Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-11-09
Instead Of Relief There Was a
Sharp Return to Stringeney
ON WALL STREET MARKET.
Facts are sim Largely on the Hull
side OF the Market Best secu-
rifles Are IIigh.


"ANHAAAf w ANf
Now York. Nov. i-fn Wall Street.
the speculative market has been walt
ing on the money market The week
opened with a frolIng that lending had
taken turn towards ease. \ mudcr-
ate gain In the surplus reserve Of the
banks was construed as hopeful
symptom ana Moniay'a buying was nc
tive and buoyaut but when the buyers
came 20 make ~ the loanr.ihcy found
very different money market from
what Saturdays bank exhibit had led
them 90 expect Instead OF relief there
WIS o. return or Htruscncy ns sharp aa
anything experienced within the last
two months Nobody semed more sur
prisod at the turn money had taken
than The bankers themselves who.
while nttrlbutlng something to the
preparation Tor Interest settlements ON
November iat yet very generally
agrcd that the atringcncy f. not yet
broken and that no marked elements
Of relief are yet ga sight The Interior
currency movement b. atili against the
banks. and whilst the demand from the
West pcrhap8 shows some abatement
the requirements OF the South are In.
cruleinU
iianlt'nr opinion very generally In
clineu 90 the conelugllu that The fall re-
turn 90 ease VIII hc much later this
aeagun than ln ordinary years. From
such aymrtumH ng are in sight bankers
doing an interior business are expecting
LITTLE LENDING
below O per cent between NOW aud the
nlHt oi January. Unusual causes are
az Work ln the money market, the
breadth and force uf which Dc ~ not
tAHy 20 measure. Something moro
than the movements Incident o. this
crop season have 90 De- calculated upon,
Credit operations have been radically
influenced by the industrial revolution
| incidental 90 the great trust creations
OF the last ten months Since January
/ it, corporations with % total uf mo- icaa
| than la0ll 100000 u capital iHHuoa have
/ boon organized. These tran formu-
| have been attended with Immense tsm-
/ porary diaiucitiuna Of capital 'rhe me-
| E1tatlunH have involved large loans
destined 90 run until che ncw iasuea
| have been distributed and until the
/ underwriters have rnnrtrd their luul-
/ datiuuH The national banks have
! doubtless participated Go but very
/ small extent In these operations; but
! many oi the trust companies. private
| have probably msile advances to the
| extent 90 hundreds 10 millions Of dol
| lars. with the cougequcnce that these
credit resources mc largely withheld
from the uses 20 which they ordinarily
| contribute at this season N the year
In addition 20 this special employment
OF credit. the demand Tor the ordinary
| purposes OF business has Tar surpassed
AN precedent Tho
EXTRAORDINARY DEVELOPMENT
In our manufactures. our farming. our
mining ana our exports has placed an
extraordinary pressure upon the credit
| rrruufccu % the country. There lH "a
limit 10 the gxtent Co which this sudden
vast expansion VI our credit require
| mpntH can be- promptly responded 90.
II Do not merely that We have no power
to expand our currency pruportionatcly
| to these enlarged wants. Restriction
fails equally upon the much lhrgcr class
ut credit operations that are carried ON
without the employ mont " muuey-the
ordinary loans and discounts of the
banks. which ur placed under ahafI
Limitations hy the banking laws. The
ability OF the banks 10 lend Is regulated
] hy thr amount NJ lawful money they
can control as reserve against their de-.
pualH. and yet the activity OF
the retail trade aud the Increased re.
! quircmoni1 Tor payment OF wages are
keeping the grernhackH and gold la nc
tive circulation outside the banks. la,
We an elastic bank currency system
J which would ouahle the banks 90 dis
3 tribute their notes under conditions lik
{ these, instead ~ paying out thuir 70
serve money we should have two
fold source OF relief which We have no
4 now,a-in the first place. a larger re-
source nf retail circulation and, Ia IN
d npxt place, larger ability ~ thu bank
Co discount 10 thus appears that IN
I HrHNHNNIHHH HrIUHFHlfHN d fNuH thai
anything else. 10 the legal restriction
upon
uANkiNG OPERATIONS
4, and 90 the artificial regulation OF ou
currency system. How far the inlur
10 from there restraints win be- furtho
. developed under the present conditions
Do ] 10 "a difficult Co definitely Indicate /
HeomH ouly too possible that some 10
forests may suffer which. under free
a conditions might safely aud prupcl
a Dee accommodated. The nature AM
cause ~ the HtruFcncy are not Hug
% Fesuyo of carly rclief ana make urscn
n ] appeal Co Congress- FOR the earnest con
Il Eldcuutlon OF these credit and ourrrnc
questions,
70 Towards the close OF tho week m
r stock market showed an upward ton
. doucy owing i1 the belief that IA
% tension ln the money market ha
. reached The highest point ana that fo
. some time Co come excessive rate
d would NOT Doc ohulnthlc innkeu
o. however anticipate ron rates unit
81 January ! Che gruut commercial FUND
10 / from rsFllnr borrowers. Good rate
T, Wiil exercise Wholesome restraint ur
d ou HlpCulution without which the in
/. rouilNU 90 take dangerous risks mlgh
. ] prove IrrrHiHtihlr. Some Of the prt
. fHrrel shares OF the industrinla wit
- their enormous earnings appear Yer
tempting 90 the average operators hu
f. UI