Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-08-07
NEWYORKSTOCKS AND BONDS
Better Outlook for Good Crops Causes
Improvement in Market.
BANKS STRENGTHEN BALANCES
Political Influences n Bit Disturbin E,
but stIII the Demand for Goods
IL Rapidly showing an
Increase.

| NEW YORK;, Aux. h--tHDeCial IeleAfAn1sl
The outlook in Wall street Is distinctly
more favorable. There were some import
ant developments during the week. includ-
ing further strengthening OF the condi-
tion OF the clearing house banks. de-
'cidedly better outlook for the crops and a
perceptible improvement I'm the dry goods
set TO the Influence of disturbed political
conditions I'm the western states and GER
tainly constituted an excellent foundation
for the restoration OF confidence as TO the
future Of the country, and especially as
regards the autumn business. The devel-
opments noted have already taken deep
are now showing more disposition to re-
sumo old-time activity, a move that is
highly essential in restoring trade condi-
lions to normal basis and to the high
plane that prevailed at the close of 1909.
The liberal arrivals OF gold from Europe
and the continued inflow of currency from
added greatly to the cash resources of the
banks at the very season of the year when
II is essential that they should be In a
strong position to meet demands that are
close at hand Simply because cali money
rates have fallen to very low basis, the
present position OF the New York City
slderation, nor has its importance been
recognized. This will become patent later
on when the autumn strain sets in.
Banks strengthen balances.
Not before in many years has there been
such thorough speculative Liquidation as
that which has taken place in the local
market for weeks past. II the same
drastic liquidation had occurred In cotton,
grain and farm mortgages the banking
position OF the whole country would be
stronger than ever before. However, in
terror banks have recognized the necessity
OF strengthening their balances I'm the CEN
trail reserve cities, and to this is due in a
large degree the unusual influx that has
taken place from the interior.
Copious rains and cooler weather over
wide area OF the corn and cotton belts
nave done an immense amount of good
to the crops generally and have led up to
the very optimistic sentiment now prevail
ing in regard to the forthcoming statement
of the government as to the corn crop.
The beneficial results known to have ac-
eral revision Of the crop estimates that
prevailed before the precipitation. Some
OF these estimates place the final harvest
S V1 SpIIhs ana winter wheat above oVOOOO'-
900. 900 bushels.
Estimates on cotton now range up to
u 100000 bales, where only a short time ago
the outturn was placed at 100000 to H.
10000 bales.
1t is possible these views of the final
Yield OF cereals and cotton may be too
great Improvement has been wrought in
crop conditions. and this at the moment
y, the underlying basis for the improved
feeling among merchants and manufac-
turers, both here and at the west.
Demand for Dry Goods.
The improvement in the dry goods is the
brightest feature In mercantile circles
Heretofore business has moved by fits and
starts, but this week 1t has shown a
steady and sustained demand for con-
sumption that has resulted In large ship
ments of merchandise to the west and
the south, fact that can be readily veri-
fled by the increase IN freight offerings
to the railroads and the coastwise steam
ship lines. With this improved demand
for textile fabrics, especially for cotton
goods, there has been hardening In
values, due not alone to the current prices
for cotton, but to the fact that notices OF
further decided curtailments have been
given by some of the prominent New
England mills. This curtailment bids fair
to work out It's course.
Everything in the way of surplus stocks
will probably enter into consumption and
then mills will be forced to resume in
order to meet the demand for goods.
| II looks now very much as IL the dry
goods trade would pave the way for gem
eral improvement In business, the iron
and steel industry shows a large contrac-
ton in the output of pig iron, although
| the demand for finished steel products mas
not fallen off In the same proportion as
that for pig iron.
After allowing for drawbacks here and
| there, II can be said that the situation
as a whole. contains much that calls Tor
encouragement as to the future.
| Number Of sales and leading quotations
| on stocks were as follows: