Omaha daily bee., 1908-07-03
NEW YORK STOCKS And BONDS
Dealings in Wall Street Make New
Low Record for Year.
MANY TRADERS LEAVE CITY
Approach Of Double Holiday Adds 70
|, Dizziness Due TO Political onven
tiOn SensOn-BOnds show
SIGNS of Life.

NEW YORK. July 2-Dealings in stocks
made a new low record for the year to-
day, the aggregate sales dropping to 10000
shares. Although the stock exchange will
be open for business tomorrow, many mCm-
bers already have left the city, to prolong
their holiday over the end Of the week.
The dizziness normal to the season and to
the course Of a periodical campaign is thus
decidedly accumulated.
than in stocks and considerable variety
was perceptible in that department of the
market. The expansion In the par value Of
the bond sales was principally due, how
ever, to a large absorption Of a few issues.
The Oregon Short line Is, for instance,
came into active demand at a sharp adj
vance and the United States Steel sink
ing funds bonds and the new Pennsylvania
consol Is were strong. The dealing IN
small lots in a variety Of other issues was
done at price changes that showed both
advances and declines from previous quota
tions. This broadening OF the bond market
must be due to the re-investment of prof
its in course of disbursement and is the
first evidence OF such a demand which
usually becomes prominent a week or so
before a disbursement period. The tardi-
ness of this demand this year Is the more
notable on account Of the plethoric condi-
ton of the money market and the difficulty
Of finding employment for idle funds with
well secured bonds offering a markedly
higher rate of return than can be had for
interest on loans. The call loans rate
dropped back to ! per cent today, marking
the passing of the short-lived influence of
the July l requirement.
A'AA' - ~" ~ Wv - n
although the indicated gain this week OF
less than 100000 is smaller than in recent
weeks. The withdrawal Of cash by the
trust companies to meet their increased re-
serve requirement probably will result in
a decrease in cash holdings in the bank
statement. The accumulation of subsidiary
silver In the United States treasury Is a
measure OF shrinkage in retail business
throughout the country. Considering this
redundancy Of the circulation, 1t is a no.
table fact that n large number of banks
have been increasing their circulation ac-
count to 10 per ceat. Of their capital,
banks which have reached that point alone
being permitted to take out the new emer.
gency circulation. This is interpreted as a
preparation to avail themselves of the new
circulation this fall. limitations during
the day that the expected treasury call fol
return of SS0.OO0.OOO deposits would be i'm,
mediately forthcoming and its issuance
later made no impression in view OF the
surfeited condition Of the money market.
The stock market itself does not call 70,
notice. Reports OF railroad net earnings FOL
May show the struggle to meet losses II
traffic by reduction of operating cost
Union Pacific showed the hest success II
this effect OF the companies reporting to
day, the $1.11O, 74S shrinkage in gross beinJ
all but made by economies for the month
Bonds were irregular. Total sales, pa
value, S2194.0O. United States bonds wer,
unchanged on call.
Following were the range OF prices OF
the Stock ayChanpa to-day.