The Washington herald., 1910-11-13
WALL STREET NEWS
Only Nominal Business and
Prices Are Unchanged.
UPWARD TENDENCY IS SLIGHT
No Interest shown i'm Weekly Bank
statement-UnhIIedO Orders ON Hand
in steel Corporation Lowest on
Record-PrIees ON Metal Supplies
Cut by independents Companies

New York, Nov, l2,-To-day there was
an utter subsistence of activity in the
stock market which was ascribed by
many 10 continuation of the after-elec-
ton lassitude which was so noticeable
only nominal amount Of business was
done, even in the principal stocks. and
hoth net and gross changes in prices were
likewise hardly more than trifiing Al
though dispatches from England told OF
approximations there that a general politi-
cal election in the country might be near
at hand. and although this fact must
undoubtedly serve TO repress speculative
buying for the rise in England. even II
II does not cause actual liquidation. vet
prices for American stocks as cabled be-
fore the opening of business here were a
little higher than they closed in this
market yesterday afternoon II is, how
ever substantially recognized that deal
ings in American shares of London origi-
nate almost entirely just now from this
side
II there was any tendency evidence In
to-day's market It was in a Slight way
toward recovery; but there was abso-
mteiy no features in the trading that
could be singled out for mention
No Interest In Bank Statement.
The weekly bank statement was await
ed with no interest whatever and but
little more interest was shown when the
statement appeared. a large decrease in
loans was shown in both the average and
actual forms OF the statement. but there
-
TWO forms IN the matter of cash holdings.
Cash decreased in the average statement
over N.l50M0, but increased in the actual
statement $S.S26,O00
Aside from the all-important event OF
the election which. as developments
seemed to indicate. was pretty thorough
~ discounted in a stock market sense, the
present week has Witnessed many signih-
cant occurrences in the financial and busi-
ness world.
On Monday the Copper Producers As
ISOLATION made its report of The amount
of copper stocks on hand on October 81,
showing a decrease Of about $4,000
pounds. The statement was. of course,
favorable in that decrease in stocks
was exhibited, but was unfavorable in
that the decrease compared with
falling off of more than 10000, 900 pounds
IN the preceding month. The inference
seems fair from the record that eurtan-
ment Of the production of copper las
not been as stringently enforced latterly
as il was short time since
Few Orders on Hand.
Likewise the monthly report of untitled
orders on hand on the first of the month
made on Thursday by the United States
Steel Corporation was not highly encour-
aging, even though the character of the
statement was pretty generally known
in advance. The corporation now shows
on its books orders for only PSI, 600 tons
which Is, of course the lowest on record.
even If the figures are subject TO the
expectation that in the last year the
corporation has not been including. as II
formerly did in its report Of untitled or
ders. business proceeding from the sub
sidiary companies Of the corporation
itself
From this il certainly appears evident
that the long-promised railway orders
must be placed pretty soon if business in
the iron and steel trade is not to be
seriously depressed in the coming two
months. The question naturally arises,
under these circumstances, what is likely
10 happen in the meantime to iron and
steel prices.
There is no doubt that already the So
called Independent iron and steel COM
panies have been endeavorlng TO attract
business from the larger mills by Offering
products at lower prices, and it was
trustworthy said during the week that
the structural steel for a large office
building now going up in the very center
OF Wall street was obtained from a So
called outside producing company at
cost OF S. per ton less than the price
named by the American Bridge Company,
one of the United States Steel Corpora
tons leading concerns.