Omaha daily bee., 1910-09-25
SEWYORE SUCKS AND BOSUs
Holders Of Securities Hurry to Get
Stuff on the Market.
NO SIGNS OF GLOOM OBSERVED
Freight Rate InVestiERtiO said
60 BE Gaining In RecOE-
milton of Its ImDor-
lance.

lance.
NEW YORK, Sept s4.-(Special Tele-
gram.) -Anotner uuu, almOs, featureiess'
week has gone into the nistory OF Inc
Perhaps the most interesting feature of
the week was the way in wnlcn the stocks
Nere supplied on me development Of
strength stimulated by enCourABing lnttu-
ence. Probably the most publish news, 10
use a Wall street phrase, when the specu-
lauVe community has received since the
collapse in July was the announcement OF
tie iGferees nndings In the Minnesota ate
case There We're to be sure, quantylns
considerations affecting the import OF these
findings, but in the last analysis, both IN
respect TO their conclusions on the subject
of values and railroad properly ngdls,
and ia their opinion limiting the state rate
making power they we're OIL a distinctly
rcassurins character.
Viewed I'm reIatiun to the stock market,
Judge Otis report was the first crumb OF
comfort which Wall street has had eN-
tended to 1t in a period stretching TAI
restless district. Moreover. IL was an
nounced I'm forms calculated to impress the
stock market following with bullishness OF
it's significance, and 1t is not surprising
that on the strength OF Ii sharp ana
rapid advance was easily forced IN the
stock list.
Hurry Supplies to Market.
What is OF more consequence is the fact
that as the subsequent sessions disclosed.
advantage was promptly taken by holders
OF STOCKS 10 hurry their SUPPLIES "
ket, and the presumption is Warranted that
these supplies came from more important
quarters than the commission houses,
which nave been VIGOROUSLY barren OF
commitments for many weeks. The same
conclusions from the course OF prices ana
the nature Of the dealings might also be
drawn with regard to the effect of the inn
portant output OF official optimism re-
spectng conditions in the steel trade. wall
street has rarely been more firmly advised
by authority that it was forming mistakes
impressions about industrial tendencies
than II has this week been instructed con,
corning the steel business, its prices ana
its prospects. Yet a stronger disposition
to sell than to buy United States steel
seemed to be fostered by these assurances
All this may go only to show that in
these disjointed times wall street may be
expected to comport itself in more than its
the long run the stock market has a logic
which Is, while all its own, quite in accord
with the factors which go to make secur-
ity values and are translated into prices;
There is no evidence, apart from official
satisfaction, that basic industries are in
any but contracting condition with an
accompaniment OF lowering prices.
Much Liquidation.
The stock market itself has for weeks
| been rejecting uncertainties and all that
! the stock market following really knows
is that there has been great liquidation
| in the market, that prices are down to
a level which prepares for much adversely
and that investors and spectators nave
far more in their favor when marketing
! long contracts than they had a year ago
when quotations averaged twenty points
higher and a prolonged fall was yet TO
come. That there Is need for haste in
making such contracts is doubtful. When
the supply of stocks increases quickly, as
| it did this week, on the appearance OF
hasty buying, doubts on this score are not
dssipated.
The Interstate Commerce commission $
inquiry into railroad freight rates based
on the advices which the common carriers
| have asked, is not exactly gaining I'm inn
portance, but it is gaining in recognition
of its Importance.
The hearings are now being conducted in
| the presence OF members of the commits
sion instead of before examiners only. In
Wall street more attention Is being paid
to the record of the proceedings and there
is growing discussion Of the bearing OF
the inquiry on the whole question OF the
relation which is to obtain in the future
between our railroad system and public
necessity.
No Disturbance in Sight.
II as. a result of TIE rate investigation
some Fundamental conclusions are estao;
of rate making, a long step will have beer
taken toward the problem solved.
As the days pass belief strengthens thai
although the worlds money market NAV
grow somewhat tighter before the end OF
the year. such a rise of interest rates al
is likely to be witnessed will have no dis
turbing consequences.
The week ends with the cotton lading bill
controversy just about where 1t was, bu
in its bearing on the money market thi
is not of so much practical significance a.
would have been the case a year ago
The country Is in position where ap
parently 1t can afford to wait, because 1
must wait upon the money market as wei
as upon events. 1t may indeed be tina
waiting, as contrasted with the genera
liquidation which many have been ex
pecting, is all that the country will hav,
to go through. A period of rest, dullnes
and quiet, may be as effective once NOR
as 1t has been at least twice in the las
decade In restoring our economic equi
librium.
The local clearing house banks showed a
the end of last week deposits but S. 5000
: in e0ocess of loans, while the returns
under the comptroler's call for nationa
bank conditions of September l exhibl
:. &c loan account quite as extended as 1T wa
! Number Of sales and leading quotation
; on stocks were as follows:
Sales. High Low Close