Omaha daily bee., 1908-07-16
new YORK STOCKS AND BONDS
Prices Advance on Larger Buying
From Miscellaneous Sources.
SEVERAL NEW RECORDS FOR YEAR
Occasional setbacks In Upward Move
ment Have Little Effect--
Break in Rock Island Causes
Reaction at Close.

NEW YORK. July 15.-There was no
striking new developments TO account for
day. The buying was based on the general
Improvement in the speculative situation.
Commission houses reported some moder-
ate and scattering increase in orders from
miscellaneous sources, but the transactions
remained largely In professional hands and
partook of the manipulative character
cisive selling pressure was light, as the
level Of prices was lifted thus leaving the
way unobstructed for a continuance OF the
advance. There were occasional setbacks
in the movement which seemed as much
due to pnuses in the bullish operations as
to any active selling pressure.
In United States Steel there was some
manifest selling TO realize a part OF it com
Ing from foreign quarters. This was alb
sorbed with confidence and that stock
high price for the year. These stocks
constituted an effective leadership for the
whole market, their persistent strength
having a strong sentimental influence in
maintaining prices elsewhere. A number Of
Industrial stocks, including most OF the dis
tinctively iron and iron industrials went
to the highest prices of the year. Amalga-
mated Copper, National, National Lead and
Central Leather and United States Rubber
were examples of the class of industrisls
The railroad lists shared in the days
strength, but offered fewer Instances OF
high record prices. However, Union Pa
Northern Pacific. Atohison and Canadian
Pacific were at the years best prices to-
day; The Canadian, stock is helped par.
crop prospects in its territory and by
the rapid development of some Of that
territory. Crop news generally was favor
able today as was indicated by the decline
The generally cheerful view OF prospects
which is obtaining a foothold in financial
circles was fostered by confident views eX-
pressed in published interviews by several
leading financial authorities. Probably
some part of the underlying strength of
y fg duo 4 A. Ia nanWrfnftnn
that process Of readjustment of freight
rates is being worked out by the railroads
Of the country, which will result in an
increase of the revenues derived from their
traffic. News Of the filing OF notices with
the Interstate Commerce commission of new
rates shows the movement to be wide
spread and the changes to represent in
Creases as a rule. While nothing like a
general increase has been attempted thus
far. II is believed that the result will be
sought In a piecemeal manner. Shipping
interests are by no means agreed with the
contention of the railroads that these in
creases can be constituted without percipiti-
BILE effect on prices of commodities, and
can thus hope to escape complaint and
criticism while enabling the railroads to
moderate profits, without cutting down
wages of employees. In spite Of the
protests of shippers IN various Or
Increases Of freight rates are going on
and the effect on securities prices is un-
deniably favorable. The quick sale OF the
Delaware & Hudson bond issue and the
advance In the premium on the new bonds
In the market had some helpful influence.
The engagement of $685. 900 gold for export
to Paris, being all the bar gold procurable,
was practically ignored In the stock mar
ket. Repayment of the quota of govern
ment deposits called for by the secretary
Of the treasury was completed today and
preparations were completed for the IS
per cent payment of subscriptions to Union
Pacific bonds tomorrow. With the effect
Of these transactions and the Delaware &
Hudson bond sale barely perceptible In the
money market, the gold export eXcites no
uneaRiness. A break Of 4 points in Rock
Island collateral IS was a disturbing in
f1uence in the later market. in which a
considerable reaction occurred.
Bonds were irregular, Total sales, par
unchanged on can.
Number Of sales arA leading quotations
on stocks were as follows: