Omaha daily bee., 1911-06-18
NEW YORK STOCKS AND BONDS
Market is Lowest for Week Because
Of Adverse Crop News.
JUNE EXPORTS BREAK RECORD
Balance of Trade In Favor of United
states for Mine Months IL More
Than One-HaIf million
Dollars.

NEW YORK, June 17.-(SpeciaI Tele-
gram )-Crop considerations bulked largest
IN Wall street discussions this week and
the receipt of reassuring advices from the
! drouth-covered portions OF the west and
southwest resulted in or was followed by
sufficient selling OF stocks 20 put the mar
ket down substantially toward the week
end. This might have been taken to sig
nifty nothing more than the way in which
professional markets act on good news
for the professionalism of the bulk OF the
dealings In stocks for the last few months
can hardly be disputed.
There has been recently an all-around in
crease OF margin trading, the natural con-
sequence of long campaign of optimistic
advance conducted from Wall street, en-
phasied by the insistent and persistent lift
OF quoted values; but the general public
response from men engaged in business and
professional lines has been relatively small
This is something which is also a normal
feature of the more or less exclusively
rnS2sn nl, u, stage OF bull movements:
incidents Of Wall street has been the
broadening scope and continued hopeful
ness Of the investment situation. II has
been for some time the belief of the more
confident optimists that the bidding today
for the Panama canal issue for $1,000, 0C0
vincing reasons existed for expecting a
new era Of prosperity.
June Exports Break Record.
It is rarely that the turning Of the
economic tide is marked by any conspicu-
Gus event. but such an event often adver-
eign trade statements for the first nine
months of the fiscal year show an excess
of exports over imports Of s5oOOoo.OOO the
export total for June breaking all records.
To the credits arising from this mer-,
chandse balance are to be administered
10 the still larger credits resulting from
and IL is testimony among influential
bankers that not even excepting the
famous year 1898 our claims against the
European banking community are right
now the largest ever known. That under
the circumstances there should be no pause
in the pressure Of idle capital for invest
ment is not surprising. SO far from de-
creasing. the evidences are that the move
ment is on the Increase Nothing APP
preaching such a market for new flota-
tons has been experienced since the great
Wall street boom of 1902.
Capital IL Plentiful.
In recent years no argument has been
more potent for the stock exchange bear
than that our railway and Industrial cor
terment needs because they could not sell
new securities except on very generous
terms We not only do not have this
situation any longer, but we have its oppo-
site and It is doubtful whether in the
average view of the current financial pros
pect this change Is reckoned at It's proper
value. It means that the railroads when
they choose. can go on with schemes for
extension work which have been held up
through years of credit stringency. And
II is difficult to resist the conclusion that
given good crops and a consequent new
year Of heavy traffic in promise, the time
when the railroads will decide to embark
upon these enterprises is not so very far
oft
This weeks action of the Denver & Rio
Grande directors in passing the preferred
dividend recalls the prediction frequently
heard early in the year that a number of
railways dividends would be passed or re-
duced In a way that prediction has been
fulfilled but not ali of the dividend
changes for the year have been downward.
Besides the Denver & Rio Grande, the
Big Four has been the only company to
pass dividends.
Some stocks Are Weaker.
Having had declines every day this week,
terday's closing, stocks showed consider
able weakness in some sections today. The
shares of the Hill roads fell TO III points,
although the latest news from the wheat
sections was most favorable. Virginia
Chemical common, whose dividend is
the year and Lehigh Valley was reaction
airy after the opening support. The market
was In the hands OF professional traders.
Today they were disposed to be bearish.
Before the close some OF the losses were
recovered.
The statement of car equipment in use
showed practically no change from two
weeks ago. The number of idle cars is
now 1e6,S02
Bank clearings for the entire country
made an increase of nearly per cent
this week. For the first time in many
months all OF the central reserve cities
gained. Here this amounted to about
per cent In Boston to 141k per cent; in
Philadelphia, ~ per cent; Baltimore, 10
per cent; Chicago v of 1 per cent and in
St. Louis, per cent.
Number of sales and leading quotations
n N QfOQrQ we n