Omaha daily bee., 1908-07-11
NEW YORK STOCKS AND BONDS
Market is Irregular and Professional
Traders Arc Confused.
OPENING PRICES ARE LOWER
Decline nduced by ReaIiRinR De-
veIops Aggressive Demand, which
sends values Upvard-Drop
on Large Offerings.

NEW YORK. July l0-The tone OF the
stock market was irregular again today
and the professional traders were a good
deal contused by the obstacles they en-
both directions. The start was lower than
last night. the disposition being apparently
to take profits on the action Of the demo-
cratic national convention. There has been
buying OF stocks recently on the assumption
didates definitely removed there would be
some outside demand for stocks aroused. At
the lower level induced by this realizing an
aggressive demand developed and prices ad-
proceeded far when stocks began TO be Of
fered in a volume and with a persistence
the auguted some large participation in the
market on that side. Selling orders in sew
eral separate stocks came from an lndl-
vidual source in 5000 to @OOO-share portions,
and this led to a supposition that plunglhe
operations were being renewed on the part
Of a recent spectacular performer in the
market. Some Of the stocks which have
figured most prominently in the weeks rise
were affected by an exhaustion OF demand
at the higher prices TO which they nave
been carried, and the prices gave way easily
larry true Of American Smelling Arnalga-
mated Copper and the two Hin railroad
United States Steel preferred. which rose
buoyantly on a previous day. The sent-
mental effect Of these weak points was
considerable, and there was no such con-
spicuous point Of strength to offset as dur
ing other periods Of realizing during the
week. The general list, therefore, shoNeu
more sympathy With this IMAM
yesterday.
There was a sudden drop in the rate OF
activity Of the market during the midday
period. after a first hours business larger
than for any day OF the week. News OF
the factors were not important. The mann
tenance Of the Baltimore & Ohio WIDER
came in for further discussion and Tor
some criticism on the ground OF the incur
sion into the profit and loss surplus 10 pay
il. The responsibilities for the decision or
the dividend question was attributed to the
leading interest in the property and in the
belief that this interest was Identical with
the principal force back Of the stock mar
ket movement in May. IL was assumed that
the same purpose TO conserve the price leNel
of the estimates of the weeks currency
movement was the contribution to the
weeks estimated gain Of the subtreasury
operations, Notwithstanding the large pay
ments made by the national banks TO thht
institution in response to the call for return
of government deposits. The banks have
gained cash from this source since the last
bank statement of S2,01l. 800, and receipts
from the interior are believed to nave
brought the total gain to nearly &,0O0,OoO.
flow from the interior, and with the winter
wheat crop beginning to move, this SHIFT IN
the current of the currency movement may
be expected to increase. June agricultural
exports were only 2,I4S,VC less IN value
than last year. and with the continuance
of the shrinkage in imports a substantial
trade balance in favor Of this country may
be looked for, with consequent bearing on
the exchange situation. The appearance OF
support in the market disappeared in the
late dealings and the closing tone was weak
Bonds were irregular. Total sales, pai
value. S2.4l5.OOO. United States bonds were
unchanged on call.
Number Of sales and quotations on TIT
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