Omaha daily bee., 1909-09-24
NEW YORK STOCKS AND BONDS
Further Liquidation is Feature Of
Yesterdays Market.
DAY BARREN OF INCIDENTS
Movement of Currency Go west and
south Causes Halt In s~pecuIa-
tion-TeleErsph shares
Are Higher.

NEW YORK, Sept 2o.-There was ZONE
tnrther liquidation at times in todays
STOCK market. When relieved from this
pressure prices tended TO recover, but the
dvindled to such an extent as to
reduce the days total to the smallest fig
ure in over a week.
The day proved almost barren of met
dents and the market OF very little inter-
est. In the period OF dizziness one or two
specislties were picked out for individual
upward movements. The telegraph stocks
were an instance. Mackay companies rose
~buoyantly TO new high record figures, ae-
companied by rumors Of intended dividends
and American Telephone and Telegraph
was affected to a less extent. The move
ment in concert with these stocks invaria-
Oily gives rise to rumors OF Intended con-
solidation.- Some resistance to depression
was shown by Pennsylvania, which recOv-
cred briskly from yesterdays sharp de
cline caused by the nonaction OF the d.
rectors on any plan giving stock = jscrip-
ton rights. Today there were rumOrs Of a
coming dividend Increase.
Money, both on call and on time. Aseemed
suit Of liquidation OF stocks already ef-
fected. It was reported, however, that
some further calling of loans was being
made, both BY the banks and the trust
companies. The currency movement was
against the banks still. The subtreasury
has started again to Withdraw largs sums
from the banks, the amount since the last
bank statement having risen to 1852, 900,
although this compares with a loss from
the same source for the similar period last
week Of S6,642, 900. New York exchange at
Chicago declined further to Doc per $1,000
discount, and shipments OF currency. were
resumed by the New York banks TO meet
the requirements thus produced in Chics so.
The deposit Of $200,OO0 at the subtreasury
for Geographic transfer TO New Orleans
was an incident of the day to attract AT.
%tention as marking the beginning of a new
demand upon the New York banks. The
storm losses and the high price for cotton
II was assumed might have FASTENED this
demand 60 some extent. TIL decline In
condition Of the Bank of England and the
Bank of France was significant of the
forces that are working in the money mar
kets abroad as well as here, and point TO
the curtailment Of further resort by Amer
lean borrowers to those centers.
The money situation, in fact. was &C
cepted as the explanation OF the reluc-
lance of the speculation to take up its &C
the immediate pressure Of liquidation. The
stress laid by President Taft on the need
OF further legislation for reform of cor
poration abuses in his addresses in the west
receives close attention in stock market
circles and is not a stimulating influence
Of business affairs there were none but
helpful influences. The accelerated pace
of the demand for iron and for different
grades of steel PRODUCTS was widely testi-
red to- President Corey OF the United
states Steel corporation contributing the
assertion that we are right now i'm the
midst OF the greatest development in the
history OF the iron and steel business. Next
year will witness a record breaking pro-
duction Of steel in every line
Bonds were irregular. Total sales, paI
value. So, S6s, 600. United States bonds were
unchanged on call.
lumber OF sales and leading quotations
on stocks today were as follows: