Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1910-10-16
NEW YORK STOCKS AND BONDS
Wheat Market Goes Down Faster Than
Was Anticipated.
COTTON KEEPS ON MOVING UP
Loans, While Trust Companies
Report Fairly Large
Increase.

NEW YORK, oct. 15.-(special Tele-
gram. )-Of this week. sudden outburst OF
stock exchange speculation for the rise. it
IS probably fair 70 say that the Wall street
commun ~ has not taken II very seriously.
The stock exchange speculation OF 1893
began, as every one knows. In misoon-
cepuon Of both the Industrial ana the
banking situation. but Il had at least be-
fore II the outward signs OF immense pros.
peitty. IL Is hardly necessary to point ont
where the present position OF affairs differs
from either ep. sode.
Very possibly. the somewhat spectacular
rise in the weeks prices had its immediate
origin in the recent protection Of their nn-
sitiou by specuators who had sold short
confident expectation OF an October
money squeeze, or OF a very bad showing
for the crops.
The wheat market goes down faster than
port by strong trade interests. The cotton
market goes up fast IN the face OF rcaliz-
ing sales by the manipulators themselves.
and OF incredulity on the usually excited
southern markets
The hank Position,
The bank position is abnormally strong
in September and abnormAlly weak in Oc-
tober; new theory to explain it's alternR-
tons has to he contrived almost every
week. Todays weakened bank statement
showed decline Of Sls.2OO0O0 in the loans
whereas the weekly trust company state
ment reported loan increase Of Sl2 800 0O0
This still leaves something to be accounted
for, In week Of extensive speculation for
the rise In stocks.
Cash reserves. in the actual statement
decrease less than $1,000 O0O-only one-fifth
OF yesterdays estimate by the banks-and
the surplus rises A10O,OO0 The total sur
plus is, however, A5OOOOO less than year
ago. Excess Of loans over deposits increase
slightly 1t was SIS, 400 900 today as against
2AsOOOO0 last Saturday S14,2OOO0O fort
night ago, and a SO 100000 excess in de-
posits of the week of 1909.
The Cotton gHfuotFon
If the home banks and the European
banks should agree In approving SIR Ed
ward Holden's plan of an independent
company to guarantee cotton bills OF lad
ing against fraud or loss, II is difficult to
see how the cotton trade can refuse TO con-
sder It, Sir Edward and the bankers con-
tend that a guarantee, being a part Of
the operation in exchange, would fall on
the European purchaser I'm his settlement
with his bank The southern cotton ex-
changes assume that the southern shipper
would have to pay the fee and they OBJ
leot to Che whole proposition on that
ground.
People who have studied the system
under which the cotton crop has hitherto
peen exported, have been tempted to make
a very similar comment on that system.
Machinery of finance and transportation,
under which no human being could be
sure where the cotton was against which
exchange was being drawn, or whether
indeed that particular cotton was actually
IN existence. was a system better suited
to the sixteenth than to the twentieth cen
ury.
There are details to the problem to be
worked out in any plan. among them the
yeNed question as to who will be mulcted
Tor the suggested year. But II seems at
least, to be incumbent on people in the
trade, who object to the uninteigible pro-
ject OF reform, to suggest another
Number OF sales and leaGing quotations