Omaha daily bee., 1909-10-28
NEW YORK STOCKS and BONDS
Feeling of Uncertainty Manifested in
Halling Movement Of Values.
STEEL SITUATION ovER-PLAYED
Quarterly Report Does Not Justify
High Prices Based ON ~ Its
Contents and slump Ensues Pin
ancinI situation improves.

NEW YORK. oct. 27.-The feeling Of un-
certainty which has invaded the specula-
ton in stocks was manifest In the hating
The principal sources OF this uncertainty
were found in the doubtful nterpretauCn
to be be PLACED Sffsd Sn the st SSqlr eorSSor st95Sn snd
in the problem Of international money mar
kets.
outcome Of the United States Steel meet
ing was not disguised In speculative quar-
tiers. The effect was seen in the selling
orders which carried the price downward
during the morning. The intrinsic strength
of the steel trade position which was re-
Vtaled by the corporations quartely report
was recognized, but the Unprecedented
price to watch the stock had been lltted
and the assertions that have been put IN
disclosed by the quarterly report had pre-
pared expectation for an unprecedented
moving in the various items OF the report
This the report did not show, As a con,
St quence measures Of support were found
necessary TO prevent the price OF the stock
from running off and various explanations
were found necessary to break the force
OF disappointment over the financial snow
ing. This was especially true of the item
of untitled orders on hand at the end Of
the quarter, regarding which 1t was urged
that an advantage for the corporation lay
in having RETAINED from filling up It's
order books at the lowest prices recently
prevailing and in a rising market
An echo of the recent rumors Of a spe-
cial development which was to account
for the extraordinary rise in the stock was
card in a new intlmation that some finan-
cial plan instead OF being acted on at yes
teTday's IN citing is simply held In abey-
anCe. Officials Of the corporation were
disposed to frown on this suggestion with
out offering any definite statement on the
subj ct. The resumption of special apprO-
pria for additions to property. was
read as a contradiction Of reports Of an
intention to fund such past appropriations
into a bond issue. 1t gave occasion also
for a comparison which revealed the ex-
cess Of similar appropriations in the past
as well as those for depreciation over those
provided in the September quarter.
developments in the money market were
called favorable and an easier tone was
perceptible both for call and time funds.
1t became known that the city Of New
York has effected the sale recently of large
amounts Of revenue warrants and placed
them with purchasers in Paris. This has
the effect of providing for the maturity
Of similar warrants TO the amount of
S25, OO, 100 which are held abroad and which
fall que on November /.
Foreign exchange, after running off in
the morning, recovered strongly. Gold
flowed into the Bank Of England and q
rise In the private discount rate In Lon
don testified to the growing effectiveness
Of the bank rate. The easing OF the Local
money market sent stocks upwards in the
latter part of the day and closing prices
were we'll above last night.
Bondsl were irregular. Total sales, pal
value 49, 10000. United States IS, regis
tered, and As, coupon, declined * per cent
or call.
Fouowing were the sales and range of
! prices on the Stock exchange today: