Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-07-16
new YORK STOCKS AND BONDS
Last Government Report on Crop Sit
uation Dissppoints Wall Street.
HEAT AND DRoUTH PLAY HAVOC
Returns Coming In, However, show
that the Estimated outturn of
Corn and wheat VIII He
Better Than Average.

NEW YORK. July 15.-(special Tele-
gram.)-The all-important question of the
country harvests was brought to the at
| tention of the business world this week in
| a more forcTole manner than heretofore
through the July summary of the govern
ment on the condition of the grain crops.
The sensational drop of over twenty points
| in spring wheat from the June report and
loss OF nearly five points In the condition
7 corn, as compared with last year, we're
disappointing. The deterioration, especially
| In the pring wheat showed clearly the
havoc made by the intense heat and drouth.
notwithstanding this, the estimated out
| turn Of corn and wheat is we'll above the
average because OF increased acreage and
there has been considerable recovery since
the report was compiled.
IN action OF the commodity markets
throughout the week is quickly reacting
from each upward squirt affords ample
PROOF OF more satisfactory conditions.
Cotton Prospects bright.
The cotton prospect has really the bright
est outlcdS of the whole crop situation.
Cultivation thus far this season has been
as nearly perfection as possible as at diff
ferent periods during the week rains have
FALLEN over the entire belt and fewer COM
plants than usual are heard Al this
naturally strengthens previous estimates of
a record crop. A cotton harvest of 100000
would be OF the highest importance to this
country from several points OF view.
At the present time new crop options are
ruling close to 10 cents On this basis such
crop would have market value of $9i0-
10000, and countin gseed. the total would
be above $1,000 600 600. Taking u cents as the
prospective value. the result would be $S40-
WOOO, without any allowance for seed.
Judging the future by the present pros.
poets It seems quite likely that cotton is
going to give the country another large
credit balance abroad and alsS great wealth
TO the south to make sentiment for the
whole country, just as the west did in 1909.
From trade standpoint. the greatest i'm
preston In the business mind this week
was the continued Improvement in the steel
Industry
In a general way this was expressed in an
increase In the untitled orders of the United
states Steel corporation Of 47,OOO tons The
companys rail mills are now running
nearer to capacity than any previous time
this year; wire mills are working n per
cent; some other mills 70 per cent and steel
ingots are being produced on the basis Of
Il, 600 tons a year.
Railroads are not entirely responsible for
this, as building operations show an in
crease all over the country. The copper in
dustry is also doing better, which is re-
Elected In the June reduction in stocks on
hand of S,561,000 pounds.
Railroad Building Operations.
Mercantile trade has been affected by
the extreme heat and disposition to
await further developments as to the
crops.
The stock market dwindled down to a
narrow basis The daily average of trans
actions was only 100000 shares, and near
the close they were at the low point of
the year. Sentiment was influenced by the
daily crop reports, but every time the list
was sold down, II came back quickly, and
the undertone of firmness was shown in
general average advance of about a
point over a week ago. Some special bull
movements were made here and there. but
they failed to enlist public participation
1t is universally conceded that nothing can
be expected from prominent interests until
August at least
The money question promises to loom
into increased prominence the season
advances. There is a growing belief that
the crops will be marketed on a higher
basis of interest rates than the current
and S1s to 35s for over the year funds.
New Low Record.
The only thing to be said of today's
low record for Saturday trading and was
steady. Transactions for the day were
about 5000 shares.
Many OF the active stocks were not
traded in at all during the first hour. The
early dullness was more pronounced than
has been seen in any Saturday market of
the year. Even such stocks as United
States Steel, Reading, Union Pacific and
the usually active railroads scarcely fluc-
tuated and 1t was evident that the market
slonal traders. There was nothing in the
days news to affect sentiment. other
than the small increase III the fortnightly
statement from the American Railway as
ISOLATION, covering the country's idle rail-
road equipment The gain was insignifi-
cant, however, so that the total was not
materially changed from a fortnight ago.
Foreign exchange was trifle lower.
The stock market closed as quietly as II
opened. with scarcely any business to
speak OF. A slight rise in the price of con-
soils was the cheerful incident of the day
at London.
Number of sales and leading quotations
on stocks were as follows: