TRADE REVIEW_
If* R. G. D1NN ft CO.
Th# final month of ths year begins with ;
the usual season*] characteristics of at|m- j
ulated retail distribution and diminish'd
demand In most other channel*. With (
low. r temperatures and development of j
holiday requirements, the movement of
goods to consumers is expanding, and fa -
v ora bio results In this field are foreshad
owed. It la an Inventory peribd in dif
ferent primary markets, however, and not
much In the vs**y of new action tn this
quarter Is t»> bo expected for the present.
There would be larger buying new, even
with annual accounting in progress. If
needs for some time ahead had not leen
well covered In many cases by recent j
commitments, or If difficulty was not be- (
Ing experienced In securing supplies of j
otirtnln commodities. Th© transportation j
congestion, if still the main drawback, is
not the only obstacle to the prompt de- i
livery of merchandise, for some producers '
are so fully engaged on previous business j
that additional orders cannot ba readily j
filled. Withdrawal of offerings because of i
a sold-up position has by no means been i
general, but thl* phase has appeared In ,
several instances, notably in textiles, and I
output in most Industries has reached a ,
higher rate that bail been anticipated
Where price reaction has lately occurred,
after a considerable upturn, the initiative |
In transactions 1s now chiefly with the ]
aeller. as purchasing is largely deferred
rending further developments. While this
is not the prevailing condition. It la suffl j
• -tently marked In some lines to indicate !
that prices had been cat red beyond the (
views of buyers.
Advance In Hterling Kxchsnge.
The current week In finaticinl markets
ha* been featured by a rise In sterling
exchange rates to the highest level of
the year. It Is Interesting to recall the
fact that the year had begun with a
tate of about 4 20 for sigh drafts ou
London, and quotations have since fluc
tuated over a wide range Tha general
trend, however, has been In the direction
of Improvement, and this week a rnte
of 4.62 A* was recorded. Some doubt has
existed oven In well-informed circles as
to the exact reasons for the further up
turn, but It 1s understood that specula
tive operations have been a factor In the
movement. The foreign trade position of
England on tha otlnv hand, has been
measurably at rengthened, and this has
been the underlying cause of the decided
recovery In sterling oxchango rates this
year.
I,mm Strength In Coninimlitie®.
l.ast week, for the first time In many
v.ceks, no excess of advances appeared
in Dun’s comprehensive list of wholesale
quotations, increases and reductions be
ing equally divided. The record for this
week reveals fewer changes, but there
is practically an even number of advances
ami recessions, and it is evident that
there is now* less buoyancy in commodity
markets. In channels where speculative
operations are largely influential, as in
wheat and cotton, the first day of this
week was featured by sharply declining
prices, cotton then yielding $4 a bale and
wheat several cents a bushel. It it? im
portant to consider the fact, however,
thut both of those staples had previously t
risen rapidly in pi ice, cotton having .
reached the highest basis in two years j
early in November and wheat having only !
recently established a new high record
f->r the season. When it is remembered (
that the general level of prices, us
measured by Dun’s Index Number, has f
recovered about 15 per cent from the low
point of last year, the easier conditions I
now manifest do not seem surprising.
Hteel Industry Still Active.
From the standpoint of production, No
vember closed with tht steel industry in
a strong position. Output at approxi
mately un SO per cent rate had not been
expected this year, but is now reported,
and furyfrer additions have been made to
active »st furnace capacity. A recent
feature lias been tlie development, of more
interest in the pig Iron markt. although
actual contracts are still largely de
ferred. The price trend in this quarter,
as for more than two months past, is
downward, and a composite pig iron
price is nearly ffl a ton below the basis at
the end of last September For the first :
time in about a month, moreover, a com
posite finished steel price shows a re- |
cession. In the main, m w business in
steel is moderate, and mill operations are
principally on accumulated orders Even
after heavy purchasing, however, further
demand for railroad equipment is noted,
with fbOOOrt moref reight cars taken this
week in the Chicago district.
Invsntary Period in Textiles.
It Is now Inventory time in primary
textile markets, and new business in this
quarter Is naturally quieter. Meanwhile,
a further readjustment of prices has oc
curred ftn many finished goods, In keep
ing with the high levels of raw materials.
The fabrics on which prices have been
advanced Include napped cottons and some
of the specialties, and the trend of woolen
prices is upward, vw With mills in a well
sold position .additional contracts
ohHv delivery cannot he taken in vitriol
Instances, and the only offerings of some '
kinds of merchandise have come from sec
ondhand channels. A more active spot
demand for wniter goods has followed the
advent of more seasonable weather, but
th* frequency with which small orders are
placed indicates that retailers arc' hold
ing operations within conservative lim
its. ^ _
Hide Murk els Depressed.
A decided reversal of conditions has
lately been witnessed in hide markets.
Whereas the general situation during Oc
tobr had ben featured eby active demand
and rising prices, November hwns a month
conspicuous for a sudden lessening of busi
ness and appreciable price yielding. Re
quirements had evidently been largely
covered on the previous buying movement,
and tanners were not unnaturally disposed
to postpone* further commitments when
they saw that the markets were begin,
nlng to weaken. The decline In some j
, Chicago Grain
By CHARLES D. MICHAELS.
Omaha Bee IifMhl Wire.
Chicago, Dec. 3.—Development* in
the grain situation last week are like
ly to result In higher prices. The
most Important from a domestic stand
point Is the favorable consideration
given by authorities at Washington
for relief of the farmers through a
new system of farm credits, both to
livestock raisers and grain produc
ers.
The small as well ns the large farm
Interests are to be assisted to a great
er extent through low interest rates
and long time loans. There la also
the prospect of an export credit sys
tem to all distributors abroad to buy
our grains on longer time. Should
these plans be worked successfully,
the belief exists they ultimately will
result in higher prices.
Torn Reisers to Benefit.
Corn raisers will bo helped more than
those having smaller grains, as the new
corn Is only beginning to move tn vol
ume. while only around 95 per rent of
tha wheat and a moderate quantity of
other grains remains In farmers' hands.
With higher prlreB for corn there should
also be an advance In livestock values ^o
correspond with those of grain.
While producers and foreigners are be
in* helped, the question Is asked what
ha* the consumer to look forward to In
the way of help. The government and
politicians are apparently losing sight of
hi/L new featsr* In the wheat eltuatlon
that developed late last week wae a re
duction in th# Argentine estimate* fol
lowing an Increase from private eources
the previous week. Frost around October
10 a - e later has evidently affected the
crop more than at first supposed, ae lim
ited threehtn* returns show light yields.
Harvesting !l on there and Argentine
news ts vo be a disturbing factor for the
nest SO daya or more.
Changes tn the Argentine and Aus
tralian crop estimates have disturbed
Kuropcan markets and prices there ad
vanetd sharply, creating a better feeling
tn American markets, which recovered
the losses made early tn the week, but
finished with an uneasy feeling nil
arouni ns little outside help Is available.
CHICAGO CLOSING PRICES.
By VptllUe Grain Co. DO. 3627. Deo. 2.'
Ark TVjprn. | High. I Low. | Cioae. I Tas,
Whc I I |
Dec. 1.19%l 1.10 UH 1.18%; 1.19%
J.«0 t I 1.18% 1.19%
May 1.17%! 1.17%! 1.10 1.10% 1.16%
1.17% ( 1.1‘H 1.1«%
July 1.0»%l 1.07% 1.07% 1.07% 1.08
1.08 %l I 107% 1.07%
Rye ! I I
D®c .82% .8184 .81 .82% .83%
May .17 V •*"% §5% .88*4 -8«%
Corn
D«c. .71% .72 * .T®% .70% .71%
.73 -‘18*
May .70% .70% .00% .«»% ,70#%
July .70 .70 .01%! :««%} •«%
D«* .40 1 .44 .48 } .43 j .43%
May .43% .43% .«*{ .4|S •«%
July .30%' .38% .80%; .38% .39%
T.ard
Jan 10.40 '10.40 10 37 10.!7 10.37
May '10.47 110.47 10.35 !t0.35 10.47
July ] * 70 ' 0.75 I 0.70 ) 0.75 0.07
May I 0.70 I 8.75 I 0.70 1 0.73 .
