Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-01-22
STOCK MARKET IS IMPROVING
Cheerful Sentiment is Caused by
Marketing of Bonds.
PRODUCTION TO BE INCREASED
Release of Securities and Curtailment
of Manufacture ~ bringing
Trade TO HeaIthfuI Com
ditiOn.

NEW YORK. Ian. p -tSpecial telegram
Better stock market conditions were IN
a large measure responsible for the I'M
proved sentiment which developed in Imam
Cial circles during the week ana What
probably had greater effect than STOCK
market Improvement in contributing TO a
more cheerful tone i'm trade circles was
the marketing I'm considerable volume OF
bond and note issues by several leading
railway systems and in some cases on
better terms than could have previously
been obtained for months past. Inc gam
from all this thus far. however, has been
mainly in sentiment. but sentiment gen
orally is the forerunner Of actual results.
The increase in business during the week
was natural result Of the taking OF orders
by merchants and contractors for the sea-
son. This will I'm return have the erect
of breaking the Curtailment OF the output
by the iron, textile, leather and copper IN
dustries. An increase in production VIII be
required TO restore business in its entirety
to a normal basis
Important Forces at work.
Notwithstanding the curtailment Of pro-
duction by leading industries, there are
some important constructive forces whose
influence would be felt in an eminent de-
gree in the upbulding of business with the
removal of uncertainties that have hung
over the railroad and industrial situation
for long time.
Prominent among these are the proper
readjustment Of loans and deposits by
banks. There is a pronounced Improvement
In foreign trade, which, in the short space
of four months, has changed the position
of the United States from a debtor to a
creditor nation i'm a large degree, thus
placing our gold supply beyond the reach
of any European demand, a condition that
means the addition of $lOO,0O0OOO to our
boards for the current year.
Still another factor is the crops that
| are now going on the market-the cotton
! crop in the south and the bumper corn
| crop in the middle west. There is now a
large export demand for both cotton and
corn.
! store. of Credits Released.
! Slackness in some industrial lines, a gen.
| eral mitigation of over-cOnfident eNpecta-
| tiOns and endeavors, good deal or Hqulda-
! ton In some speculative markets and
prices have unquestionably released a store
| of credits more ample than Is normal even
! at this time in January. We would be
| but guessing should we say that the re-
! vival of trade and industrial activity which
bullish Wall street opinion reckons on tc
! justify further additions to the stock mar
ket prices structure would not bring about
| uncomfortable or severe stringency.
| Nor should money market study be linn
| tied to the events and indications at home
There is still every reason to watch the
| foreign financial situation closely for prac
! tcally all of the leading financial center:
abroad furnish evidence that this may b'
! a year of aESthing but such easy money az
| will permit speculation here The failure
Of the Bank of England to lower its dis
count rate this week appeared to surpris
a good many people on both sides of tn
Atlantic but II was not much of a surpris
to persons who have been at all regardfu
; of the statements of the large foreigI
banks in the last few months.
Days Prices Vibrate.
The stock market swung back and fort
within narrow limits today, prices chang
ing but little, ana no general tendency be
ing apparent except a disposition to ho
at existing values. This condition ma
marked trading during the week.
The course of affairs on the Stock eX
= change Is undoubtedly irritating to the i'm
patient Spectator, who takes no peasur
IN seeing values go up, and down agat
tomorrow, even IL the verdict at the en-
p Is that the market is firm" But to tn
outside world, this firmness is the interest
ing fact, especially as it comes on top @
4 a or point rise, since New Years day
0 IN the really active stocks 1t gives tn
, community at large a chance to breath
freely; and II the thrills of enthusiasm O
dismay which rapidly followed one an
other in 1909 and 1910, are missing, ther
is at any rate a vague sense that for tn
Z present the financial markets have reache
equilibrium.
Number of sales and leading quotation
on stocks were as follows: