Omaha daily bee., 1908-07-14
NEW YORK STOCKS AND BONDS
Market Is Narrow and Volume Of
Dealings Is Smaller.
SOME DEMAND FROM NEW SOURCES
This Has Effect of Keeping Tone
Firm to strong-steeI and
Union Pacific Are
Higher.

NEW YORK, July lathe stock market
gave evidence today Of the relief afforded
by the sales to take profit IN the latter
having been completed. The contraction in
the volume Of the dealings was a warn
ing Of the lapse Of operations further into
Of a customary circle Of a speculative cpl
sode. While the market was narrow, there
was a perceptible growth OF demand Tor
stocks from new sources. with the effect
OF keeping the tone firm to strong.
Last weeks events in the financial dis,
trict has a cheering effect on the general
business and industry OF the country, and
this was reflected back today in the en-
couragine views Of the outlook for business
and industry. Even abroad the securities
market showed the influence of the I'm
provement reported last week I'm Wall
street. How far this influence might be re-
sponsible for the growth Of the buying
orders for stocks received in New YORK
today was not altogether clear. but ne
concrete fact OF such buying was testi-
fled to by foreign commission houses.
Some OF this was under suspicion of a de-
heavy selling here last week and executed
in this roundabout fashion for the purpose
OF disgusting its origin. This buying was
especially prominent In Union Pacific and
United states Steel, and reports coming
from London asserted that continental cen
ters We're sending orders, for the after
stock to the London market. The effect
was to carry the price of United States
Steel to the highest point touched so far
tirmer as a result Of some large transac-
lions in execution and in prospect. The
sub-treasury debit balances Of Sab SS at
the clearing house reflected some large
disbursements on account Of government
expenditures, as well as heavy redemption
OF bank notes and payments on account OF
ing the repayment Of government deposits
returnable by July Is under the call Of
the secretary OF the treasury. 1t is esti-
mated that $1,000 600 has been already
turned over to the New York banks and
that they will increase the amount to $15,-
N0 Nl npThAnG N0 ON0 Ml hU nnVrnantu n n
account OF out-of-town correspondents ana
by surrender beyond the limits called for
meet the l per cent interest now charged
on government deposits. on Thursday is
payable the final installment of subscrip-
which will call for upward of $50, u ,OO0.
There was a firm tone in the early for
eign exchange market in spite of these
market. Paris again took the bulk of the
gold arrivals in London and private dis
count rates there were firmer in conse-
quence.
The strength in the wheat market and
the reports which accompanied it of dam
age to the crop in the northwest were ig-
nored in the stock market, the northwestern
grangers sharing fully in the days
strength. Much attention was given to
the published exchanges between Vice
President Brown of the New York Central
and Secretary Hole of the Manufacturers
association Of New York, on the subject
OF an effort to make a general advance
OF 10 per cent in freight charges by the
railroads. The contention of the railroad
officials that this advance was a neces-
sary alternative to a cut in wages which
would produce one Of the greatest strikes
in history, entailing a national disaster"
ala not lose Its serious import with the
declaration that the Manufacturers asso-
citation would appeal to the Interstate Com
merce commission to declare the increase in
rates discriminatory and unjust.
Bonds were steady. Total sales, par
value, S,69S.0Oo;, United States bonds I'M
changed on call.
Number of ealas ,na ,.osIz- -.-