Omaha daily bee., 1908-10-29
NEW YORK STOCKS AND BONDS
Downward Movement of Prices is
Attributed to Professionals.
SPECULATIVE HOLDINGS LARGE
supPly Of stocks TO Meet Any Out,id.
Demand Seems Larger Than
Men Who Bought 60 Meet
IL Anticipated.

NEW YORK. Oct. 2S.-The downward
movement of prices OF stocks today was
oonfnaohIy attributed to the efforts OF the
professional element. Their motive was
found In the conviction that stocks were
oeihg supplied on rising prices to meet any
OUTSIDE demand that developed. The sup
OF the extent OF the specuisfiye boidinss
which are awaiting an opportunity for
.iiquidation reached such formidable fisures
tnat misgivings arise Of the sufflciency 81
the expected new demand to absorb this
stock and maintain prices. WIS
ne response OF the market to the quar-
LeIly report or the United States steel cor
poratton was the Immediate OCCASION for
tlls process OF reasoning OF the profess
sstorai speculative mind. The earnings for
we quarter proved larger than tile pTelimi-
nary estimates heard Yesterday in Wajl
stTest. The Increase in untitled orders on
nSnu OF fVSOO1 tons over the previous quar-
at enc while moderate In amount. was
distinctly encouraging in it's proof of bet-
tGI conditions. In the trade as showing the
lis arrest OF tho dimunition In this item.
began from the high water marx Of ne
cembeT 81, 1905. The showing might aiTiv
pe GAINED, therefore, as fully up to and
tS.Ier exceeding the speculative anticipa-
uon. The fact that was ominous was that
stser z momentary advance. prices sold
!, ~ response to this good news. Com
parsons OF the present prices OF United
states Steel with that in prosperous times
Huen paralleled with a similar comparison
OF the corporations business, also showed
- VI IllItu STATES Steel
Sold today at $3.50. while tile high price In
January. lJf, in the high tide OF the trades
prosperity, reached only 5Ossc. At that time
the forthcoming quarterly report was 10
SHOW a tonnage OF untitled orders amount
ing 10 S,4Ss,1S tons. which stands al the
nitNlmum III the history OF the corporation.
ne untitled orders on September 20 last
5toou AZ S'42l,S1 tons. The earnings. for the
december u, 1906. quarter reached S41. 750.1B.
a new high figure at that time. but was
exceeded In the June and September quar-
ters or 1877, the earnings rising in the June
quarter to the record figure Of Sc, 500. 70j. |
earnings FOR the quarter just ended reach
A5N,IU6,Zi4 There Is explanation found I'm
Inese comparisons for the feeling that found
pace in the speculative sentiment of the
dsy that the Improvement in prices or
STOCKS possibly had gone far enough TO
lulIy represent the restoration that has oc-
Cured in values. II was this feeling that
accounts for the sagging tendency OF prices.
aithoush United States Steel stock itself
moved very sluggishly in the downward
movement. The Copper industrials gave
way more sharply. although the price of
me metal was marked up again at the
local Metal exchange, "
Forelgn markets were more cheerful by
tne peaceable views expressed by the EN-
peIor OF m in a reported interview.
Bohds were Irregular. Total sales, par
value S,8lS,OO. United States bonds were
unchanged OF call.
Following, were the sales and range of