Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-03-12

new YORK STOCKS AND BONDS
Trade at a Low Level, But Prices
Hold Their Own.
COUNTRY IS IN GOOD CONDITION
Rate Decision, Followed by the Next
can Situation, said 20 Have
Much to DO with specu-
lative Business.


NEW YORK, March u.-(Special Teie-
gram. )-Business dealings on the stock ex
change during the week represented a
market in a state OF equilibrium but while
prices held their own in a narrow nuctuR-
ton, the value Of trade is at the lowest
level since the first of the year. The in
cctive state Of the market is not an lndi-
cation OF lack Of a prosperity among the
manufacturers and agricultural classes, but
rather to artificial conditions that may IL
nally make for permanent development for
the great Industrial enterprises and bust
Eess operations of the country.
The current movement Of prices on the
stock market has negative side which is
important. During the last two weeks one
adverse development after another has
come forth to test the market.
First there were the rate decisions, fol-
lowed by the refusal OF the Interstate Com
merce commission to entertain the appeal
by the eastern railroads that the order to
cancel should not take effect for six
panies to make out a stronger case for
higher tariffs Next came the anxiety over
the extra session Of congress and the re-
opening OF tho tariff controversy.
Mexico Cuts n Figure.
This week a more serious phase for a
time was given to political troubles In
Mexico by tho massing Of United states
troops on the frontier.
The New York Central cut its dividend
II ON 8 TO per cent and the permanence of
other railroad dividends was called in ques-
tlon by the poor comparisons which many
Of the January net earnings statement
made with year ago.
The monthly figures OF the copper trade
exhibited no decrease in the rate OF pro-
duCtion while foreign consumption was
shown to have fallen off and stocks or the
metal to have increased 100000 pounds
Over all there was hung the great uncer-
tainty Of the pending decisions IN the anti
trust cases, the recognition that they may
involve changes of the most vital import
ance to the business organization on ihe
country, and the consequent determination
Of investment capital to hold aloof from
stocks until the opinion OF the supreme
court is known.
II can be seen then that In the APP
parent lack of interest there has been really
q purely natural market, holding its
grounds on It's merits. The general trade
movement has been all that might be ex-
pected. American export trade in both COT
ton and grain shows an increase over Tor
mer years. Er gland and other European
countries are importing more grain TINS
season than usually.
wheat Going to Europe.
Wheat on passage for Europe has passed
the 5OOOO,OOO bushel mark, and Is probably
ne airing the maximum of the season. ne
Increase during the last week, S,OOyO
bushels more, brought the total up to o.
$4,000 bushels. That is several million
bushels more than last year and over
10. 600, 900 bushels greater than month ago
The increase is due mostly to Argentine
Australian and Indian as we'll as Russian
and American shipments. Russia and the
United States are both very heavy export
ers and India and Australia together CON
tribute about as much as each OF the other
two.
The United States steel corporation re-
ports untitled orders at 3,4OO,543 tons on
February Is. This compares with unflIed
orders of 31l09l9 tons in January 81, lsli
an increase of 29O.OO tons. the prihclpaI
feature of interest in copper for the week
was the FEBRUARY report of the association
which showed an increase or l4l9S;IeO
pounds in surplus stocks, which on the
which il nearly 5OOOOOOO pounds greater
than the stocks carried year ago.
The statement OF domestic exports for
the month of February did not appear TO
receive the attention that It deserved. in
quarters where the figures were com
mented on the showing was regarded as
excellent. The months exports amounted
to nearly SIS 100000 as compared with $40
400, 900 last year, and $63,OOO,O 600 for the same
month in 1909.
Dull ON stock Exchange.
Inactivity prevailed the stock exchange
today, the total amount Of stock sales b.
ing 66,O53 shares one-third of which wero
United states steel and Reading. The bond
market however, was relatively more &C
The opening was dull and but for fr4c-
| tional advances In Missouri Pacific ca,
| madam Pacific and Reading, and equal
! losses in National Railways Of Mexico sec
| ond preferred, prices were about at a par
/ ity with last nights close. Al the close
| today the dullness was relieved for few
| minutes by the appearance of some pres,
| sure that caused recessiOns in number OF
! issues, including 500, common, which
! yielded a point. There was also frac-
| tional decline in Reading, but this was
| partly recovered Central Leather con-
tinued weak. sustaining further loss, sell
! ing at a lower price than has been rec
| orded In a long time.
AS had been expected the banks today
reported considerable loss In cash. The
! actual decrease was N,90OOO0 and IN the
meanwhile loans and large corporations
borrowings expanded SlO,7O00C0. The re-
! reserve. hut that reserve remains not only
| S32 600 900 above this week last year but
! exceeds all others of the fourteen years
past save only 1905. AS was the case last
week, loans increased faster than de-
posits The excess of deposits now Is 3d.
! 400, OCO as against Si4 100000 a fortnight ago.
| But this is still a handsome margin. A
year ago this week loans ran beyond de-
posits seven weeks afterward the loan
| excess had reached $27, 10000.
| Number Of sales and leading quotations
| on stocks were as follows:
| Gale