Omaha daily bee., 1907-01-31
new YORK STOCKS ANDBONDS
Acute Depression Develops Fairly in the
Session.
OCCASIONAL RALLIES DURING DAY
Demand FIattens Out with Each Rise
and Decline FOIIows-CIOse is
Unsettled and Dis
orderly.

NEW YORK, Jan. 3O-Acute depression
developed in the stock market To-Day and
the fall In prices took on threatening pro-
portions in the late trading. An appearance
Of support was given the market In the
early part of the day and several success
slve rallies were made from the occasional
declines These rallies carried prices more
than once back to the opening high level
OF above, but at the higher level Of prices
the demand for stocks hattened out com
pletely, giving warning of the lack OF any
motive power In the market to effect an
advance.
The high opening seemed to be due largely
to the influence OF the favorable quarterly
statement of earnings Of the United states
Steel corporation, which was not published
until after the close OF yesterdays market
Any expectation Of an Increase in the diyi-
dend rate had been abandoned before the
meeting The informal remarks on condi-
lions in the trade by the chairman OF the
board Of directors OF the corporation ana
his explanation that the orders ahead were
not subject to cancellation. as was formerly
the custom, tended to emphasize the force
Of the showing. The opening advance OF
y in the price OF the stock Immediately at
tracted such a pressure OF selling orders
as effectually demonstrated that eager ad-
vantage was taken of the stimulating effect
OF the report to market large holdings.
The first price was the highest Of the day
and, although the stock showed occasional
resistance to the pressure on the general
market, its failure to advance was CON
elusive in shaping sentiment on the whole
market. The idle condition of the trading
at the rallies was apparently allowed to
work it's impression on sentiment and the
| bears collected their forces for renewed
attack on the market. Successful inroads
were made at first on a few prominent
stocks, notably Pennsylvania, Brie and
Reading. The yielding tendency Of the
stocks affected the whole market by sym
| pathy and the weakness spread as the
dominancy OF the bear party became
/ obvious. The whole market was under.
mined intimately and the crumbling OF
prices wiped out margins, dislodged stop
/ loss orders and brought stocks on the mar.
ket in a deluge. There was no special
news to account for the break behind the
| cumulative influence of the forebodingI
which are felt Of coming industrial and
| business reaction. The extent of the &C
| count on the long side Of the market wal
unexpected and assumptions of strength
/ of these holdings were proved unfoundet
by their vuinerabillty to the bear attacks
A variety of rumors inevitably found cur
| rency by reason of the violence OF the
break and some of these revealed the &C
| tivity Of the bears in aggravating the un
| easlness of stockholders. Reports were
current that some OF the recent railroad nott
realize funds. Then 1t was alleged tha
the whole of the S42O0o,O00 of government
funds last deposited with the nationa
banks was to be taken up in February in
stead Of the $1,000 900 defined by the Treas
! ury department. The trading tactics o.
at the last and this was the cause of th'
| feverish rallies. Otherwise the marke
closed unsettled and in disorder.
Bonds were heavy, Total sales, pa
value, H,674.00o. United States bonds wer
unchanged on call.
The following was the range of prices oil
the New York Stock exchange:
.