Omaha daily bee., 1908-07-22
NEW YORK STOCKS AND BONDS
Market is Irregular on Intermittent
Realizing Sales.
DAYS NET CHANGES ARE SMALL
and steel Are sources al
trenEth-Announcement of ale of
Central PaciRc Bonds Has
Bad Effect.

NEW YORK, July NEUTRALITY-SUSPICIOUS.
an added weight of sales. the market com.
posed itself in a manner ITO keep up the
courage OF those committed to a continu.
ance Of the rise in prices. showing good
power OF digestion OF the selling and eN.
eeiient recuperative force when the pres.
sure lEhtened. An element Of the speCula.
i've holders was disposed to take profits
on the rise already achieved. and another
proiesslonaI element. watchful for such a
contingency. Joined in the selling on the
snort side and forced prices down in an
SlIack on the long position. The process OF
uIsestloh OF profits was healthy for the
market, and the building up Of the short
interest made a supporting factor for val
The realizing sales were conducted with
skill and caution and under cover Of the
sustaining Influence OF strength in special
iDOCSs. reading was a prominent sustain
ing Iorce IN the market, and It was run up
Ssgressively I'm the face of a declining ten
dency IN the general list. There was no
news 70 explain the strength OF the stock.
9nu me great concentration OF the opera
IONS IN " In the hands Of a few commits
sion houses pointed to a professional and
a m~anlpulative origin for much OF the
DuylhS. The suggestion found currency
that the movement was IN anticipation OF
an outcome Of a suit TO test the validity OF
tne. commodities clause Of the Hepburn act
IA IaVor or the contention Of the companies.
AS lhls decision is still in the hands OF the
courts, the rumor was incapable of verir-
EatlOn. The small effect produced on
cntted states steel by the sales OF 1t to
Iealze and its aggressive recovery to a
price higher than was touched Yesterday.
was n sentimental sustaining influence on
ne Whole market, Reports were current
Inat the revival in the steel trade was
making such demands for additional cars
m me P~ittsburg district as to threaten a
shortage in a few weeks and tn cause a
rush on the repair shops to prepare eouin-
ment. Railroads in that region, however.
were under the disadvantage of the poor
Snowlng or the net earnings for June re-
ported by the Baltimore & Ohio, the loss Of
I''oO,SS4 in gross earnings compared with
last year being reduced only $500, g74 by the
cut in operating expenses for It's showing
III tHe net return. In connection with the
r~eactionary tendency Of prices Of stocks
lnere grew up some misgivings as to the
p pno56s course OF the plans Of the rail-
Ioaus TOT bringing about a higher rate Of
compensation by advancing freight rates
NE controversy over this subject between
railroads and shippers, az II finds ax.
preston In public exchanges on behalf Of
the contestants. is assuming vigor and
nov involves charges of motives that are
n,spt 1Yreaien pad effect on public senti-
mSnt, me danger is apprehended that the
subject might be thrown into the field of
poiitics and such use made OF It in the com
peting efforts to extract political benefit
out Of II as would prove en,barrassjng ~
the aims Of the railroad companies.
M announcement Of an issue Of SIS. O00. 900
central Pacific bonds proved of rather
chilling effect both to the stock ana bond
divisions of the market. Southern Pacific
Whlch guarantees the bonds. was noticeably
aftected. The prospect of this amount ~
new supplies offering caused some reaction
IN the general bond market, Just as invest
ment issues in Paris were affected by the
new Brazilian loan. The money market
IS quite unaffected by the signs from the
SHIFT OF the currency movement in favor Of
the interior. The interior demand Is as light
as Yesterday. and the large disbursements
making by the government this wear are
keennE up the supply Of New York bank
cash. The persistence of the realizing sales
caused continual renewals Of the declining
tsndency, but the net losses at the end of
the day were small.
bonds were irregular. Total sales. mar
value, A,70S,o0, United States bonds were
unchanged on call
Number OF snles and leading o,,o.a+,o,.