Omaha daily bee., 1908-07-23
new YORK STOCKS AND BONDS
Market is Irregular and Fluctuates
Constantly.
CLOSING STRONG AND HIGHER
Spectators Take Advantage Of Rise
Following standard OIL Decision
20 Take Prohts-Bonds
Are strong.

NEW YORK, July 22.-There was no
constant trend In the course OF prices OF
stocks today. Ups and downs sue eedej
movements we're in progress at the same
time. The market was whipped into some
show of animation by one or two OF tn,
expended themselves in a short time ana
left no apparent trace In the market. EX-
seemed to be expressed by the numerous
fluctuations. Efforts to trace the nature
OF the operations going on by the larger
interests were ~unaNailinR.
The speculative contingent has looked
forward to the decision OF the S~tanCard
on company's appeal against the s9I.Wo1l
fine levied upon II with lively inter st II
was generally known a decision would De
returned today and the Wall street people
were keenly alert for the announcement OF
its character. When the reversal Of the
lower court became known there was con
siderable excitement throughout the tinan-
cial district and a rise In prices resulted.
Standard oil stocks rose 16 points In the
outside market. 1t has been supposed that
the shadow Of this fine hanging over the
Standard OIL company has been a restrain
ing influence on the activities Of capital
ists In that group and that the win ng OF
their case would result in inCreas d activ ~
on their part. 1t has been argued also thai
a good effect upon the movement of capt.
tai might be expected, account of an IN
depreciation Of such a decision as addi-
tional assurances of safeguards for rights
of capital and property. The effect in the
stock market, however, proved to be short
- ~ AAN ITS bNAoS ~ RAtNN' 49, -.
advantage Of to affect a free disposition
of speculative holdings by those who have
followed the rise in prices. The ,x,ent
occurred prompted holders to realize profits
on favorable opportunities. as was already
demonstrated IN yesterdays stock market.
Some Of the recent speculation In Read ng
has been based on an that
a judicial decision in favor of the railroads
will be given in their contention against
the validity of the commodities clause of
the Hepburn act. The action of the. mar
ket today gave warning that such favor
able decisions might prove to be already
discounted. The skyrocket advance in
Westinghouse Electric, following violent
yesterday was of no benefit
to the general market and proved rather
unsettling to sentiment. 1t was accom-
panied by reiteration of yesterdays rumors
that the company would soon be taken out
of the hands of the receivers. 1t was be-
lieved, however, that the imperative needs
of spectators short of the stock was more
responsible for the convulsive movement
than any development concerning the af-
fairs Of the company. Other electric equip
ment stock moved In sympathy. The hest
tat'on and irregularity in the stock divls-
ion was in contrast with the sustained de-
mand Of the bond division. Not only in
the aggregate par value of the sales, but
also In the variety of the demand. Today's
on earlier days of the week. The number
of different bonds dealt in was larger than
any day since the present revival set in.
The placing of some large blocks Of bonds
in foreign markets was held TO account for
large offerings of bills in the foreign ex-
change market, which carried rates down
wards and away from the gold export
point. The rise In copper metal and the
decline in wheat were favorable factors in
the days market. The absorptive power Of
the demand for stocks had a reassuring
effect as the day progressed and made the
closing strong and at general gains.
Bonds were strong. Total sales, par value,
changed on call.
Number of sales and leading quotations