Omaha daily bee., 1910-01-18
NEW YORK STOCKS AND BONDS
Speculative Sentiment Blows Hot
and Cold in Wall Street.
OPENS STRONG AND TURNS WEAK
Railroad stocks Are
Lower on Prospects Of New Lines
Absorbing Part Of the
Traffic.

NEW YORK, Jan. 1Z-speculative senti-
ment blew hot and blew cold In the stock
market today and the sudden transposi-
lions offered some violent contracts. De-
mand for stocks at one time early In the
day was so impressive and seemed to be
coming from such influential sources that
the tone OF the speculation became very
hopeful. one or two items In the news
were construed in the same spirit. That
stocks should stream into the market. in
urgent LIQUIDATION and in overwhelming
volume in the presence Of this hopeful
feeling argued a weight Of offerings over
hanging the market that dampened the
cheerfulness and set conjecture to work
again to fathom the motives and the
sources Of the selling.
The retrospect of the market would have
to go back many months to find prices at
which stocks could have been acquired
70 oitsr any profit Hit on the sales s mace az at
conviction of thoroughness of the liqui-
dating movement in progress and pointed
to unloading on the part OF the buyers
market at a very early stage of last years
advance. The belief was thus created in
a closing up of a market campaign Of
long duration and widespread extent.
There was nothing in the immediate sit
uation to explain the pressure on the mar
ket. The money position worked easier
and the weekly bank statement OF Sat
urday gave warrant for oenfidences in the
security of the money market from any
ageAep of gold for South America, but
the foreign exchange market was cas- or,
In spite of the decline in money rates.
This movement might reflect a renewal OF
foreign buying of cotton invited by the
severe decline which has occurred in that
commodity.
A survey of the foreign trade statement
for December, however, goes farther to
explain the miscalculation of the year end
money markets, which has helped to EN-
barrass the speculative position. The $13S,
742, 900 value Of imports stood near to the
previous months record figures, while the
$l7,OOO,OO decline in value of exports left
Fthl aXRagq NralnA of nynnTtC at nn1V R3V .
99,905 for the month, compared with the
$16, $4,000 In the December Of the proceed
ing year. The scarcity of foreign ex-
change, which kept up rates all through
December in that department Of the in
t%eThatlOnai money market is thus without
mystery.
Our own bank statement, in the heavy
loan contraction of the trust companies
and the substantial increase in clearing
house bank loans, shows another phase
of the adjustment Of the shifting of loans
resorted to in November to obviate a de-
ficit in the reserves. The enormous refluN
or FUNDS from interior money markets sup
plies the resources for this adjustment, blu
supplies rather faint encouragement fol
assumptions of great trade activity.
The acute weakness of the transconti'
mental railroad stocks today indicate mis-
givings on the score OF decreased traffic
as well as possible as a redistribution OF
Pacific Coast extensions. This Was a fac,
tor in the weakness of the Hill stocks anC
g. Paul The further postponement q
merger was made the occasion of sons
orderly strength in hat stock, but it wa:
amongst the weakest in the later selling
Several of the days supreme court de
c%isions, which upheld the contentious o.
corporations, were made something of IL
the effort to rally prices, The ~satlsfac
ton of the demand to cover shorts on tn,
part of the bears about exhausted tn,
buying at the recovered price level and tn,
subsequent collapse PLACED prices lowe
The rallying power was feeble and tn
closing tone weak.
Bonds were easy. Total sales, par value
$4,466,00o, United States rs declined u pc
cent on call.
Number OF sales and leading quotation.