Omaha daily bee., 1909-07-12
Rise Due to Anticipation of Improve
ment by Operators.
BUMPER CROPS MEAN TONNAGE
Prospect for Cotton Not So Good as
for Other Staples.
ANXIETY OVER IT'S OUTCOME
Prosperity in Iron and Steel Trade
IL ExoeedinEIy MRrked-Money
Market s still UnruffIed o..
and Easy,

NEW, YORK, July l1.-Last week develop
ed conditions financial, Industrial and agri-
cultural Of assurance and promise for val
ues. The halting aud irregular movement of
prices in the securities market did not OBJ
soure the Importance OF the weeks news
but testified to the extent to which the i'm
provement in affairs had been anticipated
by previous operations in the stock mar
ket
Evidence of the extent to which the pro-
cess OF anticipation has gone by the ad-
vance in prices already achieved may be
traced in the fact that high prices for the
week in such representative stock as Union
Pacific, Southern Pacific and Atchison were
the highest ever touched since those stocks
came into existence, while United States
Steel lowered within a fraction Of its re-
cord price on several occasions The i'm
mediate effect was to cause a recession in
prices, this action demonstrating the eager,
ness of the professional element which is
most prompt to act, to realize profits.
Outside demand, meantime, was slower to
come forward and its further growth was
left undecided.
Promise of BOuntffuI Harvest.
Most Importance was accorded to the
promise of bountiful harvests. The hope
full feeling which has been growing up
from the information obtainable from Of
ficlal state reports and from private esti-
mates was amply confirmed by the figures
of the government crop report. Summarily
stated the financial world estimates of a
valuation Of a round eight billion dollars
for the years product OF the country's
soil. The promise of a bumper corn crop
and an oats crop only slightly below a re-
cord are regarded as especially important
, from the standpoint of the railroads, owing
to the enormous tonnage and the profitable
freight movement thus assured. The esti-
mate OF a total wheat crop of 663, SOC, 900
bushels while well below bumper crop
figures, is considered in connection with
the extraordinary low reserves of last
years crops in farmers hands and reports
of damage to crops in other countries
which are bound to enhance the value of
this oountry's output. The cotton crop
prospect Is less favorable, and anxiety will
be felt over its outcome, owing to its
prime Importance in the export trade.
Industrial Prosperity.
On the Industrial side. the great basic
iron and steel trade yields gratifying proof
, of prosperous expansion in the enlarged
production, extensive orders on hand and
price maintenance The excellent. condi-
as a key to the whole industrial situation.
The copper trade position continues some
what out of line with this showing and re-
newed fall OF prices in the metal in New
York and London is tho evidence of this
condition. The railroads are reporting net
! earning for May and the comparison with
last years figures are more favorable than
earlier months.
The unruffled ease with which the money
market met and passed the July settlement
| relieves all present apprehension on that
score, The downward course OF the interior
exchanges last week shows the waning of
! the movement inward to New York OF cur
rency. Interior banks are more than US
ually we'll supplied with cash reserves this
year and It is expected that demands in
New York to move the crops will be less
than usual.