Omaha daily bee., 1909-04-28
new YORK STOCGS AND BONDS
Price Movement is Hating. Irregular
and Uncertain.
TONE OF MARKET is HEAVY
United states steel Point Of Strength,
but Weakness In other Metal In
dustrisis offset h nuen
-Boad Are Heavy.

NEW YORK, April s5.-Ihe hating and
irregular price movement In the stock
marker today argued speculative uncer-
talnty; Not only was the price movement
wagering and doubtful. but the dealings
underwent a considerable shrinkaEe. Inc
suosidence in activity extended 10 the bond
market, and the tone there was rather
heeVy as well, with none OF the rapid alb
sorption going on that was in evidence
asst week. The conviction still held that
the prospect of some curtailment of the
redundant money supplies was at the root
OF the sentiment for slowing up the mace
on the speculation Closer scrutiny Of col
lateral is one method of Indirect admonl-
uoh ADOPTED by the bankers. This makes
lts influence especially felt in the class of
Closely held and usually obscure stocks,
Wnlcil nave been so prominent of late in
tne hands OF the market pools. In con-
trast to- the usual rigid holdings Of prices
IN tnese stocks, some of them are now
Iouho without adequate support and Yield
apruptly on scarcely more than. nominal
offerings for sale.
This heavy undertone Of the market had
no news to explain II and there were stocks
which made sustaining points in response
TO favorable advices. United States Steel
was trim on account OF the general con
lecture that the quarterly report OF the
earnings for the first three months OF the
year, TO be published after the market
Closed would make a favorable contrast
with the preceding quarter and especially
would be better than suppositions current
some tifne since. The estimates current
curing the day. OF the earnings to be re-
'"aAbNh " s1ltWlN,NU 10 over kLE.-
10000 and as the actual report gives the
amount as sc, 921 ,26s, the accuracy OF the
on which operations were
based may be judged. The iron and steel
lndustrials were helped also bv renorts
or locomotive orders from several OF the
arse reilroad systems, on which was based
an assumption that demand for railroad
equipment was reviving. The report was
also circulated that the Carnegie companv
nae advanced the price OF bars and plates.
The Importance or such a movement in
the steel trade would be beyond denial
but today's report lacked authentic con
tlrmation and was met. in fact. by denlals
from some quarters. Hitherto the growth
In business which has been secured nv
price concessions has been the limit or
sne Improvement shown in conditions. The
have become sufficient TO meet the Offered
production and start prices upward will
De a new and very definit stage in the
progress OF the recovery. Another point
selected for measures to support values
was In the local transaction group, and
tnis proved unfortunate. since the news
OK tne reconsideration and passage by the
island fare measure, came in the midst of
the advance in those stocks. The violent
Tsactlon which followed in Brooklyn Rapid
transit had a disturbing and unsettling
erect on the whole list of securities. The
metal stocks, other than steel and the
smelling stocks, were weak points and off
set the influence OF the firm tone OF United
states Steel itself. The decline in Reading
also had its usual strong sympathetic ef-
feet on the whole market. The belief that
a settlement Of a wage agreement with
The anthracite miners was Imminent failed
TO help the stock, The change I'm the Turk
lsh sovereignty was accepted with the
same equanimity that other recent events
at Constantinople have been. Interest rates
for time loans continued to advance. over
the year msturities commanding ga 10 81,
compared with a recent rate OF 3 per cent
Tor That period, An upturn in wheat was
not of a favorable effect on stocks.
Bonds were. heavy. Total sales. par
value. t5,O08.O00. United States bonds wers
unchanged on call.
Number OF sales and leading quotations
[ On afncLa urArn.