Omaha daily bee., 1906-07-07
NEW YORK STOCKS AND BONDS
Market h Dull aud ListleuI and Prices
Drift Aimlsssly.
UPWARD MOVEMENT DtVlOPs At NOON
Discussion About the stock Exchange
Hinges Largely on the Tech-
nicai Conditions of
the Market.

NEW YORK. July s.-Esrly in todsy's
transactions in the stock market the same
scarcity Of stocks offered for sale developed
that the Hauidation was over for Tie pres
emit This conclusion was accepted with
extreme caution by the professional element
owing to the characterization Of the same
symptoms yesterday when the market sold
on weakly at the last hour after day NJ
striking hrmness and freedom from selling
pressure. The excessive dullness which 1e-
velOped today on the midday rise was the
reflection OF this suspicious attitude. The
market was almost at A standstili for long
intervals and prices dTifted aimlessly I'M
I'll the entrance OF new buying orders into
the market caused the successive upward
movements.
The discussion about the stock exchange
hinged largely on the technical condition
Of the market and took little account OF
the general situation Of AFFAIRS. News OF
general conditions has been In fact almost
favorable throughout the period OF decline
In the stock market Conjectures as to the
extent and strength Of the short interest
In the market made up the staple Of the
discussion. Large borrowing OF stock by
individual firms which are not ordinarily
conspicuous In speculative dealings on the
exchange was reported. on the face Of II
the borrowing Of stocks for delivery showed
short sale OF a similar amount The i'm
portance OF the incident was its reflection
OF the suspicious and unsettled state OF
professional speculative sentiment.
The opening market still showed the ef-
fects of the disappointment over the mis-
carriage Of yesterdays attempt TO carry
prices higher. The opening weakness was
aggravated by selling for London account.
Considerable disquiet was caused in that
center by the ministerial remarks In Par
lament of the hazard of the outbreak of n
religious war in Egypt with the conse-
quences to be looked for OF expensive out
lay for the conduct OF campaign. Lon
don'B discount market was not affected
and continued to work lower with favorlns
effect upon New York's prospects for Sc
curing gold at that center next week. But
money conditions here were also rather
easier, rates for call loans falling during
the day. For time loans the free offerings
were confined to the shorter periods, while
for six months loans and longer, carrying
over the end OF the year money was re.
ported to be still scarce and hard to get
even at the 5h per cent bid. Foreign ex-
change held most OF yesterdays recovery
which was believed to be above the level
OF profit for gold engagements. Estimate ties
OF the currency movement with the interior
by express varied from a small loss TO a
gain Of few hundred dollars, the move
ment towards this center on balances hav.
ing evidently abated from that Of last week
On sub-treasury operations the banks have
gained during the week S603, 000 In con.
nection with the recovery in prices the
reports were revived OF a supposed dea
for the Great Northern's ore lands by the
United States Steel corporation and OF
a rumored intention TO increase the Anal.
late In the day that the rising tendency
proved convincing to the sceptical traders
Their belated buying then made the clos
ing strong.
Bonds were heavy. Total sales. par
81. $4,000 Z. 8. bonds were unchanged or
call
The following are the quotations on this