Omaha daily bee., 1909-11-08
Commercial Advioes So Favorable
that Values Are Maintained.
RAILROAD EARNINGS INCREASE
High Prices for Raw Cotton Tend to
Cause Some Disquietude.
IRON AND STEEL ACTIVE
Decrease in volume of Business Not
Significant, Because of Record
Breaking Tonnage of
Last Month.

NEW YORK, Nov. 1.-The election In
New York and the usual November first
holiday In London and Paris caused con
siderable interruption to the course OF
events In the stock market last week. The
hating tendency OF the speculation was
owing partly also, TO the continued un-
certainty over the position in the money
market The result was to throw some
check upon stock market activity. Com
mereial and Industrial advices were so
highly favorable. however as to maintain
a firm undertone In the stock market.
Attention was centered on foreign money
markets IN the effort to read the pros
poets, although advice from this centers
reported that of American requirements
had much to do with forming judgment
on the outlook. The opinion persists IN
the London banking world that American
narrowing por purposes of stock specula-
tion has much to do with the pressure
upon banking resources In London Inc
small increase in the loan OF the New YORK
hanks which followed the advances in the
bank Of England official discount rate
fostered conviction that American credit
in London had been disturbed in one
quarter only to find relodgment In another
Along with the report the Impression was
conveyed that further protective measures
by the bank OF England would be resorted
TO in order to correct this condition. The
early effect was lessened when the I'm
petiai Bank OF Germany, and later, the
Rank of England left theid discount rates
Nndisturbed.
Foreign Bank Reports.
The reports OF condition OF the three
Ereat European banks for the week were
weak however, partly in connection with
the November / settlements, and the prog
ress OF the week brought reports OF
further ADVANCE in the official discount
rates being under discussion. The Interior
demand for currency continued Llght ON
tle money market is thrown incidentally
by the reception rendered by the stock
market to announcement of new stock
issues
on the Industrial side were reiterated
reports of the unparalleled state Of the
iron ahd steel industry. The copper In
dustrials also, we're responsive to reports
of some large sales of the metal ana 70
reports of negotiations for closer relations
between the great copper producers. The
speculation in cotton caused disquietude
in financial circles here and abroad as
TO the possible consequences The rising
tide OF railroad earnings was reflected
IN the reports for September net results
Commercial advices in general were highly
favorable both in regard TO present and
prospective conditions The large valume
OF bank elearings the country over reflects
the activity of all branches Of trade.
Iron and steel Trade.
There has been a snarp contraction in
the volume of business transacted In pig
iron since November J. and yet the sales
have been small only in contrast with the
record-breaking tonnage sold last month.
There has been a fair run in small orders
for foundry and forge grades and one con-
tract for about 1900 tons placed for de-
livery over the next eight months by rail-
road equipment shop, the business going 10
Buffalo furnaces. The falling off In new
contracts have been especially notable
I'm s,eel-malting iron, there being scarcely
anything laced I'm the east; but 10000 tons
of Alabama basic has been sold for de-
livery in the central west. Considerable
Virginia and Alabama iron has been sold
for shipment to Chicago. Total sales Tor
the week are estimated at about 10000
tons. An easier tone has developed for
foundry iron for shipment over the balance
of this year and concessions of about p
cents a ton have been made, but steel-mak-
ing iron IL as strong over.
Finished steel products continue strong
generally, but fabricated steel is stil ir-
regular. The tendency Of prices for both
finished and semi-finished steel is upward
ana higher prices on sheets, especially gal
vanized. are expected at any moment
Contracts for rails which came to the
surface last week, aggregated only about
1900 tons, but the distribution Of orders
for between 10000 and $4,000 tons are ex-
peeted to be announced within few days
contracts for structural steel aggregated
between l7OOO and lSOOO tons, The prospect
is for a heavy increase in business this
month.