— . . '".-i-' .l Ml L 1 ■ 1 .
quarters, notably In calkskin*. t» ia recent
ly been pronounced, and foreign stock has
participated In the readjustment. Dis
appointment slexpressed by some shoe
manufacturers over the slow development ■
of spring orders, and retallm eare appar
ently pursuing the policy of largely de
ferrlng purchases for the present.
Omaha Grain
Omaha, Dec. 2.
Liverpool cables were higher and
our grain markets displayed some
steadiness in the early trading hut
weekend liquidation soon took the
edge off the market and despite dis
quieting new regarding the growing
wheat crop in Argentina. Values ,
dragged lower and closed about the
lowest of the day. Long grain came
out on the bulge and speculative trade
was so light that the market was
easily influenced.
Total receipts nt Omaha were 124
cars as compared with 183 cars last
year. Total shipments were 13ti cars
against 87 cars a year ago.
The demand for cash wheat In the
Omaha market was only fair and
prices were quoted lc to 3c lower.
Corn was heavy selling >ic to lc
lower. Oats were He to -tic lower.
Hye was quoted 2c lower and barley
nominally unchanged.
WHEAT.
No. 1 dark hard: 1 car (special billing),
11.19.
No. 2 dark hard: 1 car. $1.17: 1 car,
$1.19; 1 car (smutty). $1.15; 1 car, $1.14.
No. 3 dark hard; 2 cars, $1.17; 1 car
(smutty), $1.16.
No. 4 dark hard: 1 car (smutty). $1.16.
No. 5 dark hard: 1 car (2 per cent heat
damaged, musty). $1.04.
No. 1 hsrd winter; 1 car. $1.12.
No. 2 hard winter: 3 cars (shippers'
weight), $1.12; 3 cars, $1.11; t2 cars,
$1.10; 1 car (smutty), $1.12; t car, $1.13.
No. 3 hard winter: 1 car. $1 09; 1 car I
(0.3 per cent heat damaged, live weevils),
| $1.06.
No. 4 hard winter: 1 car, SI.09; 1 car,
$1.07.
Sample hard winter: 1 car (live weevils),
11.*ig; t car (4.8 per cert heat) damaged).
90c; 1 car. S6e.)
No. 1 spring: 1 car (dark northern).
$1.25; 1 car (dark northern). 11.23; 1 car
II 19
No. 1 mixed: 1 car. 97Hc; l car
'smutty). 97c; 2 cars (durum). 98c.
No. 2 mixed: 6 cars (durum). 97c.
No. 4 mixed: 2 cars (durum). 96c.
No. 2 durum: cars.2 97c.
No. 3 durum: 1 car. 97c.
CORN
No 2 white: 1 car (special billing), G6c;
1 car, 65V .
No. 3 white: 1 car (new, special bill
ing), 66Vjc.
No. 2 yellow: 2 cars (special billing),
cars. 67 V.
No \ yellow 1 enr (15 80 p*r cent
moisture), 67c; 1 cur. 66c; 4 cars. 65 V
N,, 4 yellow: (17.s0 per cent moisture).
64 c.
No. 2 mixed: 1 car (special billing).
66 e; 3 cars. 65 V; 2 cars. 65c.
No 3 mixed: 1 car (shippers’ weights), j
64 He. . „
OATS.
No. 2 while: 1 car. 41V: 1 «ar. 41c.
No. :: white. 1 car (special billing).
4044c; 1 *’ar (shippers' weights), 40*ic;
r 2 oars. 40Hc; 1 car, 40c.
No. 4 white: 1 car. 29*4c.
RYE.
No. 2: 3 cars. 79c.
No. 3: 3 cars, 7 So.
No. 4 3 cars. 77c.
OMAHA RECEIPTS AND SHIPMENTS. ,
(Carlota)
Week Year
Receipts— Today. Ago. Ago.
Wheat . «« >’3 48
Corn . 30 0 4 10G
1 Oats . 43 38 19
Ryu . 13 1 »i
1 Barley . .. 2 1
! Shipments—
Wheat . 49 69 4n
j Corn . 56 20 3.»
I Oats . 23 37 4
i Rye . 5 3 1
Burley . 3 0 1
1’RIMARY RECEIPTS AND SHIPMENTS.
(Bushels.)
Receipts—
Wheat .1.999,000 1.476.000 1,070.000
Torn .1.056.000 814.000 1.923.O0O
j Oats . 602.000 881.000 607,000
Shipments—
Wheat . 1.240.000 1,500.000 1,074.000
Corn . 716,000 542.000 376.000
I Oata .798,000 958,000 297.000
EXPORT CLEARANCES.
Bushels—
Wheat. Flour. .1.316.000 925.000
Corn . 163,000 228.000 ;
Oats . 58,000 74,000
New York Dried Fruit*.
New York, Dec. 2.—Evaporated Apples
I —Dull.
Prunes—Easy.
Apricots and Peaches—Quiet.
P.aisins—Steady.
_ -
OMAHA PRODUCE MARKET
(Wholesale, l
By Slate nnyartmcnt of Agriculture
Bureau of Markets and Marketing:
POTATOES.
Carlot potato report for 24 hours end
ing 9 a. in. Saturday. Temperature and
weather at 8 n. ni.. 33 degrees, clear. 1
Seven Idaho, six Nebraska ears arrived.
Forty-four ears on track. Including
broken. Supplies liberal. Demand and
movement slow, market dull. Carlot
sales, Nebraska bulk Early ohios, U. S.
grade No. 2, two cars ut 55 <;ent8 per
cwt.
BUTTER.
Creamery—Jobbing price to retailers, i
extras, 53c: extra* in 60-lb* tubs, 52c; 1
standards, 50c; firsts, 48c.
Dairy—Buyers are paying about 40c
for selected lots of dairy roll; 3ic for best !
packing stock; cheesy and dirty con- i
slderably less.
BUTTERFAT.
Omaha buyers are paying around 44c
per ib. at their country stations; delivered ■
Omaha, *or direct shipper price, 52c per !
lb.
EGGS.
The price being paid for fresh eggs,
delivered Omaha, is around 45 cents per i
dozen, but the top price is being paid 1
only for selected lots of extra quality; j
No. 2, and small egg*, about 25c per
dozen. Receipt* are light.
POULTJlY.
The poultry market is unsettled. Prices j
have been low for several days past, but
quotations issued Saturday aro slightly 1
higher. Local buyers are now paying close !
to tho prices listed below:
1 .ive— Broilers. 21c: heavy hens and \
pullets. 17c; light hens and pullets. 13c; i
spring roosters, all sizes. 16s; old cocks.
10c; leghorn poultry about 3c less; ducks,
fat, full feathered. 15c; geese, fat. full
feathered. 12c; turkeys, fat, nine pounds
and over. 30c; capons, over 6 lbs. 20©>22c;
guineas. 40e each; pigeons, doz., $1.00.
Sick, scrawny, and crippled poultry, not
wanted.
Dressed—Prices being about as follows.
No. 1 dry picked turkeys, both .hens and
young toms. 38c; old tom turkeys. No. t.
$5c; No. 2 turkeys, not culls. 29c: No. 1
ducks, fat, 20c; No. 1 geese fat. 18c. Some
buyers are accepting receipts and re
selling on 19 per cent commission. Coun
try shippers should leave heads and feet
on dressed poultry.
RABBITS
Cotton tails, per doz.. $2.40; Jacks, per
doz., $2 50.
VEAL
Local buyer* are quoting the following
price* for fresh veal delivered; Fancy. 90'
to 115 lb*., per Ib . 13c; heavy, not over
140 Ib*., per Ib.. 10c; liver, heart and
lungs must be left in veal.
BEEP CUTS.
Ribs—No. 2. 21c; No. 3. 13c.
Loin*—No. 2. 2bc; No. 3. 15c.
Rounds—No 2. 13c; No. 3, 10*
Chucks—No 2. 10c. No. 3, 7c.
Plates—No. 2. 0c: No. 3. 5c.
HONEY .
New extracted. 24, le-ox.. 2 dozen to
cade, per case. $f> 00: new comb. 24 sec
tions per case. $4 50; new extracted clov
er, 10-Jc. can*. 6 can* to case, per lb., 16c
FRUITS.
