Omaha daily bee., 1909-10-29
NEW YORK STOCKS AND BONDS
Tone Of the Market is Shifting and
Uncertain.
DULLNEsS
NOTABLE
MORE
L. 5. steel Leads what Activity There
Is-Traders Turn to Lower
Priced stocks because OF
Money Conditions.

NEW YORK, oct. ~2s.-Growing dullness
In the speculation In stocks was more
notable today than the tone of the market.
which was shifting and uncertain. Condi-
lions were |propiuous to values and this in
duced some covering OF outstanding short
contracts, left open since the recent period
Of pressure on the market. There was lit
tie beyond that and the days business,
both in stocks and bonds, was on "A dimin-
ished scale.
There was the usual preponderance of
dealings in United States steel ana there
was a conspicuous diversion Of such activ.
lty as there was into. low priced stocks.
This was partly due TO causes individual TO
the stocks affected and partly due to an
argument advanced by the professional
element that the smaller money require
ments for speculation in the low priced
stocks would serve to them
during a period OF, a, Strengthened money
market. Some Of the selling Of the high
Pficeu rallroad stock seemed TO be due to
this argument. A growing spirit Of eau
ton was manifested In the speculation.
Bankers we're inclined to express more con-
fidence that danger Of money strin gepcy
before the end OF the year had averted.
The supply Of funds In the money market
was more liberal and interest rates were
shaded both for call and time loans. Gail
loans were made pretty steadily at 4 per
cent and II was expected that a further
recession would follow the November ]
payments, which are unusually large, The
conclusion OF the London stock market
settlement without failures was helpful to
the International markets. Steel trade ad-
vices supplementary to the quarterly re-
port Of the United States Steel corporation
were regarded as emphasizing the favorable
features OF that report. especially I'm the
matter OF the large orders being booked
for the new quarter, which have the bene
fit Of the higher prices now prevailing.
Production, meantime, continues TO make
new records In various branches. The
striking feature in the immediate situation
in the trade is the freedom with which the
railroad companies are placing orders for
NEW equipment. There was an awakened
interest I'm stocks connected with the con-
per industry and there were reports OF a
growing demand for the metal from some
of the foEeign manufacturers and q raise
in the price OF metal I'm London. The excite
ment In the cotton market served to-d'vert
some specula tive activity in that market.
The sharp decline In the price OF New York,
New Haven & Hartford following the de-
cision to issue new stock TO sstockholders
at 81. . had a bad effect. II was suggestive
of a movement to sell old stock 10 secure
resources for subscribing to the new,
rather than to find resources and
hold the old. with other stock issues in
prospect the Inference from this movement
WIS unfavorabls.
The bond market was pronounced dull
and price were somewhat err
ratio where efforts were made to market
inactive issues. The tone was irregular.
Total sales par value, S2,929.c0 United
states bonds we're unchanged on call.
Following were the sales and range OF
prices on the Stock exohange today;