Omaha daily bee., 1908-07-08
NEW YORK STOCKS AND BONDS
Early Market is Active and Values
Are Higher.
SELLING CAUSES A DECLINE
Pressure TO Unload Decreases Hs VAL
ues Fall--Big Demand Attracted
over Might by Mondays
Rise.

NEW YORK, July 7.-Business was
larger ut the Stock exchange in the late
hours before noon today than yesterday
even with the sudden revival in market
t'civity which marked thai period rms
expanding volume of business was done a.
prices above yesterdays closing and con-
sequently a substantial advance over The
closing level of last week.
1t became, manifest, however tnSt very
and this had the effect Of carrying prices
below last nights level by noon. The
some profits to those who had bought
stocks early yesterday. AS the margin
OF these profits lessened with the reaction
There was a considerable increase in buy
ing demand attracted over night by yester-
days rise. and this served as a medium
the execution Of the new buying orders
had been completed there was no dispose
ZION to push the selling on a weak market
at the serious expense OF values. The re-
sponslbility of an uncovered short interest
for part of the new demand was rpoYed
by the number Of shares borrowed for de-
livery which were returned to the leaders
today. The market is admittedly largely
in professional hands, and It is gauged by
technical confederation; News bearing t6d ON
The New York banks are returning their
quota of the government deposits recalled
for aymen by July Is, and have already
paid some 5000, 900 into the subtreasury.
The stiffeninE Of the call loan to n per
cent after having loaned at l per cent
was attributed tothis cause.
Attention was attracted to reports from
Washington purporting to explain the
Treasury departments recall Of government
deposits as designed to stiffen the money
market, as much as to fortify the treas
ury's cash holdings. The redundancy OF
money at present is believed to tend to
force gold out of the country, while the
Treasury department desires the money
market to handle the fall requirements as
much as possible, without recourse to
treasury assistance. Discounts were firm
today in Berlin and London, the latter
market being affected by heavy over-sub-
scription to the new Irish loan. At the
same time, the advance In foreign ex.
change here established a margin Of profit
on gold exports to France. International
bankers asserted that had gold bars been
available at the assay office, they would
have been taken today for shipment to
Paris. Meantime, Seattle assay office
checks for 81, 000,0O to 81, 5000 COO Alaskan gold
have been paid here this week. The inter
view with Chairman aGry of the United
tSates Steel board, on the eve of his de-
parture for Europe, was of cheerful influ-
ence on speculative sentiment, and there
was some enlarged buying Of United tSates
expressed Of coming Industrial improve
ment. The marking up of grades of copper
at. the New York metal exchange and an
other advance in the London prices Of
copper were susta ming influences. The pub
lication OF the government report tomorrow
on the July l condition of the grain crops
Is awaited with great interest.
Bonds were steady. Total sales, par
value, s~2.96S,0Oo. United States Is declined
u per cent on call.
Number Of sales and quotations on the
I II AAIE