14
THE NEBRASKA INDEPENDENT
JUNE 25, 19 03.
HEWiY tUWS
Mr. Tan VorhU Clutu m Llttl Insight Into
th Gambling of Tbl Vf
tul-d "IuTtiitiiuvnt Hituknt"
of the financial combinations to pre
vent .becoming a rout.
The press dispatches are full of
stuff about "rich men who are abla
to take care of stocks and pay for
them." This sort of silly twaddle la
indulged in by interested gamblers,
and doled out to the reporters in th
VAitnr indpnendent: .The reports hope that it will keep up confidence.
ana increase me namuer ut uuiua-j
flies that flutter around the blazing
hope, of getting something for noth
ing, held out by Wall street Th3
country ought to be fully awake to
from the New Yor.; clearing nouse
ban s show a continued loss of de
posits. The report tor the week end
ine June 6 shows a loss of about $8,-
000.000 of the cash held. This Is id
to exceed' largely the amount of los the fact that men like Henry Clews,
expected. No lar-feitea uuempu a
explanation by Henry Clews, or any
other stocii cambler. of the condition
of the stock markets is required to
account for the situation. With the
loss of deposits shown by the clear
ing house reports, of course, the gam
bling in stock will be dull, and tha
bears will have the best of it Stock
speculation no doubt will continue to
be dull while this loss of deposits con
tinues. The people of this country
generally will be benefited if the stock
goes down until gambling ceaes en
tirely, and until stocK brokers are
compelled to close their gambling
shops for want of victims. Activity
of these markets can be of no possi
ble advantage to business generally, no
more thjyi activity , In any other l in l
ot gambling. ..:.-,',.
-The report for June 6 shows a loss
of deposits by the clearing house
ban. b since March 1 of uu,5di,000 ani
a decrease of loans of $35,026,200,
while the loss of cash held is reported
to, have been $15,555,600. These
amounts are ascertained by compar
ing the reports of February 28 ani
June 6. Just how this can be does
not appear from the reports. It has
the appearance of something wrong
with the reports somewhere. With aj
los3 of deposits of $0(5,531,000 and a
decrease of only $15,555,000 in the cash
held, there must have been about $51,
025,800 in cash received ttm somo
Eonrce to mai-e up this lo-s Whero
could it come from except by a de
crease in the outstanding loans an:l
discounts? If, as reported, the loana
and discounts only decreased $35,026,
200, then where dil the money come
from to pay the depo its withdrawn?
It is. difficult to. ste ".where it could
have been obtained except, out of tho
cash held. In this case the report3
ought to have shown a loss of cas'u
held of about $31,554,800 instead of
$15,555,600. There is enough to in
dicate that . there is something th-i
matter with the reports, but just what
it is difficult to tell. There is enough
to Justify a strong suspicion that,
during the last four or five months,!
these clearing house reports havcj
been doctored to suit the markets turl
to deceive the public about the condi
tions. There is enough to excite n
little curiosity about the relation the
siib-tTfs Ty has as a member of the
clearing house.
, A little calculation disclosed that on
February 28 the United States depos
its amounted to $52,163,900 and that on
'June-6 they amounted to only $37,
294,000. Here is a loss of deposits
omonnting to $14,869,000, or almost
the amount of deposits lost that is not
accounted for by the reports made by
the clearing ho"se. It loo s very much
as if there had .been some jugglery of
the figures to cover up a loss of cash
very much in excess of the amount
shown by the reports.
There is evidently considerable anx
iety on the part, of large stock gam
blers 11' e Henry Clews & Co. to cre
ate the belief that there is a strong
combination of "bear influences" cam
paigning to depress prices. This de
sire is reflected in almost every press
' report. It is suggestive of consider
able decepth e nonsense. " It may be a
satisfactory explanation to those who
regard Henry Clews, and Others like
him, as an hone-t financier engaged in
an honest business instead of . what
they are stock gamblers on a largs
scale, ready . to avail themselves or
every opportunity and device to de
ceive the public and increase the mini
.ber of victims. Those who will ex
aminei the reports and investigate the
doings, and conditions of the banks
will find a reason for the depression in
the price of stocks that has no rela
tion whatever to the efforts of what
ara called the "besrs." ,The chance3
arei that gamblers holding stocks on
margins are trying to get out with ai
little loss as possible, and that
break 'and panic among them is onlv
prevented by the efforts made by par
ties holdine . large interests in the
properties represented. ,
- Every deprescion of price and sale
of stock is Immediately., telegraphed
all over the country as "an attack by
the 'bears' upon the shares of tho
Etc.. Etc., company" .when the fact
probably is judging by the bank re
ports that it is not an "attack" but
a retreat of frightened gamblers that
. mm L-.'m ' T ' t ' . ' - M J J
requires . an ;tne power ; ana, ingenuity
-: 1 f - 1 !!;.-'!; '"' 'V-'.;-
who call themselves investment bank
ers, are engaged in business that
would not continue a month if thi
public, knew all the inside facts. The
success of such business depends up
on want of knowledge on the part of
the public. The training of such men
makes them adepts in manipulating
public confidence, and their personal
interests make them unworthy of b
lief concerning the financial condi
tions. Their game is a confidence
game, fully as much so as that of tlw
man who works the check or changa
swindle.
There is a money stringency in New
York. There is no doubt about it.
The. government is unable to assist
the ban1 s further without an in
crease of revenue or a decrease of ex
penses. For several months no per
manent addition has been made to
the United States deposits in New
York national banks. During the last
week in February there was an ad
ditional deposit of about $12,000,00.),
tut it was almost immediately with
drawn. During the week ending April
11 the aggregate deposit was again re
duced about $3,000,000 since which
time it has remained at about th.i
amount now on deposit $37,294,000.
The comptroller's abstract show? that
the banks outside .of the clearing
house have not had the United States
deposits increased.
The press reports explain that the
large loss of cash during the last
wee1? is due to the withdrawal of cash
by trust companies. It has" also been
reported that some of the trust com
panies have withdrawn from member
ship In the clearing house. If this
indicates anything, it indicates that
the situation is not regarded as safe
by them, and that they are getting
ready for contingencies. I am not
familiar with the laws of New York
under which such companies are or
ganized as a companion to some na
tional bank, and acts both as a feeder
and a safety valve to it Such com
panies are not likely to withdraw these
deposits from their companion bank.
I question their having done so to
any considerable extent in New York.
FLAVIUS J. VAN VORHIS.
Indianapolis, Ind.
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Editor Independent: The report of
the New York clearing house for June
13 shows a continuation of what has
been going on since March 1. Last
week I Hook the report of June fi from
a paper in which the item of deposits,
that ought to have been stated at
$898,625,000, was by the compositor
made to read $889,625,000. For this
reason the amount of loss of deposits
unaccounted for by the report was
ftated at $9,000,000 more than it
should have beep.
The report for June 13 shows that
the banks in the clearing house dur
ing the week decreased tneir loans
$11,776,100, and that they lost of their
deposits $11,795,300, while they report
an increase of cash amounting to $1.-
752,700. How there can be an In
crease of cash when the loss of' de
posits exceeds the decrease of loans is
rot obvious. Possibly it may be ex
plained by the item of "checks on
other banks" that are deducted in the
calculation of deposits to determine
the reserve required by national
banks, but it is hardly reasonable "to
suppose that between March 1 and
June 13 there should be a difference of
$8,723,500; that is, during that time
the loss of deposits exceeds the cpl
lection of loan3 an. decrease of cash
reserve by that amount, as will ; be
seen from the following figures, to-
wit: . . -. ;
. lOAKS DEPOSITS CASH
March 1st.. .J9"O,l.Vi,S0O f0r6i20f,400 . 8245,003,300
Juno 13th... 903,322,000 886,829,700 231,184,600
Decrease 46,834,800 t 69,376,700 i 13,818,900
Loss deposits - 09,376,700
Dec. ot loans i,fB-i,soo I rr
Dec. of cash. 13,818,900
Loss of deposits in excess of decrease of loans
ana casn reserve, 58,7,000.
