Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1911-07-02
NEW YORK STOCKS AND BONDS
Investment Business Quiet, but More
Activity is Expected Soon.
CROP SITUATION Is FAVORABLE
Speculation CurBsd In Most Directions
but Statistics Reflect Splendid Con-
ditiOn, with q Record Volume
of Export Business.

NEW YORK, July 1.-(Special Telegram.l
The Union Pacific decision lost most of
It's influence this week as a stimulating
some reaction from the high point made on
the courts ruling under a spell of rather
that followed the decision made an excel
lent basis on which to unload stocks that
had been waiting for a good market As
time wore on It was plainly developed that
start a regular bull campaign until the
outturn OF the harvests were better de-
fined. This caused speculation to drift into
a narrow and professional rut with rapid
changes, chiefly within circumscl1ibed linn
it's. However, the market showed good
undertone with the average prices little
Investment business has been rather
quiet but more activity is expected with
dividend money. The crop situation. as a
whole, was more favorable than last week,
and this was an inspiration in mercantile
circles where the outlook for the harvests
is regarded as warranting active prepara-
lions for the future.
IL Congress Would Adjourn.
Some of the most prominent merchants
In the uptown districts this week ex-
pressed the opinion that II congress could
be induced to adjourn there would be a
prompt revival of prosperity, which might
drift into q trade boom before another
opinion is the fact that the stocks OF mer-
chandise OF all kinds are unusually light,
and anything like q return to a normal de-
mand for consumption would immediately
England and the south, thus giving en-
ployment TO numerous wage earnerg now
out OF work and in every way benefittins
Speculation has been curbed In most d.
rections. The banking institutions Of the
nation are in very strong position and the
statistics of the fiscal year just closed
when made up will reflect a splendid condi-
ton of external commerce as whole, with
railroad and other corporation bonds have
been largely responsible for the remarkably
favorable situation OF our foreign COM
merce.
Cotton and Bonds.
For the fiscal year the exports of cotton
and Europe in the last six months has
taken over $4,000 600 of American bonds
Thus the southern staple and bonds have
been responsible for practically $1,000, 600 go
Of American credits abroad. This large
volume of credits has prevented exports Of
gold. which were over $50 900 600 in the pre-
vious fiscal year, and which then led up
to high money rates when the movement
was inactive progress. The Importance Of
this change In the commercial relations OF
the country with foreign nations is readily
appreciated by bankers and merchants who
are now looking to the future with brighter
hopes.
In the Industrial world the most cheerful
incident OF the week was the further pur-
chases OF steel products by the railroads.
me ually bookings OF the United states
steel corporation rose above 1000 tons and
the mills are now working over 70 per cent
OF finished capacity, a gain of per cent
in two weeks.
This Improvement in the condition Of the
country's basic industry was naturally
viewed with much satisfaction in all di-
rections.
Report on Idle Cars.
The disclosure made by Herbert d. Knox
smith In his report on the United Slater
steel corporation to the effect that less
than half OF the total capitalization of the
had absolutely no effect on the stock mar
ket today except to cause some scattered
buying of Steel after the opening This
buying instead Of selling on the report the
street figured. however, that now that
Steel had been exposed" there was no
further need OF apprehension. This buy
ing in Steel sent the price above 70, from
which 1t reacted later to around yesterday o
closing The Erie issues continued to sd-
vance on the report that the road was TO
be affiliated with Canadian Pacific. dis
patch from Montreal today lends plausi-
bfrty to the report.
Neither the advance in Steel, however,
nor the continued strength OF Erie issues
had any effect on the Ftst of the list. At
tendance on the floor of the exchange wns
light and trading took on q holiday APP
pearance. Erie reacted later on profit
taking, but the closing was firm.
The fortnightly idle car report shows a
decrease in the total surplus OF SOFA cars.
The surplus is now 1853 10. compared with
166. SOP June and 167, 3Ss on May a. Re
ports OF gross earnings for the last week
or two show more perceptible decrease,
as compared with a year ago. than the
gross of previous weeks, but the fact that
the crops will soon begin to move Is as
surance of turn for the better.
Number OF sales ana leading quotations
stocks follows: