New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-14

The Financial World.

anticipated. This did not develop hovvs,.s
til thl latter part of the week In The s..
half it seemed if we should have tn ra,.,s.
conventional ideas of the influence of bieb -
terest rates prices. for while MONEY, -.
from ) to S and 10 per cent the stock r,.~,-1.
rose with it: and Tuesday afternoon -,
Wednesday morning when these rates Vs..
reached, with higher ones in clear prosra.
stock prices were at their highest and the ,rbo1,
market extremely active But az last En-
money market got the best of the other ss :.
always has; considerably aided by reports n,
frost IN the corn belt When money got up To
20 per cent with frost dispatches coming in
pretty numerously. there was general selling NJ
stocks and prices receded all through the list
The low point of the week at the close n,
Friday, after the opening yesterday
morning. Just before the close yesterday a
fairly good rally on reports of Treasury assist
ance TO the money market and expected imports
of gold gave an improving look to things
The bank statement shows the surplus reserv.
to have been practically wiped out, less than +,
million being left. The contraction of loans for
the week less. shown by the statement
than had been anticipated-not quite seven MILL
ions. Possibly these figures made ris-
ing averages for this particular item; and loan
contraction may be continued through the CON-
ing week.
Take it all in ALL the decline in the market
was less than might have been looked for, con-
sidering the adverse elements at work; and
where the recessions were largest was in stocks
which had previously been most rapidly and
largely advanced-Missouri Pacific. for example
Relief to the money market will come from
three sources-loan contraction. release of
locked I'D money by the Treasury. and gold i'm
ports 1t is certain owe good deal abroad.
all our big bankers agree TO that; but IL is also
certain that interest rates cannot for any length
of time continue to rule in Berlin. Paris and
London at about . per cent. and here at the
high figures of the past week movement Of
money to this centre. to bring the markets
nearer TO an equilibrium. is inevitable
The Treasury will help to the extent of ten
millions or so. by anticipating october interest
and depositing funds in national banks This
does not do more than about offset the funds il
is locking up through Customs receipts Az
this time of year the latter are always large.
and it is lust at this time that the crop move
rnent begins: go the banks subjected to a
double strain For while the crop money Is
scattered temporarily all over the country, doing
its proper work indeed, but for the time oelh5
depicting bank reserves. the money paid az me
Custom House goes into the locked vault OF the
Treasury and is thereby absolutely Withdrawn
from the channels of circulation to the extent
that the Governments expenditures and re-
CENTS are out of balance. At this time the
Government is doing most taking in
Some day or other. the National Government
will do it's banking the same as state anu
r,,,ricina1 Governments do: and as corporations
and individuals do. There is no ear'hiy reason
IN economies why it should not. Yet with any
one who has given thought to the history Oh tne
old United States Bank. and the furious ponti-
II,
conviction must be strong that not economies
alone is concerned with the question OF tNs
nroDer custody OF Government funds There are
noIiticaI considerations Therefore 1t is not an
EASY problem TO solve Some day 1t VIII Oe
done and done properly: anyhow. however Il
can't be done next week. which is the time IN
mediateIy concerning US; and so We must az
mend upon such devices as Secretary S1a" mas
at his immediate command TO keep Government
moneys IN circulation
WIZ all that can be done from any source. IL
seems certain that for the next three weeks VI
90 high rates for money must obtain. and tne
stock market will have to accommodate iSeil ~
them. -. ,,9
outside Of this. conditions ali that could
=, zasirsd - Business is active everywhere.
,,ro4+s are good and the crops big Even the
,,baa+ crop. which was injured consideraoiy Oy
an carly drouth is turning out bigger una"
expected: and the corn is so far SAFE IroI'i i-OS
that only small percentage OF L can Oe ~
i,,red. and it will be small pereeh'dse u
very large crop. The supreme test OF tNe -
trade gives satisfactory results When @ppNI
az a measure of trade conditions. AIi"ous
every furnace is working TO the limit vi
nacitv imports OF foreign iron nave l'I~ie ,
simply because domestic supply was MOI -
80 demand The coal strike is the only thing III
,y,-Fif <
turbance. it IS 10 be hoped. IS very near an e"I
IT,, ,,ot,bra incidents of the week were tnS
,ii,,e, of the ST Paul dividend rate 10 pe
ca,t which il was some time ago intlnAa'eu ~
mis- column would be done; and the ahHoU1i
wont b,- the g. & o. company OF a new ISSUE =
a. millions of stock. There are giants IN me-
DAYS \ new issue of y millions Is re'e 80,
c,,ita calmly Ten millions some years @e0
enough TO set Wall Street in a fiutteF' anu =
orally meant a drop in the price u 'A'
stock. ,.t.izrr
Tho street scrutinized with some skep'ioA''A
the statement of the purposes 10 "hlch INC ~,
rnorev was to be applied; and II Is S1-e -.
the general impression was tld' "' H.
and ordinary uses were MENTIONED i'iuOA -,
49,, will go to pay for the Reading seO(
-, :. :. ,,,darstood has gone into the b. & "
treasury. Apropos of this. as reiauhs 70 80.
., - tho anthracite trade, it may be saIt inc
q this. control we're less concentrated 'HaN !
az If were as ii used to- be-the Pre9e'i :,
tracted strike would have put the re''I. p-N -
optbracit, to prohibitive figures me
NAMES now name the price at whlch .iie "a
may sell He sells at that price or ne se ~.
coal. That is why anthracite IS doi7u oO'
retailers at SIS per ton; a ton or TWO 'oi- IN,
.,,~.ar,,.r Quantity and price are fixed Ior '"9
~o,at1ar who has become. in fact, mercy
selling agent .,,0rs or