Omaha daily bee., 1909-02-20
NEW YORK STOCKS AND BONDS
Developments in Steel Trade Result
in Confusion of Opinion.
MARKET rs DULL AND LOWER
Terms of Issue Of southera Psctac
Bonds Cause Fir~nes. In HAIR
'rimRns - Bonds Are
irregular.

NEW YORK. Feb. 1s.-The latest devel-
opments In the iron and steel trade have
esuHed IN great confusion Of opinion over
or confusion was responsible for the hall
IN speculative activity In the stock market
tate today, rather than any conviction that
the market had adjusted itself to the new
conditions in the sharp fall in prices.
The- belief is common that a large wait
ing requirement exists in the steel trade
which. will come out with signs OF revival
IN industry. TIL statement was current
that the leading steel makers had can
vassed the railroads Of the country thor
ouehly with a View to ascertain what vol
ume of orders for steel rails would be
Drought out by a cut from SS to SIS Der
Ton. The result was reported to show a
FAILURE to bring out the amount of orders
deemed necessary to Justify the action. In
this case the greatest deterrent TO present
action in placing orders is said to be the
OF the tariff changes and the
likelihood that a new adjustment Of prices
must be made anyhow when the new duties
are fixed. The realization that the same
difficufy must apply in greater or less de
gree to the market for ali steel products
complexities the whole problem. That the
recently maintained level OF values of the
steel Industries was an artificial one in
View OF the state of trade was the opinion
expressed with sufficient explicitness by
ne price movement which has folIowed
me knowledge of the new move by the
leadlng authorities in the steel trade.
The liquidation Of United States Steel
continued today on a large scale, both for
nome ana Tor foreign account. The whole
market was affected, but in varying de-
grees. The copper industries showed more
sympathy with United States Steel today
than yesterday. This was partly accounted
Tor by reports of another drastic reduction
In the price at which leading producers
were Offering refined copper. On the other
hand there were points or resistance in the
railroad list. The Southern Pacific bond
issue, although expected in an indefinite
way, came as a surprise I'm many of its de-
ala. The $50, 100000 to be offered proved
larger than generally looked for. The deci-
sion to offer the issue to stockholders at
a price designed to form a privilege seemed
to be taken In Its favor and the fact that
the portions thus to be allotted to the
Union Pacific interest I'm its capacity of
would meet the sum to be paid
TO that company in its capacity as creditor
for advances to its subsidiary promises to
the financing of new bonds and
lessen the strain on the money market. The
two Hartman stocks were inclined to firm
ness after the bond issue was announced.
The money market was not materially az
by the estimates of the weeks cur
rency-m movement, which indicated important
cash changes. The foreign selling of
stocks in this market helped to a sharp
Upward movement in foreign rates. Re-
vival of uneaSiness over the Balkan posi-
ton was a factor in the depression abroad.
Bonds were irregular. Total sales, par
value, A,16,OO0. United States bonds were
unchanged on call.
Number OF safes ana principal quotation
an ANnnHA n - AA1l~---.