Bananas—Based on selling price of 0
per lh.. $4.00@7.5C.
Oranges—Extra fancy California navels,
all sizes, per box. $7.50.
Lemons—Extra California. 300, 360
sizes per box. $10.50 choice 300 360
sizes, $10.00. Limes, 100, $3.00.
Grapefruit—Florida, fancy, all sizes, per
box, $5.00; choice, 36-size, $3.75; 46-size,
$4.50; other sizes, $4 75.
Cratlberrlea—Bbl., ICO lbs., $13.50®17.03
box, 60 lb*.. $6.75; Jersey Hoxycs, $17.00.
Apples—‘Delicious, box, according to si/.**
and quality. $2.60(5)4.25; Washington Jona
thans, per box, $1.90^)2.50; Iowa Jona
thans, per bbl., $6 00; bushel basket. $1.85
fancy Grimes Golden, bbl., $5.50; choice
$4.00; Ben Davis extra fancy. $4.50; Mis
sourl Flpplna, fancy, bbl., $4.25; Northern
Spies, box. $2.00<5i2.35: Winter Banana
per box, $3.00; Spitzenbergers, fancy, per
box. $2.75.
Quinces—Fancy Caloflrnia, ptr box,
$1.50.
Pears — Lawrence, fancy, per box, $2.50.
Grapes—Red Emperor, per keg. $5.50;
per crate, $2.75; Almerian (white), per
keg. $9.00.
Fig*—California. 24 x-oz.carton box,
$2.75; 60.carton box, $5.50.
Dates — Hollow!. 70-lb. butts, 13c,
Dromedary, case, 36-12 oz., $6.75.
Avocados—Allegator pears, per dozen,
$7.50.
CHEESE.
Local Jobbers are selling American No.
1 fancy at about the following prices;
Twins. 29c; single daisies. 29VicI double
daisies, 29c; Young Americas, 30c; long
horns, 2940; square prints, 30c; brick,
29c.
VEGETABLES,
Potatoes — Minnesota Red River Chios
No. 1, $1.25 per cwt.; Nebraska Early
Chios, No. 1. $1.10 per cwt.; No. 2 $10*'
1 per cwt
Sweet Potatoes—Virginia bushel basket
$1.75; bbl., $4.00.
Rutabagas—Per lb , 2c.
Reels Carrots. Turnips. Parshlps—Per
market basket, 45#60c: In sacks, per
' lb., 3c.
Artichokes, dozen, $2.50.
Lettuce—Idaho head. 4 dozen crat- I
$5.50; per dorm. $1.50; California crates (
$5.50; hothouse leaf, per dozen bunches.
' 45c. I
Peppers—Oregon, market basket. $2.00.
Egg Plant—Selected, dozen, $2.75.
Tomatoes— California, per case, $3 50,
Florida, 6-basket crate, $7.00.
Onions—Southern, per dozen bunches,
l 60c; Ohio Whites $3.00 per cwt; imported
I Spanish, crate $2.50; Red Globes, per cwt.,
! $2.00.
Parsley—Dozen bunches. 90c.
Beans—Southern, wax, hamper, $5.00#
7.00.
Radishes—Southern, dozen, 90c.
Spinich—Per bushel *1.25.
Cauliflower—California, crates, $3.50.
Cabbage—Crates, per lb. Hie; sacked
I'jr; red. per lb.. 3c; celery cabbaas. per
lb. 10e; Brussel 1 sprouts, per lb.. 20c.
'Ct> 1 cry—Michigan, ncr dozen ^ 60#7&e
Idaho, per cozen $1.35#1.60(^> 1.85.
Cucumbers—;Hothou»c, per dozen. $3.60.
Garlic—Per lb.. 25c.
F EED.
Omaha mills and jobbers are selling
in round lots, as Indicated below;
Mill Feed—Bran, $23.00; brown shorts,
$25.00; gray shorts. $27.00; middlings,
$28.00; reddog, $31.00.
Alfalfa Meal—Choice, $29.00; No. 1.
$27.50; No. 2. $25.75.
Oil Meal—Linseed, $53.50; cottonseed,
$52.70.