Whether this shows an actual cover
ing up of a cash loss greater than
shown by the reports or not, it does
show that the reports are not made' so
they will disclose to the public the
whole truth. jf
The amount of U. S. deposits held a
the end of this .week . was $37,204,000,
or $90,000 less than on the 6th,
A persistent erf ort evidently is be
ing made to create the Impression o
a "bullish ' tendency in the stock
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1023-25-27-29 O Street, Lincoln, Neb. &
0
$0000Q00000000000000000000
Lincoln's Progressive Store
serted as a fact, and then in explana
tion of it among other things is re
ported the "decision affirming the
right of the coal road presidents to re
use certain infonr-tlon demanded by
the interstate commerc? commission."
That is, the price of s.ocks were given
an. upward tendency because the pub
lic couM not get certain Information
concerning the properties represented
bj the coal road presidents. It is
worth while to think about what this
claim means. Who can it be that re
gards certain stocks as more valuable
because certain information cannot be
obtained by the public? Why will
any one, for that reason, give more
for them? Such a statement is sur
prising; not surprising that it is a
fact, but surprising that publicity
should be given to such a fact
Fillmore County
Fillmore is one of the very best
counties in Nebraska from the view
roint of a farmer. Here is found the
same chaarcter of soil as in Richard
son, Otoe, Sauriers and other rich
farming counties, including Saline,
where land sells up to $100 per acre.
Fillmore county is also in the rain
belt and a crop failure by reason of
drouth is unknown. .
Fillmore county offers tempting op
portunities to the homeseeker ,who
wants the very best land, as the prices
of land are not so high as in othe'
counties mentioned. However, prices
are advancing rapidly. Weber & Far
ris, of Lincoln, Neb., have a 160-acre
farm three miles west of Strang thar
is offered for sale; all very choic-s
Is it possible that the information land; 100 acrs under cultivation, 40
wanted was concerning illegal sources
of revenue that would be cut off or
decreased if the truth was known? Or
might it be that, if certain facts were
disclosed, the price of stocks would be
decreased - because the opportunity for
deception would be less?
Such a ' reason given for an ad
vance in the price of stocks in Wall
street's great gambling house, known
as the "stock exchange," ought to put
the entire count: outside of New
York on its guard against that So
dom of financial and business iniquity.
It is to be hoped that as fast as
possible the basks In' other parts , of
the' country, that have been sending
money to the New York banks because
they caiwget inter st on so much of
their reserves, will bring it home,. The
only reason why they can. get interest
on su?h deposits is the demand made
for money; by thV activity of stock
gambling. The condition is unnatural
and dangerous sto legitimate business..
No honest banker who understands
himself and the situation, will put the
money of his depositors in such jeo;
pa'rdy. It' is. not a. question., of the
present solvency of banks, but. the
ability to meet cash demands in the
event the financial situation should
rr.ake such demands .extraordinary.
FLAVIUS J. VAN-VORHIS.
t;. Indianapolis, -Ind.,' June 16,' 1903,
Socialists have the opportunity to
edit the Karl Marx Edition of Th3
Independent (July 23, .1903) .just as
the- single taxers' did ' the Henry
acres pasture and 20' acres in hay land.
Good 7 -room house, barn for 10 head
ot horses, hog house, chicken house,
coal house, granary, corn crib, some
alfalfa, fine ash grove, some fruit,
good hog and cattle lots, etc. On frea
nail delivery route and telephone in
the house. ; Price $45 per acre. $2,
000 of this can run four years at 5
per cent if desired.
Any one ; desiring to buy a first
class quarter-section farm will do well
to investigate this property. It is of
fered at a very reasonable price and
in a few years wil. command $75 to
$100 per acre. ' Taere is no better land
in the state jjl ; Nebraska. It is a core
fortable home,; good farm and .will
prove an exceptionally good invest
ment. Webet'&'.Farris, 1328 Ost,
Lincoln. Neb.' ;-. rf.
Tenessee Populists
Editor-Independent: In response to
your inquiry .regards, the. condition of
the populist, party in . this state Ten
nessee will say, it is in an unor
ganized condition. Nearly all have
gone back to the democratic or repub
lican parties mostly to 5 the demo
cratic. 1 - -
Very little interest in politics is. be
ing manifested here at the present
Will try to ' find time enough . in the
near future to write you a longer let
ter on this point. W. J. FLATT. '
Templeton, Tenn. ,
Special subscription rate to stogie
maiket 'Such a tendency is flrsfas-j George Edition.: "-'. iaxersy 5 mouths . 25o. v; ,;,v.f:- :