Omaha daily bee., 1909-07-17
NEW YORK STOCKSAND BONDS
Steel and Southern Railroad Group
Occupy Markets Attention.
HEAVY IMPORTS FLOWING IN
improvement of Flood Conditions In
Southwest Has Favorable Effect
on Railroad stocks-Condi-
tion of Money Market.

NEW YORK, July 16.-United states Steel
remained the center OF interest in the stock
market today, but did not so nearly monop-
ollie all OF the interest as in yesterdays
one sided market. The general tone was
firm in spite of exceeding dizziness and
special stocks made sharp advances. The
southern railroad group was consistently
strong, and this movement might be
ascribed TO the weak tone in the cotton
market following reports OF rain In IeXas
to break the serious drouth there.
The Improvement in flood conditions In
the southwest was an additional influence
In favor Of some of that group. There was
q good deal OF discussion OF the money
market in view Of the large changes indi-
Gated for the week IN banking items. The
repayment of government deposits and the
gold exports to Argentina made require.
ments on the New York banks since last
Friday of So, 10000
The inflow Of cash from the interior con
tinues, although on a diminishing scale, SO
that an offset to this decrease is to be
reckoned. but Il is estimated that the net
decrease in cash may reach the ~neighbor-
hood OF $,00o, 0o0. OF even greater interest
ther depletion Of cash next week, unless
some movement should spring up to Off
set The heavy demands of the export move
ment OF gold to Argentina. The amount OF
gold to go out to that destination next
week from New York is already fixed at
s., 900, 900 or over.
The proportions OF this movement are
| proving formidable to other money markets
and London discount rates continue IA
harden on account of it in spite of Lon
don's ability to call on New York 10
finance the demand Besides the large
movement Of grain from South America to
make good the lack Of our own exportable
surplus government finsnoiering in the
South American republic is an important
element in the demand for gold.
The official report OF our foreign trade
for June sufficiently explains why foreign
ers are able to control the international
exchanges. The deficiency in foodstuffs
exports restricts the status of outgo, while
imports have risen $2, 5S7, 900 over those OF
June last year, leaving a S,oOO,oO excess
value of imports. Customs receipts at the
port OF New York prove that this Import
movement Is undiminished, payments dur
ing the present week averaging over $1,000,
900 a day.
Customs officials express the belief tina
this rush Of imports is based on expecta-
ton that higher rates OF duties would be
adopted In the tariff bill which might be
avoided by early Importation. BY reason OF
the ~unfavorable merchandise balance the
payment OF Europe's debt 10 South Amer
lea can be commanded by remittance from
The news from Washington that a Pan.
anna canal bond issue is likely to be made
at an early date and under a comprehen'
sive authorization for the whole cost OF
the canal opens up another question TO bt
considered in the money and government
financial relations. The loan market was
with these conditions. For time loans there
were fractional advances In interest rates
Six months money loaned at az per cent
Not only the over-the-year maturity, which
has been most affected heretofore, but the
shorter maturities were advanced. An ad
vance In the price of pig iron was held as
confirmatory of the cheerful confidence
reported in the steel trade. The successive
stage OF the advance in United Statei
Steel to new high records were greeted
rather as a tribute to the market manage
ment than to trade Developments.
Bonds were irregular. Total sales, pa
value, a, 1872, 900. United States bonds wer,
unchanged on call.
Number of sales and l"ading quotation.