Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-07-28
new YORK STOCKS AND BONDS
Market Demonstrates Its Strength in Fass
Of Enormous Realising Sales
ST, PAUL SELLS OFF THREE POINTS
Report of Its MerGer with Union
Pacific EnectuRIIy Denied-steel
stocks Higher on Heavy
Buying.

NEW YORK, July 27.-The stock market
gave a good denomination OF It's aosoIp-
tive power today in face OF ENORMOUS ss tUa
The strong front offered by the market 70
this selling was the more notable In view
Of its centsrihs on 81 cs r9Si ane leaders, OF
market sentiment and likely to influence
the whole market BY sympathy Inc Ell
fective counteractng influence TO TINS rear
izing was the enormous and aggresstine
buying of the United states Steel STOCKS,
the unwieldY bulk OF which makes them
proft-taking in Southern Pacific carried 4
at one time about points below the hisn
level of the week and ST. Paul was ai e.
chalmers were made today of the rumorS
OF the passing of control of st. Paul into
Yesterday 10 Offset the disappointment over
the non-Bction of the St. Paul directors on
the late financial plan The eject OF these
Paul Itself, although the rumors were an
influence in lifting the whole market pc
fore. The selling 10 realize ektsnded 70
other quarters of the list and affected the
transcontinental railroads quite generally
as well as some Of the eastern trunk lines:
Some of the stocks which were su4Jectea
to this process recovered later In view OF
the steady absorption which met the OF.
ferings. Speculative sentiment continued
TO be largely dominated by the supposed
and groups conspicuous in the hnancial
world There were reports current OF the
quarter by the United States Steel Cor
poration in the report due next Tuesday,
and the prospects Of an early dividend on
the stock were believed to be improved
from this condition. But buying OF the
stock was influenced 10 a much greater eG-
! tent by the presence OF ]. 2. Morgan at MS
! office upon his return from Europe, ano
| by the attribution TO him OF confident
| opinions on the stock market and the
! condition of the country ana especially OF
! the steel industry. There were no public
| utterances to confirm these reports but
! Confirmation Of them In the stream of buy,
/ ing orders for the United states steer
! stocks which poured into the market and
| which were denoted Morgan buying IN
| the gossip of the stock exchange. the
| ease OF the money market and the prom
| speculative movement free from obstacles
| on that account Some large disbursements
| made yesterday converted the previous loss
| of the banks to the subtreasury into small
gain. But the returns from the interior
/ movement are chiefly relied upon to In
! crease the cash showing of the banks. Pre-
! liminary estimates indicate gain from
| this source as high as 100000. II ts sug-
gested that as the New York banks Sc
! cured the largest portion OF the Panama
| canal bonds, there have been some remit
! tances from interior banks wishing to Sc
cure portions Of the bonds to secure new
| circulation. Reports of extensive cutting
! of grain rates by western railroads seemed
| not to disturb speculative commence. Inc
| parallel strength and realizing went or
| in the market throughout ana kept II II
! regular up to the closing.
Bonds were steady. Total sales, pal
| value 81 S29,OO0. United states IS advanced
"a per cent on call.
The following are the quotations on the
Stock exchange a..