Omaha daily bee., 1910-07-17
THE OMAHA SUNDAY BEE: JULY II, 1910.
NEW YORK STOCKS AND BONDS
Captains of Industry and Finance
Show Confidence in Business.
EARNINGS OF THE RAILROADS
Claim Made that Money Nings Try
TO Ceerce Administration Into
Not Interfering with
the Trusts.

10 aoerce AdmtmhatrntAon Anto
Not IRterferinE with
the Trusts.
NEW YORK, July ls.-(spccial Tele-
gram.)-The volume Of trade on the Stock |
exchange this week was only sufficient to |
move the market sluggishiy. There were
steady rises, then sudden declines and while |
the market was technically better than it \
was last week, Il suffered and will continue |
to suffer for some time to come from mar
The country is passing through a peculiar
era and one typical of American business
and financial affairs. The ordinary m
vestors., as is always the case when the
market is down, are holding aloof through
caution. Meanwhile such eminent captains
Of Industry and finance as Judge r.. III.
Gary Of the United states steel corporation;
We Corey, Jacob Schiff, the banker; Rob-
ert Jarvis, president Of the Consolidated
Stock exchange; e. r. Bedford OF the
Standard OH company; II. T. Jeffrey. chair
man of the Wabash railroad and president
OF the Denver & Rio Grande railroad;
James Clews, the banker, and others are
breaking their customary silence to give
voice TO their confidence in the future of
American business
prominent French capitalist this week
had letter published in Partisan news
paper urging all Frenchmen with money to
invest to buy American stocks and bonds
now at the market prices. He recalled great
fortunes made by those who bought while
the market was low in 1901
Money Kings Force Market.
The crux Of the matter seems to be this
A coterie Of money kings in order to coerce
the administration from interfering further
with the trusts and combinations Of cap
ital have forced down the market Every
circumstance, no matter how slight which
might have Depressing influence, is being
seized upon a pretext for falling quota
tions. And yet despite this campaign, they
cannot disguise the real facts They can
not cover the dividends which are regularly
being declared; they cannot hide the in
creased revenues of railroads; they cannot
keep the public from seeing that with the
possible exception OF wheat, crops will be
bigger this year than last. The circum-
stanttal evidence of prosperity cannot be
hidden and yet the market continues slug
gishly along with Wall street eehoing the
cry: Keep politics away from business"
The banks are beginning to gain ON opera
tions with the subtreasury and with the in
coming of gold from abroad the, money
market should become much easier with
receding rate. There Is no forced demand
for accommodation from Stock exchange
quarters.
Currency Movements.
Returns for the present weeks currency
movement in and out of New York City's
banks show O net inflow In cash of &c.
6llOOO. On operations with the interior in
Istit0tions the net flow of cash into New
| York was 81, $4,000 and on operations with
the subtreasury the gain was $685. 000 The
import OF nearly $2,OO0OO0 gold from alb! Cad
brought the grand total to over $40, OOJ.
| Tho narrowness In the bond market has
shown itself in the demand for securities
of small multlples Bonds in denomipa-
lions of 500 and 500 and $500 are selling
steadily, whereas the bonds in denomina-
! tons OF $1,000 are listless. A number of big
investment houses which hitherto have
made no special effort TO attract the small
investor are now advertising bonds of
small denominations. The bonds in small
nultiples have advantages over the high
priced debentures. II they are of standard
recognition they are just as safe, yield just
as much. just as easy to negotiate and are
more easily handled otherwise.
| While the earning power of railroads in
southern territory has improved to con-
siderable extent In the last year. the price
OF their stocks and bonds have fallen off
in sympathy with the general market dur
ing the last few months until the percent
ages on railroad market valuation are nov
The price of Pennsylvania stock was at.
fected but little by labor trouble in the
present week. Pennsylvania stock is moi
given TO much fluctuation because the bulk
of IL is held for permanent Investment anc
Is not traded In actively.
4 Some Railroad Earnings.
: Going north. the Canadian Pacific viii
earn Is per cent upon its common stocl
during its present fiscal year While BIZ
Four earnings do not point to a mid-yeai
dividend, the traffic department OF the
Cleveland, Columbus, Cincinnati & st
Louis is not downcast Ordinarily the earn
ings in the first half of the fiscal year arr
smaller than those in the latter half.
Estimating upon figures furnished by 81,
Gould lines the gross In the fiscal veal
just ended viii go over IL per cent Thes,
lines are the Denver & Rio Grande dis
sour! Pacific, Iron Mountain, Texas Pa
cific, st. Louis Southwestern and Wabash
AS these lines penetrate great grain grow
Ing sections the outlook for heavy traffi,
is bright
There has been much agitation over tn
copper metals situation in the last fiv,
days. There has been vague report tina
the movement for curtailment will tax,
tangible form. However, too many persons
are prone TO judge the copper market b,
the workings of Amalgamated shares
B Amalgamated is speculative stock and 1
does not reflect conditions in the coppe
market any more than the quotations o
Texas Midland railroad would show tn
real condition in the railroad field
Reports of rain in the agricultural belt
: v ere received with rejoicing. There WI
be very heavy corn crop and the harves
outlook In the northwest Is much i'm
4; prov ed James Hill OF St Paul while 4
Z crop situation need give no alarm at al
1 AS Mr.. Hill is a student OF crop affairs hi
. words must be accepted as authenti
prophecies.
: Reports from the southern industrial fiel
, say that while new orders are scarce, stuff
Z Gent orders are on hand now in the Rirm
y ingham field to keep iron and steel indus
y tries busy for ninety days. BY that tim
new railroad contracts will be coming In.
l. on stocks were:
Allis-Chaimers pid ......4. ...... -. ...a 81
Amalgamated Copper $50. 5000 6sM 5s% S.,
American Agricultural ....., 3s
Am. Beet Susar.........,." 100 80 % Sc