metal
stocks were pressed for sale frequently
during the day. American Smelling bting
heavily sold by an operator recently identi-
fled with its advance. Belief hat the
movement in Smelling and Amalgamate
Copper has been somewhat OverdOne pre-
walls in mary quarters. especially az trade
conditions have taken a less favorable
turn with three distinct reductions In the
price Of copper metal. United States Steel
shares were relatively heavy. though with
out pressure. Advices from the leading
Industrial centers indicate "A slow revival
Of operations, but with better prosp c :
for September. The recognized trade jour
nal tells OF INCREASED activity in the lighter
lines of iron and steel, but refers to the
demand for heavy lines as "spotty. This
same authority asserts that the stocks
now held by some of the larger mills are at
low record.
There was little change in the stock mar
ket during the late session until the final
hour a concerted bear attack caused a
very general shading of prices and a heavy
close. New York Central was the princI-
pal sufferer with a net loss Of 3s points.
There was sympathetic weakness in all the
active issues. and net losses for the day
were the almost invaTiable rule. London
was not even a negligible factor here. Oper-
atoms for that account being too small for
consideration. There was some selling OF
the Hartman issues abroad. but this was
followed by purchases on the decline. The
only feature Of the money market was the
offering Of call loans at I. per cent. The
general tone was easier on larger offering s.
Railroad bonds were heavy in sympathy
with the stock list. Total sales, par value,
s., 5000. Government bonds held steady.
NumCer of sales ana leading quotations
on stocks were as fplloWH