Omaha daily bee., 1905-07-29
NEW YORK STOCKSAND BONDS
Market is Broader and More Animated
Than for Considerable Time.
NEW RECORD FOR ILLINOIS CENTRAL
RumOr of Combination with Union
Pacific sends Il Up 20 IT'S Ia
Money Rates Remain
Easy.

NEW YORK, July 2s.-The creeping up
ward movement OF prices which has been
In progress for several days fiared up. into
a nash of speculative spirit today and the
stock market was broader and more anil
mated than for a considerable time. The
sales effected in the two hours to noon
equalled the maximum for a whole day re-
Gently. Thereafter there was decided
falling on in activity and some hesitation
In pursuing of the holdings acquired in the
early part Of the day.
The upward movement was not expected
by any immediate event and seemed to re-
suit rather from a capitalization OF conf
dence which has been gathering from day
to day, The movement continued largely
professional and there was evidence OF ma
F5s az soseT b sPd ,6 6Es IN tes Which S
increase OF the supply in the market results
from bidding up Of the price. The very
large occasional transactions in some OF
the market leaders of which the market
supply is large also suggested a process OF
churning designed for effect upon the price
or upon the sentiment on observers rather
than for the accumulation OF stock. Com
mission houses, however, reported an ap-
preciable Increase in orders from miseel-
speculative origin.
The tone Of the bond market was also
sensibly improved and the broadening OF
the demand for investment in that depart
ment is considered OF good augury. OF the
high grade investment stocks Delaware
Lackawanna & Western was conspicuous
for an advance for a new record price a.
404h. The confident absorption Of Illinois
Central constituted an effective leadership
for the market and this stock also touched
a record price at 1854. Rumors of a com
bination with Union Pacific were held tC
account for the rise. There were some lag
CARDS in the early movement among tbs
most conspicuous stocks In the market, bu
most of these responded later to the pre-
vailing upward tendency and were enectiv'
in sustaining the tone of the market aftei
the influence of the earlier strong features
had commenced to wane.
The estimates of the weeks currency
movement show the running in favor o.
New York and money rates remain easy
The advance in London money rates Is at
tributed TO the month-end requirements ant
foreign exchange was weak here again, OF
| ferngs of bankers bills against borrowing
abroad forming a feature in that market
| Attention was attracted to the ofter OF tn
! secretary OF the treasury to stimulate banl
| note issues by receiving Philippine BONA
as security for government deposits pro
| vided the government bonds released are U
take out circulation. This Is a reminder Q
| the imminence of the crop-moving demand
| for currency and of the meagre resources o
| the treasury for helping to supply the DE
mand in accordance with the custom OF pre-
vious years. The market closed rathe
| quiet but firm,
Bonds were strong. Total sales, pa
value, 81, $4,000. United States bonds wer
unchanged on call.
The quotations on the New York Stocl
exchange ranged as follows: