Omaha daily bee., 1910-12-04
new YORK STOCKS AND BONDS
Heavy Decline in Prices Since One
Week Ago.
MARKET MARKED BY DUILNEss
Returns By the Clearing House Banks
show q Heavier Loss I'm sur
plua Than was Antici-
pated.

NEW YORK, Dec. S-(special Telegram)
The general decline in prices on the
stock market caused a dullness in business
Since last saturday an average decline
Of five points in industr al stocks and four
and a half points In railroad shares has
occurred. This Is the most cons. deraJle
reaction IN several months. According to
a table OF averages compiled the market
fell to ll2 on July II. Three weeks ago It
day IL was about an average OF ten points
above the low average Of last year
IL is a fact that railroad earnings are
poor and have been nearly all OF this fiscal
year. The change Is Just beginning to
come In gross results. Probably the per
Centage OF gross decrease between July,
1910 and June lsl, viii be greater than
OF roads are in a position, even with Their
wsge increases, TO minimize their main
tenance expenses and the expenses Of ex-
traordinary character that went into the
operation account I'm l909-lO
Some Figures on Railroads.
Taking the records for four months OF
systems ike the Pennsylvania, New York
Central Union Pacific Southern Pacific,
st Paul, AtChison, Topeka = Santa Fe,
Northern Pacific, Hrie and Southern rail-
way as representative Of the transporta-
ton interests II will be found by an
analysis Of their earnings since July that
fairly normal progress occurred in gross,
which means that a high water mark In
railroad revenues was sustained and was
that the per cent Of net to gross suffered
it's first slight change IN August.
The result is that while various roads
are handling larger volume OF traffic in
1910 than they were In 1905-07, the actual
profit, so monthly reports indicate, Is
smaller.
While in the early part OF the year the
foreign trade demands was the most seri-
Gus matter confronting the country, this
has greatly improved and Is now leaning
favorably toward better business in gem
eral.
JObbinE Business Good.
Jobbers throughout the country have had
a heavy business and the outlook is that
the retailer will have an unusual Christ
prices received by the farmers for Their
crops, tends to make at the close of the
! year to overbalance the loss Of trade in
the early part Therefore. it is not to be
supposed the dividends are going to be
| greatly jeopardized by six or eighteen
months of poor workings when the general
| outlook in the business future is so bright.
Wall street watching tne ticker, talks of
/ reduced dividends on Northern Pacific.
| Great Northern, Atchison, Illinois Central
Baltimore & Ohio and other shares were
| not unsatisfactory.
Trade is Light.
Trading was at standstil on the Stock
exchange for the majority part OF the
session today; Most of the selling was
| banking interests that have been indif-
| ferent to the protected break In prices.
Once or twice efforts. were made to break
prices, notably in the last few minutes be-
fore business ended, when Union Pacific
was driven down and United States Stee
ana one or two other orders down to the
i 1O2 point OF yesterday
| The market showed q stronger tone ri
the close. heavier loss in surplus thar
II had been anticipated was shown In the
bank returns. The items placed at 81, 63l, 20
on the week owing to. a cash decreaSe OF
flO,bOCO0O and loan Increase OF S1S,Z,J 900
the shifting back OF credits to the olearint
house members has evidently come from
some institution outside New York, which
nEds conditions in the loan market M
longer attractive. The local trust com
panies have expanded their loans ovel
2,00O.OO0 since Saturday.
| the London market was as quiet in pro
portion as the market In New York TIM
English markets probably had the effec
to quiet trading.
Number OF sales and leading quotations
on stocks were as follows: