Omaha daily bee., 1908-05-15
NEWYORE STOCKS AND BONDS
Market is Active and Higher on
Professional Manipulation.
SALES LARGEST FOR MONTHS
Many Dealers who Have Fought the
Advance Come over to the Long
side-London Also Buys
New York.

NEW YORK, May 14.--The list of securi-
ties dealt in on the stock exchange had
more thorough exploitation today than
on any other occasion during the extended
advance that has occurred This was done
by process of rotation which passed
from one quarter of the list to another,
using the sustaining effect Of advances
In stocks which were newly bought to sell
stocks previously taken on and advanced
The days turnover was, in consequence,
larger than on any day since the middle
The regularity and precision of the move
ments disclosed the skilled operations OF
professionals and speculative leaders. In
fact 1t was manifest in the stock exchange
that many professionals who have deter
minedly fought the advance in prices
through much Of the latest stage and
who have viewed the market with sus-
piciCn and distrust, had come over to the
long side of the market and were follow
ing the obvious current for the trading.
Some large orders in individual stocks
executed by single brokerage firms were
believed TO represent buying of blocks by
banking interests for sustaining effect on
the market. London also turned buyer in
this market for the first time in several
days and relieved the situation from one
Of the forces with which the advocates of
higher prices have had to contend I'M
portant digestion of profits was effected in
the course of shifting of holdings from
stock to stock and from group to group.
Profit-taking was notably heavy in the
trsnscontinental group during the morn
iTg, but II was cautiously pursued and not
allowed TO make heavy inroads on prices.
The market was resilient on reactions and
closed at the top with a renewed outburst
of buying orders. Not much specific news
was heard to explain the most important
movements, but the action was taken to eX-
press satisfaction on the part of the i'm
portant financial interests with the pros
pect for ultimate business revival and with
the money and political conditions. Reports
from the metal trades we're more definite as
TO Improvement than from other quarters
and this by reason of a natural process of
falling prices and resultant attraction of
renewed demand Sellers of iron have
abandoned pretense of maintaining prices
at previously agreed levels and more life,
in consequence, is reported in the demand
for that metal. The condition in the cop
per trade is analogous and more confidence
Is expressed of Improvement from the
present basis
Rumors Of deals continued to play a part
supposed acquisition by the Reading of the
control of Western Maryland. Alleged
Rockefeller control of American Setting
was another. The sale of notes by the
northern railway was taken as additional
warrant for confidence in the ability of
railroads which have been hard pressed
TO obtain resources which viii relieve them
from immediate embarrassments, although
the terms of sale of these note issues
are admittedly onerous. The strong weekly
return Of the Bank of France and a fur
ther decline I'm the private discount rate
at Paris showed the need for additional
gold to be fully involved. Yesterday s
heavy gold engagements, together with the
| previous repayments of government de-
| posits by the banks, have produced a
| withdrawal of only $S,6O5 900 cash from the
banks by the subtreasury thus far this
| week. Evidently interior banks, in maxi
| ing payments to the government drew less
on their New York deposits than is Gus
| tomary.
| The broadening of the bond market was
| feature of the day. Total sales par value
Ilof $4,264'O0O. United States bonds were
unchanged on call.
Following were the sales and range Of
| prices on the Stock exchange TODAY.