Omaha daily bee., 1911-06-11
NEW YORK STOCKS AND BONDS
hot Weather Starts Heavy Movement
of Summer Goods at Retail.
JOBBERs LOOK FOR GOOD TRADE
Improved, y Considerable De-
crease In Number of Idle
Freight Cars.

NEW YORK, June 10-CSpecial Tele-
am.)-From financial viewpoint the
continuance OF the investment absorption
OF ponds this week upon the highest basis
OF the season was recognized as Of great
est Importance in the financial situation.
Several circumstances combined to en-
phasize the drift Of the institutional and
Individual capital Primarily the accumu-
lation OF each new issue on its announce
ment was the most distinctive incident at
home and abroda, but the large buying in
the open market of the last issue OF New
York City "A per cent bonds up to 1915 a
new nigh record, and the strength of the
Panama canal loan when issued, near 1O3,
formed additional evidence Of the excellent
character OF this investment business.
4. IL Is often the habit Of inertia that par
tcular adherence Of Wall street to de-
scend on financial markets with just such
ahruptness as has marked its arrival this
week. II is like one Of those November
foss in London, which move deliberst ely
up the street. obscuring first one familiar
landmark and then another until the
passerby begins to feel that his effort to
get anywhere is wasted; after a good deal
OF exertion he is apt to end just where he
sFrted and meantime is quite unable to
make out what anyone else Is doing
Inc boom which was expected after the
not come; quite the reverse.
Goods Keep Moving.
The stock market rise which followed the
Northern Sureties announcement OF
"sIch, ISVt' lasted longer and prices made
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 a
state OF things as now prevails. There
was even the same harvest uncertainty so
Tar as concerned the wheat crop, the har-
vest turned out badly, and there was just
as complete halt in the steel and iron
trade, which did not shake off its lethargy
until a second all-round cut in prices had
been made But the country somehow
struggled out Of the slough of dependency.
Again this week there has been a large
retail distribution Of merchandise through
out the country, especially in the south
and west, where the heat wave has quick
ened purchases OF summer commodities.
In wholesale way, merchants are s.
posed to enter into more liberal engage
ments for the autumn and in various di-
rections there is a feeling that a turn for
the better has arrived.
That the situation is improving is being
constantly brought to light by current
events. The recent fornightly decrease of
10 per cent in idle cars has been followed
by general increase in gross railway earn
ings for the fourth week in May, equal in
some cases to Is per cent, the best show
ing for any week in several months.
The government crop report on grain
was a very important feature of the week
In line with general expectation winter
wheat showed a deterioration of over 5
points from last month, but the condition
of spring wheat was nearly 2 per cent
higher than last year, on planted area
year in the hosiery of the country.
The Crop Report.
Indications point to a combined yield of
winter and spring wheat Of 764, 2S5, 900 BUSH
els, an increase of 6S, 6S4 900 bushels over
the actual harvest of last year. There Is
certainly much encouragement in these
figures.
Cotton crop conditions in the eastern belt
have been materially improved within the
last day or SO by rains, but more or less
drought still prevails in the western belt.
However, the outlook is still for large
crop.
Erie Keeps Advancing.
After opening without much evidence of
activity, the stock market became ami
steel, showed fairly general advance be-
fore the nd of tn first hour The Erie stocks
we're conspicuous in the upward movement,
advancing close to their levels of two years
ago. There was nothing in the days news,
of novel character to afford an expIana-
ton Of their continued rise. 80
: Among the stocks. notable for strength,
besides Erie and Steel were Great North
ern, preferred; Tennessee Copper Southern
Railway, which touched. new high figures;
Union Pacific and Western Union
The weekly reports of the trade reviews
showed that whatever change has come
about in business conditions Is a change in
sentiment and not in actual transactions.
Weather reports from the west were of
q mixed character, heavy storms being re-
west and a continuance OF drought in Ne
braska and neighboring states.
The bank statement showed an increase
in surplus reserve of S.59OOOO.
Number of sales and leading quotations
on stocks were as follows;
caIa