Omaha daily bee., 1911-03-19
new YORK STOCKS AND BONDS
Traders Go Slow and Are Somewhat
Conservative.
CLEARINGs MAKE POOR SHOWING
Interest Rates Drop orr Nearly Two
Per Cent. while some Of the
stocks show n Good
Advance.

NEW YORK. March 1S-(Special Tele-
graniD-SlaCkenng to a slight extent in the
strength OF business developed during the
months Of January and February was
disappointing feature during the week.
The course OF trading was marked 10y a
conservatism that was not manifested In
the optimistic tendency during the early
weeks of the year, Even in the west, where
optimism has frequently prevailed when
pessiulsm dominated the situation In the
east, trade reaction is plainly apparent
This is clearly shown in the piling up Of
bank deposits to record figures with the
financial institutions OF Chicago, the stead
lily increasing number Of idle cars and the
decrease in bank clearngs which this week
was nearly 16 per cent below those Of last
year.
The monetary condition of the country
constitutes an excellent barometer for the
business status of the country. Just one
year ago call loans renewed on the stock
I exchange at per cent; yesterday they re-
neWed at "a per cent. At this time In 1910
! time money loaned at per cent for sixty
/ days AZ per cent for ninety days and IA
/ to AZ per cent for six months; yesterday
| these various maturities loaned at 21z, "a
/ and ga per cent respectively These tg-
! ures represent In striking manner the
great decline in interest rates from 1910.
! In this week Of that year stocks were rul-
! ing anywhere from five to twenty points
sactions were fully three times greater than
at present.
During the year 1910 business was active
in both the west and south.
Banks Expand Loans.
! The national banks in this city have eX-
panded loans in two months by 800 900
and Chicago, Boston. St Louis, Pittsburg
and Cincinnati added make the total ex-
pansion for six cities alone Si53 100000.
1t was stated last week that the steel in
dustry made the best exhibit of any branch
of trade This is true Of the current one,
although new orders thus far in March are
about 10 per cent below those of the CORE
spending period in February. StiIl, the
steel mills are working on a larger per-
Centage than for months past and some
important rail orders are expected to be
booked In the near future. Further Curtail-
ment by the cotton mills both north and
south, took place this week, and its in
fluence felt in the dry goods market
basis. The cold weather Of the week inter
fered with the retail distribution of sprlnl
and summer fabrics throughout the east
and west The shoe trade maintains its
previous Improvement.
The local stock speculation requires yer,
little comment The market received will
calmness the decision of the supreme cour
sustaining the consttutionality of the cor
poration tax law and moved to a highe
level, with temporary increase in activity
The cheapness Of money and large shor
= interest were the moving factors In tn
rise. Finally the market turned reactional
and drifted back to a rut OF dullness, wit
decisions might be handed down on Mon
day
Early Losses Wiped Out.
With decidedly stronger tone the stool
/ market recovered admirably toward tn
! close today. A mixture of short covering
C and buying orders operated to wipe GU
}, practically all Of the early losses and IL
C many issues material gains were scored
. | Union Pacific United States Steel an
), | New York Central all made gains of
. point or more, and Missouri Pacific whic
C had been the distinctly weak issue of tn
e day, completely recovered. Substantial
J. | gains were also made in National Biscuit
J. | American Agricultural Chemical Ameri
can wool and the local traction stocks.
American wooden common advance
L sharply on today's vote of the director
of the company TO reduce the outstandin
capitalization by $40 600 600
- According to reports from Boston a
the stock to be retired has already bee
acquired by the company, so that none G
y the common stockholders will be calle
:, upon to part with their holdings.
" The actual weekend bank Statemen
- showed a slightly stronger position. Cas-
4 increased 81 COO, and since loans and dc
a. posits expanded very little, surplus re
" serves are left $1,30O,O00 larger. They eN
coed the surplus at this date i'm all of I'll
i dozen past years, except 1908. The state
d, ment by daily averages is less favorable
. IL shows larger loan expansion than Ill
d, weekend showing, a loss instead of gal
o. in cash, and therefore decrease instead
ct increase in the surplus. But this NEAR
8, only that conditions were better In III
m second half of the week than in the frs
s. Number of sales and leading quotation
ly stocks were as follows: