Omaha daily bee., 1909-10-27
NEW YORESTOCES AND BONDS
Speculation Shows Clear Evidence of
Coming to Hating Place.
/. MONEY MARKET is EASY
Values Rise ON Buying orders from
London. but weakness soon Ensues
Becnuse of Uncertain Factors
Yet TO he Faced.


NEW YORK. oct. 26-The speculation in
stocks showed clear evidence today Of COM
ing to a hating place, foilowing the rather
fevertsh fluctuations of the late markets.
This was a consequence of the persisting
uncertainty over the money outlook, in
spite OF the relief afforded by yesterdays
developments over the immediate prospect.
The relaxation In the tension of the money
market which came yesterday was be-
ieved to be due, in Fact, to a slowing up
Of speculative demands on the money mar
ket and to be dependent on a continuance
OF a policy Of moderation in that respect.
The approach OF the United States Steel.
quarterly meeting also was calculated to
have some repressive effect on the specu-
lation owing to the question which has
arisen as to the response the market Is
likely to make to the months favorable
influences which might emanate from that
meeting. The Increasing weakness was due
to this cause. The devidend action an
nounced after the market closed and the net
earnings accorded with expectations, but
the untitled orders on hand were below the
estimates. The money market itself main
tanned the somewhat easier conditions
which followed the decision yesterday of
the directors Of the Imperial Bank of Ger
many to leave the minimum discount rate
of that institution undisturbed. There was
a small accretiOn to the gold holdings OF
4 the Bank Of England, enough to create the
opinion that the present 8 per cent bank
rate would prove sufficient to accomplish
the protective purposes designed by the
series Of dvances In rate. Importance was
attached to the authoritative statement OF
the Bank Of France made to the Asso-
ciated Press Of it's opinion Of the interna-
tional money situation. While yesterdays
report from Berlin Of an intention of the
Bank of France to take active measures IN
aid of the money situation was not con-
firmed by this statement, the assertion that
such measures were not called for by the
existing situation was reassuring, and even
more so was the announcement that the
Bank of France, with its unparalleled re-
sources, us ready, and even anxious, should
the occasion demand, to loan gold to the
Bank OF England on the same conditions
as in 1907"
The stock market settlement in London
disclosed a 6 per cent carry-over rate Tor
Americans, which, while higher than the
rate of two weeks ago, was not as much
in excess of the market for money as was
feared would be the case. An encouraging
effect was caused by this and by the reGelpt
OF buying orders from London. When these
had been executed the market began TO
show the effects of the uncertain Factors
yet to be faced and of the reduction or the
short interest which has resulted IN the
course of the sharp recovery or yesterday
and the early market today. There was a
suspicion prevalent that the selllng move
Iment last week represented an extensive
decrease of market holdings on the part OF
important interests which have conducted
the prolonged campaign in the stock mar
ket and who might be disposed. therefore,
to await a recession in prices before replac-
ing those holdings. The specia! weakness
OF the Hill stocks had a disturbing eIIec'
on sentiment as a possible eNiuellue "a ~
flnentiaI liouidation of an investment sort.
one such point was in the Hawley group
and which was the subject of rumors or a
coming consolidation said to involve a con
solidafed mortgage issue. Further gold en-
gaRements for Brazil and Withdrawals from
the banks on subtreasury operations were
disturbing elements in the later markets.
Bonds were irregular Total sales, pdl
value. 81, s740O0. United States AZ, coupon
declined X per cent on call.
Number Of sales and leading quotations
- uunn nn HnllnMg.