Omaha daily bee., 1908-07-15
NEW YORK STOCKS AND BONDS
Early Market Shows Tendency to
Slip Back Into Rut of Dizziness.
GOOD DEMAND FOR OFFERINGS
strength Of United states steel
Leads Upturn In Prices--
Close L. Active and
Higher,

NEW YORK, July 1.-THE stock market
showed a tendency TO slip back into the rut
Of dullness from which last weeks ami
mated dealings had stirred # until the
persistent strength Of the market prompted
a renewed outburst of buying in the tlnal
dealings. In spite of the early dizziness OF
the demand there was a conspicuous scare
ity OF offerings Of stocks. This was sur
iciently marked to make 1t the character
istic feature Of the market. The demand,
while moderate, was thus made ettecuVe IN
holding prices. London was a buyer on
balance in this market with good eitect on
sentiment beyond the positive erect OF
The absorption Of United States steel
continued in a manner to keep attention
fixed, and the persistence OF this demand
was attributed In a general way 10 the
cheerful view OF the trade outlook emitted
by leading authorities in the industry In
published interviews from time TO time.
United States Steel touched AZ. The South-
ern Pacific stocks were another center on
strength and the dividend policy eXemph-
fled in the maintenance OF the Baitlinore
& Ohio dividend was believed to be re-
sponsible for this buying, on the assump-
ton that II was carried by the prevailing
Influence of the head of the system. Ihere
was some revival OF old rumors OF an
Intended consolidation of southern iron and
steel companies and their ultimate apsorp-
ton by the United states Steel corpora
ton. News Of the adjustment OF the wage
question between the Western Bar Iron
association and the Amalgamated assocla-
ton was a helpful factor In this group, or
industrials. So was the reported blowing
in Of more blast furnaces of the United
States Steel corporation. There was con-
siderable discussion OF the showing OF a
deficit Of SZ,437 from the six months opera
tions Of the II. b. Claflin company, COM
pared with profits of nearly $4,000 In the
corresponding period of last year. BUT
this was accepted as a measure or past ue-
preston rather than Of future prospects
and was not more severe than had been eX-
pected to be shown. The expressed con-
viction of the president of this company
that Improvement is ahead owing to the
thorough disposal of surplus stocks was re-
garded as significant.
The railroad freight rate problem con-
tinues to occupy a position of prime I'M
portance in the financial view and the
horizontal advances announced IN all
classes OF freight to Texas destinations was
in other fields. Reports of conferences Of
freight traffic officials Of eastern rail-
roads pointed to the formation of plans In
that direction by those companies. a sharp
diversion from the prevailing strength
shown by the market was caused by the
sudden pressure on the Rock Island and
allied securities. Rumors were revived of
expected difficulty on the part of some of
the subordinate companies In meeting com
ing obligations. These were denied, but
the dissatisfaction of various interests with
the present form of organization OF this
company is admitted. There was a com
plete understanding today of yesterday
strength in the wheat market, as due in
mart to estimates of reduced STOCKS and
TO the fears of a Russian shortage, re-
Elected in Russian buying for export. Fears
are still entertained Of harm to spring
wheat from drought and wheat market
was lower on forecasts of showers In
North Dakota. The money market was
stnl moderately affected by the withdrawal
of government deposits from the banks and
by the preparations for the payment of the
final installment of subscriptions to the
Union Pacific funding bonds. Foreign ex-
change advanced and gold exports were
under consideration. The stock market
closed with large buying going in various
quarters of the list.
ing of $13. 900. 900 of Delaware and Hudson
bonds sold to bankers were an influence,
The Union Pacific bonds, when Issued,
Yielded to IS, the lowest price yet touched.
The Rock Island railway bonds were al
weak. Total sales, par value, $2,35SV0
United states bonds were unchanged on
Number Of sales and leading quotations