Hominy Feed—White, $27.00; yellow
; $27.00.
FLOUR.
First patent, 4*. $7.25; fancy clear.
>i« $0.00. Quotations are f. o. b. Omaha.
HAY.
Prices at which oinaha dealer* art
! selling in carload lots follow:
Upland Prairie—No. 1. $15.0U#17.Q0; No
j 2 $1 3.00# 15.00 : No. 3, $9 00# 12.00.
‘Midland Prairie—No. 1. $15.50#16 50,
j No. 2. $12.50# 14.60; No. 3. $8.50#11.50.
i Lowland Prairie—No. 1, $ 10.0U # 12.00.
i No. 2. $8.00 # 9.00. , _
Alfalfa. $12.00 #18.00; clover, $10.00#
I $19.50#21.00; standard. $17 50 #19.00; No
I 2. $14.50016.50* No. 3. $ 1 4.00# 16.00.
Straw—Oat, $8.00 to $9.00; wheat, $7.00
to $8.00.
SEED.
Buyers are paying the following prices
for field seed, thresher run, delivered
Omaha. Quotations are given on the basis
of hundredweight measure.
Alfalfa, $12 to $18; red clover. $10 to
17.50; alsyke. $8.00# 14.00; timothy. $3.50#
5.50; sudan grass, $8.00® 10.00; white blos
som sweet clover, $6.00® 10.00; millet, high
grade German, $2.25#2.75; coifimon millet.
$1.50® 1.75; amber sorghum, cane, $2.25#
2.75.
HIDES. FURS. WOOL.
The prices given below are f. o. b. Oma
ha. buyers' weights and selections:
Current receipt hides, 12#llc; green
hides. 10#9c; bulls, 9#8c; branded hides
9c; glue hides. 7c; kip, 154#14c; calf
13# 134c; deacons. 90c each; horse hides.
$4.50®3 50; ponies and glues. $1.00; colts.
25c each; hog skins, 15c each; dry hides. !
No. 1. 17c per lb.; dry salted. 14c per lb.,
dry glue, 7c per lb.
No. 1 tallow. 7 4c: B tallow, 64c; No
2 tallow, Cc; A grease. 7 4c; B grease.
6 4 c; yellow grease. 6 4c brown grease
6 Vic; pork cracklings. $80 per ton; beef
cracklings. $60 per ton; beeswax, $20 per
ton.
Wool pelts, $1.25® 1.60 for full wooled
skins; spring lambs, 76#90c for late take
off; clips, no value; wool, 30#35o.
Furs—Skunk, central slates, narrow
stripe. No. 1 large, $3.00; No. 1 medium
$2.00; No. 1 small, $1.50; No. 2 good un
prime, $1.00. Muskrat, western, fall large
$1.75; medium, $1.00; small. 75c. Raccoon.
• entral. ordinary, large, $5 00; medium.
$3.50; small. $2.25; No. 2. $2.25. Mink
• entral. ordinary, large, $5 50; medium.
$3.75; small. $2.25; No 2. $1.50. Wolf,
northwestern, sofr. large. $12.00; medium
$9.00; small. $6.50; No. 2, $3.50. Fox. cen
! tral. grey, large. $2.00; medium, $1.50
I small, 76c; No. 2, 75c. Civet, primo, 60
#25c. Lynx cat. $8.o0@1.00. Beaver, le
gally caught. $30.00® 5."oo. Fisher. $75.00
"T 10.00 House cat. 50#10c. Lynx, $16.00
| fh .00. Otter. $30.00#5.00. Weasel, white.
$1.00#25c. WP.1 cat. $1.50#25e. Badger.
$1.30# 10c. Marten. $40.00®5.00. Bear
i $23 00#1.00.
Turn in Your Series A to F
Victory Bonds
Victory Bonds, A to F, are due December 15th.
After that date they will not draw interest. If
you will bring your bonds of this series to our
Savings Department now we will collect them for
you without any expense to you.
Check over your bond* and if you have any Victory
Bond*, Seriea A te F only, briny them in now
for collection.
First National
! Bank of Omaha
The Business Barometer
This Week's Outlook in Commerce, Finance, Agriculture ■
and Industry Based on Current Developments.
