Omaha daily bee., 1909-08-05
NEW YORK STOCKS and BONDS
Conservative Commission Houses
Sound Note Of Warning.
BELIEVE REACTION IMMINENT
Professional Element sells short and
Immediately Tries TO Hurry
Reaction AIOnE-Has only
Moderate Success.

NEW YORK, Aug. 4-The stock market
has to contend with the growing consefNR-
tism Of stock commission houses, which Is
voiced in the warnings contained IN the
advices to the customers of the high leyel
OF the market and the danger Of reaction.
The number Of successive days Of ad-
vancing prices was cited today with IN
creasing frequency as an evidence that
reaction was imminent. The professional
element acted on this prospect by putting
out short sales and attempting to force the
reaction.
The success of this effort was moderate
and was mixed with the rise at VARIOUS
new points. This demonstration OF resist
ing power in the market was accepted as
renewed proof of the control hello by large
financial interests of the course OF me mar
ket. This control has proved 50 eftectlNe
and SO formidable that II serves to inilml-
date the opposing party In the speculatlonl
which lie without the leadership OF any OF
the powerful and resourceful personalities
which have conducted bear campaigns IN
the past.
the news continues to indicate enhancing
values OF securities and the only. questoh
in speculation is of the technical position
and whether prices have had already more
advance than they, are emitted TO-, Inc n
influence of the shifting tide OF the cur
rency movement makes q bulwark Tor the
speculative position ana ehSour5 hgtb s tng
pay a materially higher investment return
than can be secured In the money market
The publication of the net earnings FOR
June and of the fiscal year Of the Harri-
man lines was signalized by an advance In
the price of Union Pacific to a new record
price. Union Pacific's revenue over eN-
penses and taxes of S3S, 284, Sl4 for the year
takes no account of the income from. in
vestments, which amounted to SIT, Ols, 692 Tor
the preceding fiscal year, the aggregate
implying a safe margin over the fls,54S, 'yO
required to pay last years 10 per cent diVl'
4 dend. The comparison Of railroad earnings
has come now to apply to the period last
year when the railroads had secured
thorough control Of their operating expen 'es
to meet the great depreciation in gross
earnings. The net earnings at this Time las'
year, In consequence, suffered less in COM
parison with the years before.
The smaller changes in June net earnings
this year, compared with the last, for that
reason, nave less significance than the
changes in that item in preceding months
Such changes already reported includes 9
sprinkling of actual decreases In the mel
showing. Last years heavy cut IN. oper'
ating expenses is being made good by re,
stored outlay for the up-keep OF railroad
properties, the item Of operating expenses
Invariably showing large increases over
last years figures. The Industrial special
ties were the favorites in today's show Of
strength.
Bonds were irregular. Total sales, pa
value, s., 022, 900. United States As, regis
tered, declined y per cent on call.
Number of sales and leading quotations
on stocks today were as follows: