Omaha daily bee., 1908-07-01
NEW YORK STOCKS AND BONDS
Fair Degree Of Activity During First
Hour of Session.
MARKET THEN BECOMES DULL
Tentative Operations Cease when
stock Fails to Come out--Day's
Net Changes show Small
Declines.

NEW YORK. June 30-There was a fair
degree or activity during the first hour OF
the STOCK exchange session today. Appar-
ehtly II took about that length Of time to
demonstrate to the satisfaCtior Of the pro-
iessional traders that there was nothing
in the market. Their tentative operations
largely ceased after that and the market
lapsed into stagnation more profound than
anything that has been witnessed before
THIS summer.
The amount Of borrowed stock that was
being returned to lenders in the loan de.
partment revealed the extent to which
yesterdays light buying demand is to be
attributed TO the reduction of the out
STANDING short interests. Strength from
such a cause had little In it to stimulate
speculative buying Of stocks. The suppose
ton .that yesterdays faint stirring Of de-
mand was a herald Of reiBvestment buying
with the proceeds of the half yearly dis
Dursement Of profits was negatiyed bv
disclosure of the origin of the bnving
The holiday In prospect at the end of the
week Is a factor In depressing speculation.
The sentinpent OF professional traders about
me STOCK exchange is quite generally
Dearish, and the firmncss of tone is owing
IN no small part to this fact in spite of
the seeming contradiction. The nom
success of the bear selling In dislodgins
any real holdings Of stock IMPLIES on the
one hand the determination Of holders not
70 par WIN tnelr stocks at present prices,
ana mat the floating supply Of stocks is
scanty Is obvious from the efforts of tine
shorts to get back what they have sold.
Here comes in the influence of the ex-
tremeIy. easy condition of the money mar
ket and the general confidence felt In a
profitable yield of the country's crops
There was nothing today to change opiu-
IONS on those important underlying condi-
lions. A favorable impression was made
by the resumption of the construction work
said to have been made by the Union Pa
enc. Mucn attention is given the current
discussion in the financial district to the
alternative of wage reductions or rate ad-
Nances, which it is believed will be forced
on the railroads by the shrinkage in their
earning powers. Additional reports of May
ret earnings made further exhibit of this
shrinkage in the case of the Canadian Pa
ciflc. Reading and Southern ALWAYS. In
the case of the last named, he $l,1gS. 44O de-
crease IN gross earnings was exceeded by
the cut IL operating expenses by 81, 6g3,
Whlch therefore went to a gain in net
earnings. This repeats the success of this
company in preceding months and makes
II singular In that respect amongst the
railroads thus far reporting net earnings
Tor May. The maintenance of the Ana
conda dividend seemed to be expected.
FUNDS were offered IN abundance for loans
Tor times. with very light demand The
closing day of the financial year was the
occasion for the > per cent call loan rate.
The days net price change showed small
declines.
Bonds were steady. Total sales, par
value, S,l73,O0O. United States bonds were
unchanged on call.
Following were the range OF prices on
/ the STOCK XChan tOdgVs