Ily THEODORE H. TRICE, Editor,
Commerce and I'lnsncf, New York.
Copyright, IMt.
In an (<siay upon the United States
written about £0 years ago, the gr**t
English economist. John Stuart Mill, said
in effect that "the American people, when
confronted by a grave economic question, (
have often seemed upon the point of :
answering it wrongly but their common ,
sense has in the end prevailed and they !
have acted wisely."
The history of the United States since
Mill made his observations, has Justl
fit d his confidence In the ultimate eco
nomic sanity of the people. The green- |
back movement, the free silver movement
and various other economic heresies that
have from time to time been popular, have
dic'd a natural death when It came to a
final show down, and there seems to be
every probability that the ghosts of
ruidicallsm by which the stock market has
been so much scared since the election
will soon bo dissipated as by discussion
the sunshine of common sense and intel
ligent self-interest is directed upon them.
This as least, seems to be the sober
thought of the American financial world
and as a result the security markets have
been stronger and their tone at the end
of tho week was distinctly better. There
is no reason why a sound Investment
security should not be worth as much now
ns when it was selling 10 points higher.
The value of the property which It repr
sents la in most cases greater. Tho prices
of commodities have not wavered, reports
from industries and corporations have j
continued favorable, dividends In some
case* have increased and in others re- i
Burned after long lapses, and prosperity i
is widely advertised by the continuing
distribution of corporation surpluses in
th« form of stock dividends. There Is no
doubt that an autumn trade of impressive
volume is being carried on at reasonably
profitable prices.
Money Is Fattier.
Money is. moreover, slightly easier and
business men are mostly optimistic
These facts have been obscured by the
political clouds coming out of the west,
hut they arc becoming manifest to all
who realize that few radicals live up to
their promise once they/get to Washington,
and the indications seem to favor a grad
ual recovery in the stock and bond mar
kets as investors regain confidence and
commence to look for bargains.
The seasonal demand for money hai
apparently passed its peak. Interruptions
in the heretofore continuous increase In
the bill holdings of the federal reservo
system have been reported and commer
cial loans of member banks have been
declining fitfully since tho middle ot
October. Our banking resources ;ire so
far in excess of the needs of eomifTerce
that interest rates are likely t«> decline
again and surplus banking funds, as in
the past, are likely to find their wav into
good securities which yield more than the
going rate for money.
Sugar Advances.
Tn the commodity markets no sensa
tional movement of prices has taken place
Sugar advanced quite sharply. The Cu
ban stocks of old crop sugur.ar* now
completely exhausted but the new crop
will be soon available and It Is possible i
that its impact will cauao a temporary
decline.
Rubber Is up to 27 cents an the prospect
i.f co operation in the control and limita
tion of supply becomes more definite. Cot
ton is quiet ns the market waits for the
government estimate duo December 12. but
the figures, whatever they may be. will
not change the facta of supply and de
mand. which seem fairly equated at the
current price level.
Hides have reacted slightly after «
prolonged advance, but wool has been
climbing higher almost every day foi
many months and no one In the trade
seems to expect an early decline. The ,
much discussed lagging f*f price of agrl
cultural produets, which is held up as the
chief obstacle to trade expansion, does not j
greatly affect cotton or wool, and the ad i
vances In grain and livestock have nar
rowed the price spread between tbe vari
ous groups of commodities more than has
possibly been realised. As long as then
is no unemployment and wages continue
high further declines la commodities are
not to be expected, and if the efficiency
enforced by competition keeps down the
costs of distribution and merchants do not
unwisely force up prices b) endeavprlng
to recoup all their inventory losses in this
one season continued good trade seems to !
he assured.
Kail Earnings Disappointing.
Railroad earnings for October w ere j
somewhat disappointing The failure of j
the roads to keep pace with the transpor- 1
tation needa of the country Is clearly |
shown In recent figures of car loadings
Though more freight has been offered than j
at any time in the history of the country,
the roads have at no time suceeded In i
carrying as much as they did In the fall
of 1920. and traffic congestion has in
creased the burden business has had to ,
carry.
