Omaha daily bee., 1909-02-03
NEW YORK STOCKS AND BONDS
Market is Ruled Largely by Technical
Considerations.
PROFESSIONALS ARE CAUTIOUS
News is Generally UnimpOrtant and
DullnesS Almost Reaches Poiat
OF observation-disclosures
Markets Cheerful.

NEW YORK. Feb. 2.-The' stock market
m New YORK today was a.arofessional ar
Iair and i was ruled largely by technical
CONSIDERATION The professional element
was chary OF risking short sales in view of
Yesterdays demonstration Of liquidation in
cuced by the considerable decline 81 last
week. The market was dhIller Ar tinss
curing the day than any time since Inc
Ilrst OF the year. New developments were
Some Importance was attached to a shsrn
advance in the price of copper warrants
IN Jhe London market, the first that has
Iett the advantage Of this showing and The
eliect was reflected here. although new
the sItnsttn5 70 snow any vital change i'm
me IRON trade came limitations OF a shad-
ing OF foundry iron prices, which were
nNeIt on rather as symptoms than from any
Importance in the Transactions themseIves
winch were small, as reported THE iron
ana steel industrials, however, were higher
~ ti,S market. A feature of incoming
monthly reports of railroad earninSs fny
december is the item OF operating cost in
iS sr Is shown an increase over the SINH
laI outlay in December of 1907. These in
creases are significant because. aitboueb
sLoss earnings in December, 1907. showed
panic of the preceding October tbers baS
oeen no adequate economies effected in on
nenHmne cost The item Of operating ex-
fact, was maintained stiil Shove the los
IeNel 10 the proportion OF nearly 3 per cent
wben excess over that level
Mhen IL occurs must be regarded thereforo
as showing a more generous allowance FOR
ntslntenance, A policy of something like
9~oaLNation OF these expenditures is known
40 ave peen adopted by the railroad world
TsGil,nng the period of greatest depression.
Whether the present change In policy is al
necessity from the long postponemenf nj
Pfoper outlay. or whether IL marks a erowth
VI great confidence in future earnines tha
erect is good on the demand FOR eoujn.
Lnent and material. Some firmness in tbr
SOCKS or railroad equipment fndllsfr ria i !
may De traceable to This cause.
news coming to hand thai might besr an
Interpretation unfavorable to values seerned
Io De ignored. More serious attention. was
gwen IN current financial discussion 70 ~
supreme court decision against the claim M
ne wan paper trust for collection ~ )
uept winch seems to outlaw claims ~ amor
oIsahlzatlon against their debtors. A orr,
~ freight rates out OF Baltimore 70 ueei
lne ap~andonInent of the Boston differentisi
Was not liked in its Implication of fricfion
me california attitude on the .Jansnegs
question and the resumption of the heal
!nsS OF the tennessee Coal and Iron inonjr1
~ Washington were cited as distastefnl tr
.Hs speculative view, but without tsnoibls
eILect on prices. The acceptance OF In
1eIms Tor settlement of Turkeys claim,
asalnst Bulgaria had a cheering effect or
toTSlsh markets and conduced to the sen.
eiaI easing in discount markets there
bonds were firm. Total sales. mar vsIuo
SJ;ss4,OuS United States bonds were nm,
Number of sales and principai o,,ot a tIon,
Oh STOCKS WRTa nc FaT1@-