Omaha daily bee., 1908-08-04
new YORK STOCKS and BONDS
Early Market is Lower on Heavy Out.
side Selling Orders.
FOREIGN SITUATION IS MIXED
London BOurse f. Closed and Threat
encd strike I'm France Caused
HesitatiOn--steeI and Cop
Der Advance.

NEW YORK, Aug. 3,-Leaders Of a stock
market movement rely more on the Monday
market to show how much response TO
their leadership has been attracted from
the world outside Of Wall street than on
any other index. The explanation Is found
in the proneness OF the man of affairs TO
begin new undertakings with the opening
Of the week, or with the beginning Of some
similar defined period. Many Important
commission houses send out at the end OF
the week reviews Of the market and fore
casts OF the prospects that are more de-
tailed and elaborate than the daily in
formation sent out. As a consequence
Monday morning often finds an accumula-
ton of orders in commission houses for
execution that represent a new phase in
the market. It is the effort of the pro-
fessional operator In stocks to take ad-
vantage of these new phases to his profit.
previous operations OF this class being
wholly directed to the possible attraction
outside demand that speculative opinion
Of the market was left confused and I'M
settled.
The first hours transactions and the re-
strated that the pressure of sales was
greater than the demand could support.
brought the new buying into the market
In sufficient volume to Civ strong dl-
gestive power to 1t. The hesitating and
irregular fluctuation OF prices was the
expression of the confusion OF the specula-
tive mind A bank holiday in London made
a close session Of that exchange and sub
tracted something from the usual dealings
in New York. The prospect Of an I'M
p%ortant strike amongst French laborers
gave a threat Of a disturbing element from
foreign sources which New York operators
felt unable to estimate in the absence of
London's leadership. The violence of the
upturn in the wheat market magnified the
influence of the reports OF damage 10
spring wheat in some sections from rust
and to by a private expert ar
firming exaggeration In current Views OF
action in the price OF heat afforded some
relief from the anxiety caused by these
reports, The reliance placed upon the
abundantly reflected in the reports of in
creasing confidence In all branches OF the
business world. 1t was particularly marked
in the weekly talk from railroad traffic
officials reported today. e. Fl. HarTiman's
own description of the Wheeling q Lake
Erie note settlement as simply a financia'
transaction made necessary to save a rail
road and thereby benefit all Of them alike
took some Of the glamor off the infer
snces widely drawn from the lnGiaent II
ence to doing what he could to proven
many more of the railroads from goinf
into the hands OF the receivers was. moi
greatly reiished by the speculative element
Reported activities OF the Department o.
Justice conveyed an impression that thu
! Hartman combination of railroad SYSTEM
was to come under fire in a short time
The price of copper rose again and tn
report that the Baltimore g. Ohio ha'
placed a large rail order arouse,
hopes that the hitherto dormant depart
ment of the steel trade was to revive
Such favorable features as there were y
the immediate news caused only sporadi
cases OF strength in the stock list. Tn
general list was heavy In contrast an
reflected only languid interest. Time loan
, for five months are now sufficient to carr
borrowers over the end of the year an
some rela xation was noted In the rate 10
this period. Money on call, which has beel
sinking to a ruling rate of ! per cent
| today loaned at y per cent, falling beloN
/ per cent for the first time.
Bonds were steady. Total sales. par value
s., 1000. United States bonds were un
changed on call.