Omaha daily bee., 1908-07-10
NEW YORK STOCKS AND BONDS
Early Prices Are Lower on Extreme
Profit Taking Sales.
DAYS NEWS Is FAVORABLE
Practically All the Loss H. Recovered
Before Close of Days Opera
tions-Bcnd Market IL
Firm.

NEW YORK. July s.-It was plain to be
seen that speculative liquidation was in
progress In today's stock market TO secure
profit accrued on the considerable ad-
vance which has occurred IN prices since
last week. The effect Of this In itself was
depressing to prices. There were points OF
strength which had a sustaining effect on
the general list. but they were not In such
prominent issues as yesterday and were
less peculiar in the demarcation and SO
had less sentimental influence.
The outside buying orders attracted by
yesterdays strong showing were laken ad-
vantage of to supply stocks in profit taking
sales and this kind OF selling REQUIRED
pretty regularly at all favorable oppOrtu-
mites. The change in the temper or the
speculation was not based on any new de-
velOpments affecting general conditions
unless II were a suggestion current at one
time that pr%econceived notions OF the &C
ton to be taken by the democratic con-
vention at Denver might be upset. The
~reactionary tendency OF United states S.eel
stocks after yesterdays brilliant display
Of strength was a marked restraining influ-
ence Of any upward tendency elsewhere.
The view of the leading trade authorities
betterment in the industry was in rather
striking contrast with the matter on that
subject which was passed about the floor
of the Stock exchange by word of mouth
while the steel stocks were soaring and
this contrast had some chilling effect.
There is general confidence, on the other
hand, that the quarterly report of the Steel
corporation to be published later in the
month will show a substantial expansion
in the volume of untitled orders on hand
at the expiration of the quarter. There
was obvious profit taking going on in
Union Pacific, with the powerful sentl-
mental effect on the whole list, which this
stock has come to have. The strong fea-
lures were not more than sufficient TO bal
ance these depressing factors. Other metal
industrials were substituted for the steel
stocks in the upward movement. Another
rise in the London price of copper helped
the copper stocks. Baltimore & OHIO
showed a favorable effect from the main
sAanaaA - #IA lAHN1Aa1 aa a q cont
basis, expectation having been of a reduc.
ton at least to a S and perhaps to a 4
per cent basis. The good effect on the
stock was moderated by the announce
ment that the profit and loss surplus had
been enchroached upon to the extent of
81, 300, 900 TO pay the dividend. AS an af-
firmation of confidence in an early %restora-
ton of earning power of the railroads. by
an influential authority In both railroading
and finance, the action was not without
Influence in keeping up hopeful options
Another center of strength was in the
northwestern granger group. This revived
old rumors of an intended extra diSburse-
ment on Northern Pacific stocks. A more
substantial factor was the brilliant spring
wheat prospect and the reported prepare
ton Of. railroads In that territory for q
heavy traffic movement by calling home
their freight equipment.
Weekly statements of the great foreign
banks showed the usual revulsion from the
violent strain of the great periodical money
settlement. In the local money market re-
turn of government deposits thus far made
has been offset by the government dis.
b~ursements in payment Of obligations anc
appropriations. The days profit taking wa!
conducted cautiously and without serious
inroads on prices at any time. Whatever
declines were involved were made up be
fore the end of the day, with the growing
strength of the sustaining stocks In the
dealings.
Bonds were firm. Total sales, par value
were s3,S04,0CO. United States bonds wer,
unchanged on call.
Number, of sales and quotations on thu