The Intention of the farm bloc to force ;
the much needed reduction In freight rates
is therefore announced at an unfortunate
time, for public opinion will favor som*’ j
constructive action looking towaid cheaper
and more efficient transportation rather
than arbitrary rate slashing, and in such
action the compulsory consolidation* con
templated by the law will occupy first
place. These consolidations are therefore
likely to become important stock market
Influences as time goes on. All Industries
are caught In more or less degree between
the mill stones of high labor and material
costs and the natural reslstence to higher
prices, and many of them are taking the
merger route to effect savings iu produc
tion and gain greater competitive power.
The absorption by Bsthlehem Steel of MId
eals and <'anibrla—providing the Federal
Trade commission does not interfere—and
the contemplated packers* merger are
«vM<s In point. Nor do l think the ten
dency should be discouraged. From big and
open consolidation* the public has much
to gain and nothing to fear, ecause they
call be quickly destroyed when they be
come oppressive.
Ship Subsidy I’asHO**.
The ship subsidy liay passed the house,
but it has been vitiated by the amendment
which parctically compels its renewal every
year by congress oral there is small chan- o
that it will pass the senate Its defeat
will not be as much of » loss ns belicvi 1
by its supporters, who have been viewing
it through rose-colored glasses, and wrttn
the government’s Income dropping off
steadily its defeat will he a relief to tax
payers.
little Foreign Mews.
From abroad there was little signifies*
R«wfl during '.he week. though the WtptfJ
ment of the Greeks in executing a few •r
the leaders who guided them to mllltat/
disaster must be act down as worth atten
tion ami some may consider It n progrei -
slvc step. The volume of (l^man pup«i'
money Is Increasing so fast that the process
threatens to In-come multiplication instead
of addition, and it Is only h question • f
time before the worthless mark la replacl
by foreign currency The reflections ■ f
Germany's weakness arc apparent in tho
unsteady undertone of the foreign ex
change markets, where further declln* ,
except in sterling, are rather widely ex
pected. and in the virtual cessation of tho
flotation of foreign loans in this count r>
Trade Kevlew.
Knd of Km! of
I.ant week Previous week I.ast year.
Hank clearings (Bradst reels) in thou- ,,
sands . $5,516,392 $7,225,740 $7,293.74 7
Business failures . 409 49. 49«
Security Prices. N. Y. Stock Exchange
20 Industrial. 9« «•* »■*■'»«
20 Railroads ... . **4 50 .,7
40 Bonds ..... 88.42 51.11
Commodity Prices:
Wheat. Dec. delivery’, Chicago.. 119 -I* lot
Corn, Dec. delivery. Chicago. • 1 ■’* „ i? 4 - In
Pork, ribs, Jan. delivery. Chicago . 9 H7 9 4.. •
Sugar, refined, New York. .0710 .0700 .05*0
Coffee, Rio No. 7. New York . 11 -I'Jv * 1,1
Cotton, middling. New York .. .2'2'. *3530 • ^806
Print cloths. New Yorlf .. .07% *®7 ** ’l'.?
Wool, domestic, average . .784 1 7M2 49-7
Silk, No. l, Sinshiu. Nkw York. 8 1" 8.3" . 4"
Rubber, crude, plantation. New York... .27% .24% .20%
Hides, pack No. 1, New York. .2 : .2.7 ,,
Iron. No. 2, plain, Philadelphia. . 3" 14 30.14
Steel billets. Pittsburgh . 38.00 38.00 29.00
Consignments—
This progressive company makes a specialty of
handling consignments of all kinds of grain in the Omaha,
Kansas' City, Chicago, Milwaukee and Sioux City mar
kets, and the large volume of business handled by us for
country shippers on consignment is the best proof of our
unexcelled service.
Our consignment departments are in charge of
experienced, conservative men, who have had many years
of experience and training in the handling >f cash grain and
who devote their entire time and attention to the handling
of consignments for country shippers.
Our private wire connections with leading
markets and with many interior points help make our
service superior.
Ample finances assure country shippers that
drafts will be paid promptly and balance due always
remitted with returns.
Telephone AT lantic 6312
OMAHA
KANSAS CITY CHICAGO MILWAUKEE SIOUX CITY
_ s
___-____ -_
