Omaha daily bee., 1909-04-26
METALS OUTLOOK
Larger Orders Placed {, ~sructur'
Shapes and Rails.
RATES FOR MONEY FTRMEE
DIversfon Of Funds from Call Loans
for Speculative PurDoses to
Business Channels Has
Good Eject.

NEW YORK, April 25-The developments
in the outlook for affairs last week were
REGARDED MS distinctly favorable from
financial standpoint The effect was TO
stimulate renewed demand for securities
sufficient to outweigh the disadvantages III
the technical position In the stock market
and to turn the price movement upward
again The disadvantage in the technical
positlon lay IN the extent TO which the
rise In prices had been carried, the large
increase in tho long account and the dis
position to close It out as the profits
accrued This disposition operated to cause
waveripg of the price movement during
part OF the week which was read as an
index Of uncertain sentiment over the
further progress of Improvement in condi-
tIons The most potent factor in bringing
speculative sentiment cut of this state OF
hesitation was the improved grain crop
advices and practical breaking down OF
the speculative corner in wheat. The slump
in wheat was so clear a demonstration of
the previous Initiation in value that claims
on which the advance had been based lost
their power to convince.
Metals Outlook Brighter.
Moreover. the news from the wheat fields
was so distinctly encouraging as to dissi-
pate the incipient crop scare which huns
over the financial markets the week before.
The abatement OF anxiety over the asri-
cultural prospect was Of decisive lniiuence
In tba Shaping of speculative sentiment.
mora cheerful feeling in the great basic
metal trades was another influential factor
IN shapipr the financial view Evidences
multiplied OF the expansion in the iron and
steel trade Chairman Gary informed the
United States Steel stockholders that their
buslness had been restored TO about thel
volume of the December rate. The expan-
sion In tho demand has not affected prices
a. vet and the business done at current
rates rnusr be at corresponding reduction
IN profit That conditions are shaped
towards restoration was believed Reports
from the copper trade also indicated rate
Of increase in the demand for refineo
COPPER, including a large export tha'
promised TO overtake the rate of production
and put a stop to the surplus accumuiatio1
Ren3rts OF the growth OF the general
,,srrhanaisa novonient and of the increase
Of railroad traffic was more conservative
although incoming reports Of railroad earn
tpgs showed gratifying comparisons with
,hA INV earning power of this period last
vaar In the coal trade the feature was
the conference for q settlement OF the
anthracite mining wages and the growing
confidence that an agreement was in sigh,'
Money II Firmer.
The money market gave evidence that
the period of plethoric conditions was
oo,o,,z 10 an end Rates for call loans
,yera higher and the tone of the time
,aan branch was firmer in accordance
with this systenl Cash is coming to New
YORK stni from the interior but the
outko OF gold has been on scale
sifficient TO keep the next gain down
The loan account of the banks mas con-
tinued TO expand with the underwriting
Of new railroad bond issues and this re-
ouirenent has reduced the supply OF
funds available for use on call In the
stock market The bond market enjoyed
a sudden revival after subsistence OF
activity early In the week, which brought
the volume of sales on Thursday 10
pAr value of upwards of $1O,0OO,OOO'
market seldom EXCEEDED In breadth ana
activity The march OF events In turkey
vas watched with placid indifference In
all the great securities markets and the
caimness with which that news was re-
oeived had considerable sentimental
effect toward assurance.
Large Contracts for steel.
The keen competition among the steel
resulted in the placing OF a large volume
OF business during the week at low prices
In some Instances, notably for steel pipe
the lowest prices in eleven years were
made Wire products. prices for which
have been better maintained than for
other material with the single exception
OF rails. have yielded from 81 20 - per
ton: nails now selling from slSS to
tis5 per keg.
Contracts have been closed for finished
steel products aggregating about 4OO'ooo
tons, including ll0. 900 tons of rails, 10000
tons OF bnlets, 10000 tons of structural
ana fabricated STEEL 10000 tons of wire
products 10000 tons of plates and
qS,00e tons of bars
The largest rail contracts was $1,000
tons for the ST, Paul and the last con-
tract was 5000 tons for the Central
railway OF New England branch, OF
the New Haven The largest structural
contract was $4,000 tons for the Curtis
Publishins company building at Phils-
detphia. awarded 20 the American Bridge
company. by Doyle & Co, the general
contractors The Erie railroad has di-
vided its contract for 5000 tons
among three different interests Ex-
port business for railroads and bridge
material has been placed. calling for