Omaha daily bee., 1909-10-12
NEW YORK STOCKS AND BONDS
Early Decline Followed by Active
Cotton Market.
GULF STORM SHOWS EFFECT
Banks Call In Loans FreeIy-LiveIy
Speculation Going on I'm Germany
Extends "a American securi-
ties-Prices Improve ate.

NEW YORK, Oct. 1L-An early decline
was followed by an Increasingly active
ana decidedly firmer cotton market TO-DAY,
owing to Reports tnat the guif storm hau
threatening the Atlantic belt with distur-
Dances Of considerable severity.
The close was a little off from the best
under realizing, but steady in tone and
2 to IL points net higher.
The opening was steady at a decline OF
/ to 6 points and during the first hour
prices sold off to a net loss Of Iq9 points
under liquidation for over-the-holiday to-
morrow and bear pressure, which had the
ENCOURAGEMENT OF higher temperatures In
the south and the failure Of weather re-
ports TO show any frost Of consequence
over Sunday.
Cables we're Indifferent and Liverpool was
a seller here, but, while the storm situa-
ton seemed to be ignored at first, ru-
mors OF easier southern spots were not
confirmed and later numerous private
wires regarding the course of the tropical
storm proved a source Of further dis
quiet rather than of satisfaction. The
monetary confidence was taken advantage
OF to the utmost, however, to push an adj
vance I'm prices, United States Steel in
particular being carried up TO near SOC
during the first hour. From this vantage
the liquidation was renewed on a large
scale and pursued with only occasional
pauses and Insignificant rallies.
The banks called loans freely and It
was reported also that some of the out
of-town lenders in the stock market were
/ LlElllRu 10 Ttuute bGtOulOuhllOHH lE
withdrawal Of cash from New York for
currency purposes also continued large
and interior banks expressed the same
need by drawing on their New York bal
ances to meet obligations to the govern
ment.
The subtreasury, as a consequence, al
ready has drawn 81, S40,0O0 from the banks
on the new banking week and II was a
creditor again at the clearing house today.
The enormous loan reduction effected by
the banks last week involved, IT Is believed,
little real liquidation Of credits, but was
due to shifting of obligations to other in
stitutions, both In the domestic interior
and abroad. 1t was clearly realized that
that process at the rate of $50, 900. 900 In a
single week could not be longer continued.
The perpendicular uplift of 1 per cent to
5 per cent In the official discount rate OF
the Imperial Bank of Germany was an
emphatic notice Of a determination to OPP
pose obstacles to further free loaning for
speculative purposes.
The lively speculation which has been
going on in Germany has been extended,
In no small degree, to American securities,
especially United States Steel, and the eff
feet of the German banks action, was
calculated, therefore, to have some direct
effect on the New York stock market.
Further recourse by borrowing in the for
eign market is impeded by the large oblt-
cations already outstanding there against
the New York money, market.
The large excess Of production over con-
sumption OF copper in September, revealed
by the monthly statistics of the Copper
Producers association. was an additlonal
weight on the market, but was almost alone
in showing any deviation from the favor
able advices in business condition. The
hitch in this country's diplomatic repre-
centation in China was viewed with some
disduietude.
The later Improvement of prices was
attributed to covering operations by
shorts and the closing tone was very UNI
certain. The low price of United States to-
dav at S5Xc, compared with the high prices
on Monday, q week ago, of 94sc.
~ -AaNW M IA VAlne.
s. 200. 900.
United States bonds were unchanged on
call.
Number OF sales and leadfng quotations
an clocks TODAY were as follows: