Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-10-28
AND
COMMERCE
WALL STREET.

New York, Oct. 2I.-Ihe fcellng or
uncertainty which has nvaded spec
ulation in stocks was manifest in the
hating and irregular movement of
pricos today. The principal sources
of this uncertainty We're found in the
doubtful Interpretation to be placed
on the quarterly statement of the Uni
fed states steel corporation ana in
-he problem of international money
markets. The sense of disappoint-
ment with the outcome of the United
states steel meeting was not disguised
in speculative quarters. The effect
was seen in the selling orders which
carried the price downward during
the morning. The intrinsic strength
of the steel trade position which was
revealed by the corporations quarter
~ report was recognized but the UNI
~preccdented price TO which the stock
had been lifted and the assertions
that have been put in circulation OF
the facts which were to be disclosed
by the quarterly report had prepared
expectation for an unprecedented
showing in the various items of the
report.
This. the report did not show. As
n CONSEQUENCE measures of support
were found necessary to prevent the
price of the stock from running OF
and various explanations were found
necessary to break the force of dis
anpointment over the financial show
ing. This was especially true of the
item Of untitled orders on hand at
the end of. the quarter regarding
which. it was urged that an advan
-. A. ,nYAAratinn Law in haN-
ing RETAINED from filling up its order
books at the lowest prices recently
prevailing and in a rising market.
An echo of the recent rumors OF a
special development which was to ac-
count for the extraordinary rise in
the stock was heard in a new intima-
ton that some financial plan, instead
of being acted on at yesterdays meet
ing. is simply held in allegiance.
Officials of the corporation were
disposed to froWn on this suggestion
without offering my definite state
ment On the subject.
The resumption of special approp
riations of the additions to property
was read as a contradiction of reports
o fan intention to fund such past APP
preparations into a bond issue. II
gave occasion also for a comparison
which revealed the excess of similar
appropriations in the past as well as
those for depreciation over those pro-
vided in the September quarter.
Developments in the money market
were called favorable and an easier
tone was p%erceptible both for call and
time funds. Offerings were made by
some of the important money lenders
who have been practically out of the
market for some time past. These
offerings were deemed significant OF
a change of policy on the part OF IN
fluenttal financial authorities towards
the money market. 1t became known
that the city of New York has effected
the sale recently Of large amounts or
revenue warrants and placed them
with purchasers in Paris. This has
the effect of providing for the matur-
ity of similar warrants to the amoun
Of 10000 which are held abroad
and which fall due November |.
The relief thus afforded from the
pressure to secure a change might be
counted upon to be Of considerable eff
feet. Foreign exchange as a matter
of fact, after running off in the morn
ing recovered strongly. Gold flowed
into the Bank of England and a rise
in the private discount rate in Lon
don testified to the growing effective
ness OF the bank rate. Closing stocks: