Omaha daily bee., 1908-08-08
NEW YORK STOCKS AND BONDS
Violent and Erratic Price Fluctua-
tons Are Features Of Day.
NEW HIGH LEVELS FOR YEAR
Bull Movement O~verreaches Itself and
sharp setback Ensues-vOlume
of sales Largest for
Year.

NEW YORK. Aug. Tt was a day OF
speculative excitement In the stock mar
ket and Of violent and erratic price
fluctuations. The bull movement started
on its way prosperously and reached a
new high stage of prices for the year
with great animation and %buoyancy in the
dealings. At the accelerated pace Of the
advance the movement overran itself to
some extent and paid the penalty in a
sharp setback.
TIL market was the largest in volume
of the present year. the number of shares
which changed hands rising to 1900 600
shares before ! o'clock. Extensive COW
srlngs by shorts has been a recognized
The distress Of the short interest in
American Smelling and National Lead be.
came so acute in the course Of the day
ana disposition to punish them seemed so
ruthless that the speculative temper be-
came discomposed and heavy unloading OF
speculative acts were precipitated. The
vantage and raided prices downward in
a quest for stop loss orders. The two
G~uggenheim stocks were conspicuous fea-
lures from the outset by reason of the
!ate bulge; When IA points had been added
go yesteruays So points gain in Amor
lean Smelling and jumps of a full point
between sales were made, the market took
alarm. Considerable disorder resulted
from this episode in the market. The in
creased volume of the transactions repre-
scented a substantial broadening OF the
participation, although the concentrated
buylng from a few houses, which has been
a feature throughout the movement, was
sull IN. evidence. This was made to APP
pear like accumulation for account of
some of the country's most powerful cap
ltalists and was of corresponding influ-
ence, on speculative sentiment. There was
a notable increase in the attendance on
the floor Of the Stock exchange. many
brokers' having returned from vacation
absences to share in the dealings.
forecasts of the weeks currency move.
ment pointed to another heavy accretiou
to the cash holdings of the banks. The
curing the week, the continuing govern
ment deficit requiring heavy disburse.
ments by hat institution. The movement
or currency from the interior, although
on a diminished scale. is still sufficient
to add between 81, 900, 900 and 81, 000, 00C
TO the gain of the banks. The decline In
the condition OF spring wheat during July
resented a degree OF deterioration thai
~disappoints expectations as reported BY
other expert estimates, especially as add
tional decline In condition Is 20 be allowed
Tor in the week elapsed since the date oil
the governments estimate. The firmnesI
or wheat prices after the publication, II
spite OF the active speculation that ha,
the relapse In prices of stocks was suf
ficiently violent to leave room for SOM
rebound after the publication of the croI
report. The days price changes arr
small when the width of the days cx
IRENE fluctuation is considered.
Bonds were firm. Total sales. par value
S5,Ss4,OOO. United States bonds were un
changed on call.
Number OF sales and leading quotationl
| on gtnrEo mara au A1Ilr-r-