Omaha daily bee., 1911-05-14

new YORK STOCKS AND BONDS
Wall Street Becomes the Scene Of
Dizziness and Apathy.
TWO RAILROADS CUT DIVIDENDS
War In Mexico Has Its Effect and
Then There f. Decrease in Gem
eraI Trade and Loss in IN
filled Tonnage.

filled Tonnage.
NEW YORK, May 13-Cspecial Tele-
gre gram. !-Whateyer may, the prospects Of
opinion is somewhat divided, the immed-
ate situation is one q such dullness and
apathy that II would be ludicrous II IL
were not go sad for the men in the street
themselves.
Business for the week has been on the
same dead level of stagnation as has ex-
isted for so long that brokers can hardly
remember when times were good and
money flush.
The Bradstreet index number Of average
American commodity prices as OF May /,
published today. showed the fourth CON
year, fixing level of s per cent under
last May and the lowest Of any month
since July, 1909. This contrasts oddly with
the Economists index number Of the Eng
lish average, which last week showed the
third progressive monthly advance of 1911,
rise of nearly per cent; as compared
figure since the middle of 1907. 1t must
be remembered. however. that the trend
or prices on the two e0mm 5eSn markets MAJ
cent period OF price lnflaton-England
average then declining, while our own
moved up.
They Are All Optimists,
In its present rather interesting division
Of opinion, the business community may
be classified into optimists, who see de
cided turn for the better some months or
fluences, and pessimists who see both in
surface phenomena and In fundamental in
fluences little to mitigate disbursement
The prudent man will approach both po-
sitions thoughtfully and respectfully
1t Is possible that one or the other will be
entirely wrong. but 1t is also possible that
each may have grasped some fundamental
truth and that the outcome may be mid
way between the two predictions.
The brightest harvest prospects recorded
thus far this season. and for that matter,
In any previous season for years, we're
logically regarded in financial circles as
highly encouraging feature OF the situa-
ton Ordinarily under such condition
at this particular time, when crops are
generally the paramount factor In, trace
and speculation the stock market would
have responded with activity and improve
ment but nothing of the kind took place,
for. the reason that harvest prospects were
influences, some Of which were uneX-
pected.
Prominent among these were the reduo-
ton in the Boston & Maine dividend from
to per cent basis and that OF the
Vandalia from a to per cent basis, both
of which had without difficulty maintained
their rates after the panic. This opened
up the possibility of reductions by other
companies after a considerable period or
regular payments where lessened deSlara-
contracted gross earnings and increased
operating expenses.
Then there was the resumption of the
sanguinary conflict in Mexico, whereas
only last week peace was expected in con-
sequence OF the arrpistice agreed upon,
unfavorable railroad statements amounting
week OF April and decreased general trade
and a loss in the April untitled tonnage of
the 16n Sdsd S 80 this s 1as the
adoption by the democratic caucus OF
resolutions in favor of free wool, later
modified. and the Investigation of tho
American Sugar Refining company and the
near approach of another decision day in
the supreme court.
Effect of Influences.
The effect of all of these influences upon
the stock market, however was more in
matter of price movements This was
shown in a fall in the average daily trans
actions to 1877, 900 shares from 100000 last
week and from 10000 last year. The de-
cline in the general run of stocks was
extremely moderate in the earlier days of
the week and when the market swung
back later on it quickly returned to the
average of a week ago, with some leading
properties even higher than then.
Investment business again this week
made far better showing than specula,
ton, as bonds were not only firm but
there was an excellent distribution TO
investors and institutions. such as savings
banks and life insurance companies. Trans
actions on the Stock exchange made an
approximation to last weeks total and on
the outside there has been a good demand.
IT is confidently expected that new issues
soon to be brought forward will meet
active participation by the pubic generally.
Tone of Market IL Weak.
The Stock exchange went through the
formality today OF doing business Neither
from the standpoint OF the trading done
nor in the changes in prices was much &C
complished.
The tone OF the market was slightly
weakened, but the general run of prices
showed stocks closing about as they did
week ago.
Two months ago the popular notion was
that all of the illness OF business could
be traced to the delay in the Standard Oil
and American Tobacco decisions, but this
belief has gradually worn away until it
Is now confined 20 those people who think
the whole country reyoNes around Wall
street, and what Wall street thinks so must
the rest of the nation do. There has been
nearly as much reversal of opinion in this
matter as over the effect of the interstate
commerce decision against an increase in
railroad rates, which the majority of rail-
road men now believe was good thing
for their property.
Bank clearings for the country this week
show a decrease of SO per cent. In New
York the loss was over IL per cent and be-
tween and per cent in Philadelphia and
in st. Louis Boston had a gain of about
per cent, Baltimore over u per cent
Chicago 1O per cent and New Orleans
per cent The largest increases for the
country are still in the Pacific group
where San Francisco and Los Angeles have
been running from 10 TO 2S per cent ahead
OF 1910.
In the Pacific northwest, however there
has not been so much activity. Some cities
in the south also show large gains over
last year but the decreases at St Louis
1910.
Number OF sales and leading quotations