Omaha daily bee., 1909-10-08
new YORK STOCKS AND BONDS
Pressure on Steel is Lessened and
Market Rises.
RATES ON MONEY ARE EASIER
Buying Movement IL varied and Un.
even-UniOn Pacific, Reading,
New York Central and soft
Coal Carriers higher.

NEW YORK. Oct. THE stock market
gave early evidence today that the liqui-
dating pressure on United States Steel had
subsidized and the tone of the whole specu-
latiOn was shaped accordingly. United
states Steel continued disproportionately
prominent, but not as unduly so as yester-
day. The $4,000 shares of United States
steel dealt I'm yesterday. out Of an aggregate
Of 1,50O,O0O for all stocks, do not include the
s~o-called stop loss orders, which under a
rule OF the Stock exchange are not printed
on the tape. That is to say, a customer
having ordered his broker to sell his stocks
If the quoted price shall recede to desig-
mated figure, the sale is made for what
price 1t will bring when the set price is
reached, but no report is made of the
transaction.
The way was cleared for a substantial
recovery today. Weaker accounts had
been wiped out and transferred to the
hands better able to care for them. The
money market showed signs of having been
eased also. Funds were reported in better
supply early today.
Bankers closely associated with the
United States Steel corporation offered
large sums in the call loan market. 1t was
the measures of this group to replenish the
supply that were given responsibility for
the weakening of the foreign exchange
market yesterday with talk of early gold
imports and a relief of the money market.
The immediate effect of this development
was the advance IN the official discount
rate of the Bank of England today from a
IN to 3 per cent. With a further demand
OA nix itaA dtNOulAA ne Ndliduldu BON~
ernors evidently felt themselves con-
strained to the prompt step as a protec-
tive measure,
Word from Berlin also points to an early
further rise in the official discount rate of
the Imperial Bank of Germany. The pri-
vate discount rate rose in Paris today
and the Bank of France reported a sharp
decline in bullion holdings, but with a
heavy contraction in outstanding note is
sues and credits. The foreign exchange
market in New York was greatly unset
tied In its efforts at readjustment.
The supply of funds loanable on call dim
inished as the day proceeded and another
stiffening in the rate served as admoni-
ton to the speculative borrowers and
turned early buyers into sellers. The buy
ing movement had been varied and uneven.
The rise in United States Steel, Union Pa
cific, Reading and New York Central sup
piled the most substantial portion of the
movement. The widest fluctuations other
wise were in a minor class Of stocks, both
railroad and Industrial. The soft coal car
riers were strong as a group, led by Penn
sylvania. The steel industrials all rose
briskly in sympathy with the movement in
United States Steel. The low priced south
ern and railroad stocks had
a good advance. The reselling Of stocks
wiped out gains in the principal stocks
before the day was over and made the
closing weak.
Bonds were irregular. Total sales, par
value, $4,686,0 900. United States Is declined
II per cent on call.
Number of sales and leadfng quotations