Omaha daily bee., 1910-08-14
NETWORK STOCES AND BONDS
Hopeful Feeling Among Merchants
and Manufacturer of Country.
OUTLOOK FOR BUSINESS BRIGHT
Crop Conditions satisfactory and
Again Money Goes Into Circu-
latIOu 10 Take Care of
Obligations.

NEW YORK, Aug. 13-CSpecial Tele-
gram)-One OF the most gratifying features
Of the week from the standpoint OF legiti-
mate business was the increasing output
OF commercial paper, and what added to
the Significance OF this as indicating trade
improvement was the diversified character
of the notes Offered for discount The dry
goods and hardware trades the packing
and grain elevator interests and the textile
mills, together with miscellaneous smaller
interests, were represented in the paper
that came upon the market Herein lies
the importance of this new feature of the
situation. Nothing like II has been witnessed
a more hopeful feeling among merchants
and manufacturers as to the future OF
the business of the country.
II can be said most emphRtlcally that the
long expected favorable turn in the tide
has at last been reached and this is a matter
for general congratulation. The enlarged
offerings OF paper this week were for the
purpose of supplying present and prospec-
tive wants of merchants and others who
are now disposed TO make preparations for
a more active autumn business.
More Cash CircuIates.
Another highly important incident Of the
week that bears close relation to this
matter of commercial paper has been the
loosening up, SO to speak, by prominent
banks OF their enormous cash reserves.
For some time past these banks have con-
tinued their loanlng operations tchiefly to
call money, not doing much in the way Of
loans nor Of buying commercial paper. This
policy has recently been changed, especially
as to paper. and merchants now find that
the New York banking interests are ready
to buy or discount their paper freely, in
order to facilitate the rising tide of BUSH
ness. The significance OF this can hardly
be oVorestimated, as II means that legiti-
mate trade is to be furnished with all the
capital necessary. Thus, the great accumu-
lation of bank reserves at this point for
weeks past is to be applied to the purpose
Of assisting the country back to period
OF prosperity.
The influences back Of this looseninE up
of capital form an interesting chapter in
the monetary situation. For some time
past New York bank officers have i'm
pressed upon banking officials of the CEN
trail reserve cities of the west the necessity
Of greater liquidation of loans In order
to be better prepared for the autumn trade
and crop movements. The wisdom Of this
has been generally acknowledged, and
small country banks have been paying off
loans to larger institutions and these small
banks have notified farmers that they must
sell their products as they are harvested
and pay off their farm mortgages and
other obligations, some of which have been
contracted to indulge In extravagances
Crop Conditions Good.
There has been no effort to force drastic
liquidation, such SIS has been witnessed on
the New York Stock exchange In the recent
payment of debts to banks in the interior
by farmers and others who have been en-
gagged in land speculation. The gradual
be completed without any detriment to
trade, and already its beneficial influence
is reflected in large marketings of wheat
by farmers, which have brought the cereals
within the limits of exporters and shipping
engagements are now being made at some
of the out-ports and at the west.
Crop conditions as developed this week.
have certainly been an incentive to trade.
The government report, indicating a total
yield of spring and winter wheat of $751;
0O0, 600 bushels and OF corn of $500, 900 600
bushels, inspired confidence in trade Cir
Giles, especially the situation in corn has
improved since the date of the government
statement. There has been some improve
ment also in cotton, with the exception OF
portions of the state of Texas, where 1t
can be said that the dry goods trade con-
tinues to show increasing activity with
an advancing trend to cotton goods.
The boot and shoe industry Is also doing
better and the same is true of the copper
! industry, which has been benefited by
curtailment Of production
| The steel trade alone fails 10 show any
increase.
Number OF sales and leading quotations
on atOckR TODAY were: