The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-05
WEEK IN
FINANCES
An Elastic Currency is Ur-
gently Demanded.
THE CROP-MOvlNG SEASON
THE CROP-MOVING SEASON
This Has Caused a Hardening In Mon e.
Rate al New York-Thc Successful
Floating Of Pennsylvania Stock
Had Stimulating Effect.

Especial to Tho Times. Dspatch.)
NEW YORK, July 3-Tho Financial
Age says
The financial community, after examin-
Ing the figures furnished by the National
banks III response TO the call of the
Comptroller of the Currency, again turn
tlcir eyes to Washington and ask II at
the coming session OF Congress our
National legislators will once more refuse
to pass n suitable relief measure. Despite
nine montlls of insstcnt liquidation. ac-
companied by almost unprecedented de-
clncs in the stock market, there is shown
a loan cxpension OF more than .le3,ooo.ooo
within a year. Under tho Comptrolcr's
call for, the condition Of tho National
banks as of juno 0. loans OF all the
Nationai~banks OF Tho country stand at
!sSil5,N5,75i; OIL the date Of the preceding
call. April .. they were :3,l03, elI6ls, while
on July 16. 1902. they aggregated $5.22l.-
S59,632 1t may be charged that wall
Street Is itself to blame for this condition,
and there is no need denying that the
oycr-ca pitaization and ,nwieldy stock
issues OF the past few years have brought
It about. but that Is not sufficient reason
10 Withhold relief from the entire bust.
ucss community which Is made to suffer
not only for the mistakes of n few over
en.esprlsing promoters, but for the In
different attitude OF Congress as we'll.
Even III the face of the defiant utter
arces OF TING statesman who expects to be
the Speaker or the next House OF Repre-
sentatiyek, 1t does not seem at all likely
that cltherathe Administration or tho Re-
publican leaders Will rountenunce 1iia
attitude. The Presidential election is too
near for them TO longer remain apathct-
c to existing conditions, and they arc
veil aware that a rcspanse TO the almost
unanimous sentiment IN favor OF an elas-
tic currency IL expected at the next
session of Congress-.
MONEY FOR INTERIOR.
The interior Will require this season It's
usual extra supply OF currency Crop
failure reduces such requirements; but
the crops have not failed. nor are they
likely 10 do so. Conceal business at
Interior ceniers shows undoubted increase
IN volume over 1902 the five months
increase In bank clcarngs OF the Middle
and further West being 4 IL per cent.
This means Largo increase In the loan and
deposit accounts OF eastern banks and thus
larger requirement for lawful bank re-
serves alone. The money markets OF the
Withdrawals for some weeks, although
the rise In call rates at New York gives
evidence OF tho approach Of the crop NOV
ing season.
As was recently noted in ttpse col
umns. the first four months OF The cur
rent year closely followed precedent In
the movement Of currency, bank loans,
cash holdings. surplus and other features
which, students of the money market arc
wont to follow. May and June, however.
broke away from precedent, tho latter
month showing decrease 1sas Z IN 10 loans Tor
The present month has decidedly
mixed record. the only general rule be-
n Tf Been s1sf N i The n ssr Of he
loan account has been particularly CON
fnsing. In July. 1902. loans Increased S..
s;S! u The % surplus n ' resere rose s5s 100
Loans Il, July 1900 decreased ,lO.966,o0o
and as cash holdings Increased sl!Slo,soo.
the surplus reserve increased sl6,953.725
July. 1900. witnessed n decrease In loans
Of s7,3s6.so1. and an increase In cash OF
tl0-512,70o, causing an increase of slo,-
F27.314 300 III July. 1899, while cash hold
lnss fell off sl4,2os, 200. The surplus con-
tracte ID g "a ass 425 IL 1879 the surplus drop
~. 2O770 In cash holdings and an expan-
zion OF S15,1s2. 500 in loans, July, 1897 saw
gain Of $tsSS In Inc n q es Il k ea sun n
cash holdings. Loans had Increased $40
GOLD WILL RETURN.
of.late years July has been eeI a. month OF
shpped;:, il, 1901. Sc. 100000; in 1900 s3.26o. oD
In 1899, 5000 900. In the three years prior
to 1909 however, gold imports I from Can
Europe. Tho past month has boon one
OF unusually heavy sold exports. and 1t
IS therefore unlikely that they will con-
OF many well informed local and foreign
bankers the gold which. has recently
although 1t Is generally admitted that
f fhs' results VIII nave niue" . 40 WIN
So far as the crops are concerned. the
latest reports from the West agree that
the corn area has been considerably dam
aged by the heavy rains, which neccssi.
tsed the rsPantn%s 81 n rY arEs Am Weat
yield, although less than was reported
week or 80 ago, is nevertheless sufficient
to cut down the original estimates as to
The Successful Notation of the Pennsyl-
vania stock issue has had stimulatin
appears 10 have completely dIsentangled
itself from the meshes of the bears. Out
side sentiment continues apathetlc, and
there is little likelihood Of renewed ac-
tiyity during the summer months; This
Will not be regretted by conservative in
terests, who, are a ave to , an adyan nee
as TO a further decline,
The hysterical condition, OF the cotton
market continues to constitute a menace
to the situation, not only by reason Of
this country and England, which is di-
rectly iraceable to the wild speculation In
that staple, but because Of the danger
plete corner or sudden slump from the
present .exorbitant prices. So far as the
market is concerned. there is reason for
believing that tho amount OF money re-
CURED to carry on the operations OF the
bull! clique Is much less than was orisi-
nally estimated.