Omaha daily bee., 1911-05-28
new YORK STOCKS And BONDS
Money Easy and Plenty on Hand for
Handling the Business.
CROP SITUATION ENCOURAGING
weather slightly Damaged wheat,
but Farther North Cereal Re-
ported in Good shape.

NEW YORK, May H.-(Special Tele-
graml-One Of the most important single
incidents In che market this week was the
steel trade episode, with its reduction of
y ton in the price Of steel bars and the
ueclarauon OF an open market by one Of
jected into the stock market and business
situation a very unsettled influence. This
for enthusiasm for the bull movement in
stocks was beginning TO cool. Prices had
advanced from four to eight points in lead
ING shares and had also reached the highest
average Tor the year, with an aggregate
additlon to market values of approximately
$4,000 10, In stocks daily trading
siderable broadening of operations and
large interests which for a long time had
not experienced any opportunity to de-
crease their holdings In material volume
naturally took profits on an extensive scale
Ihus the steel cut came at the very mo-
market had been weakened. Steel common ION
tell -FOUR points from last weeks hig1est
level and the whole list went off with IT.
Just what the result is going to be either
in business way or on the stock market
cannot be foretold at this time.
Money and Crop Outlook Good.
Fortunately there are such offsetting in
tuences as favorable money and crop con-
ditions. which are important fundamentals
Tor recuperation when the process of re-
adjustment through which the country is
pleted
Time money. practically lost the slight
ADVANCE that followed the market activity
OF last week. The banks of the leading
cities are in very plethoric condition enc
mere holding no less than 97b, 900 900 cash
which means that the crops will be moved
ana the business of tho country this year
conducted on a lower basis of interest
rates than last year, or for many years
past
1t is the popular idea that the present
cheapness of money is the result solely
OF decreased speculation and trade reaction.
Such, however, is not the case, as the
hna MIA Inc a
considerable part in the situation. This is
shown in the last foreign trade statement
winch reported an excess Of gold imports
over exports for ten months of So, 200. OO0
whereas in the corresponding period of
the previous fiscal year there was an ex-
cess OF gold imports Of SsO000,OOO. The pro
duct of the mines was about $50, 900 900. Thus
Sl96, OOOO 900 has been added to the gold supply.
which is a basis for over $500 0OO. 600 bank
leans. The crop situation in the main Is
highly encouraging, although q few draw
backs were developed during the week.
Lack OF rain In northern Texas, western
Kansas and Oklahoma caused some damage
to winter wheat, but elsewhere the plant
Is making rapid growth.
Harvesting in Texas.
Gathering Of the crop has already started
In southern Texas and the harvest line will
move steadily northward from now on. The
position of spring wheat in the northwest
is really brillian one estimates OF
yield of 3OO,OOoOOO bushels are now being
made
Some good trade authorities are of the
opinion that the government report next
Friday will show condition Of close to
SO per cent and 100000 acres under Guilt
walton, in cotton. Such condition would
represent an increase OF 4 per cent over
the ten-ycar average.
The recent hot spell was of great benefit
to the retail trade of the whole country.
There has been a widespread distribution
of merchandise, thus relieving previous APP
prehension that even the conservative pur-
chases OF merchandise for the spring and
trade might become
This is a very important change In the
situation, as 1t has already led up TO some
of stocks, thus creating more
hopeful feeling in wholesale trade circles.
Business In the west has been better than
in the east, and the bright prospects for
the grain crops are creating a more opti-
mistic feeling In the producing regions.
Number OF sales and leading quotations
on stocks were as follows: