The Birmingham age-herald., 1911-06-11
WALL STREET IN
 GRIP OF INERTIA Expected Boom After Court
 Decisions Fails LIKE A LONDON FOG Continuance of Investment ,Absorp- tion of Bonds Upon Seasons Highest Basis Is Important
 in Financial World
Rx RALPH EMERSON

New York, June 10.-(Special.)-- From a financial viewpoint the com tinuance of investment absorption of bonds this week upon the highest basis of the season was recognized as of greatest importance in the financial sit uation combined to emphasize this drift of the institutional and individual capital. Primarily the accumulation of each new issue on it's announcement was the most distinctive incident at home and abroad, but the large buying in the open market of the last issue of New York city 41s per cent bonds up to 1O4%, a new high record, and the strength of the Panama canal loan when issued, near 10S formed addi- tional evidence of the excellent char acter of this investment business.
 It is often the habit of inertia, that particular adherence of Wall street, to descend on financial markets with Just such abruptness as has marked it's arrival this week. It is like one of those November fogs in London, which move deliberately up street, obscur- ing first one familiar landmark and then another, until the passerby be- gins to feel that his effort to get any where is wasted; after a good deal of exertion he Is as apt to end just where he started and meantime is quite un- able to make out what anyone else is doing.
 The boom which was expected after the trust decisions had been handed down has not come; quite the reverse.
 The stock market rise, which fol- lowed the Northern securities announce ment of March. 1904, lasted longer. and prices made a greater advance; but they came down again in April as quickly and as far as they had risen in March and then Wall street was fairly committed to just such state of things as now prevails There was even the same harvest uncertainty so far as concerned the wheat crop, the harvest turned out badly, and there was just such another complete halt in the steel and iron trade which did not shake off it's lethagary until a second all round cut in prices had been made. But the country somehow strug- gled out of it's slough of despondency. Again this week there has been q large retail distribution of merchandise throughout the country especially in the south and west where the heat wave has quickened purchases of sum mer commodities. In a wh holesale way merchants are disposed to enter into
 
 tumn in various directions there is a feeling that a turn for the better has arrived.
 That there is a better outlook for the future is brought from various sources. The recent fortnightly de- crease of steel cars has been followed by a general increase in gross railway earnings for the fourth week in May equal in some cases to 15 per cent, the best showing for any week in several months.
 The government crop report on grain was very important feature of the week. In line with general expecta- tions winter wheat showed a deteriora- ion of over per cent from last month but the condition of spring wheat was nearly per cent higher than last year. or a greater acreage than of previous years. Indications point to combined yield of winter and spring of 764,2S5, ,000 bushels. an increase of 6S,S42 GOO bush = els over the actual harvest of last year. There is certainly much encour- agement in these figures. Cotton crop conditions in the eastern belt have been materially improved within the past days by good rains but more or less drouth still prevails in the western belt. However, the outlook is stil for a large crop.