The Birmingham age-herald., 1905-10-01
PINCH IN MARKET FAILS ID DEVELOP Seems to be Enough Money to
 Go Around SITUATION IS EXPLAINED West and Southwest Well Supplied With Crop Moving Funds--Gold PIentIful--Great Boom In Iron
 and Steel Indefinite.
SITUATION IS EXPLAINED
BY w. G. NICHOLAS.

New York; September 30.-With every body looking for pinch in the money market the pinch fails to materalize. Money Is working snug, but there ap- pears to be plenty to go around. Least wise there Is a sufflcency for legitimate purposes, with a moderate surplus availa- ble for spectators in the stock markets. Most people are seeking a convincing ex- planation of the unexpected ease of the money situation. That which seems most satisfactory Is that supplies of cash are more widely diffused throughout Nhe country than at any time in our national history. More than ever before localities are able to meet home requirements for crop moving and business purposes. This Is especially true of the west and south west. which are in a remarkably strong position. These great geographical sec tions are more nearly out of debt than ever before and more independent of the east. This condition leaves New York, Boston and Philadelphia with larger re- serves than usual for employment at home. The real strength of the New York situation Is not correctly reflected In the weekly bank statements. These oAhibits do uOl SHOW the condition Of private banking institutions or trust companies, which In combination are Wealthier and more potential than the banks included In the clearing house returns. Such houses as J. P Morgan Co., Kuhn-Loeb & Co.,, and the Speyer Bros, each swing enormous capital and there are dozen other concerns in New fork controlling resources which few years ago would have given. them place Tn the nrst rank. The capital used by these houses only figures in a limited way in the statements to which the public has access. There is in reality an Immense amount of money available for Wall street uses over and above that Of which there Is official record. The pressure of these funds upon the market Keeps interest rates well within bounds and gives fair assurance of smooth sail. Ing around the turn of the old year
 Gold Is Abundant.
 The import movement of gold Is now under full headway Engagements thus far approximate s5,000,O0O and estimates or shipments during tho last quarter of the year range from s10O00.0o0 to s25- 0oooo' The one thing certain Is that Europe Is ready to let us have all we want. The bank of France has an &C., emulation of 6oo000,000 in gold and every important capital in Europe has the precious metal in vault bursting uuanti- ties. These mammoth acoumulations represent provision against every possi- ble need which may arise for account or the several governments. The restora- ton or peace between Russia and Japan relieves the international situation and makes available great stores of gold which otherwise would be kept in hand. The money supplies of the world are stili further being fortified by the ln- How or gold from mines everywhere. Aus tralia Is contributing $9O,00O 000 this year In gold, South Africa sso. GOO 900, and the continent of North America sf25. .O0o. 0OO. Australian gold Is beginning to come di- rectly Into San Francisco and will con tinue to pour into that port for several months. The United States is now re- eeiving from original sources gold at the rate Of $3,500,O00 a week. an infusion which imparts a comfortable glow to the entire situation. although Its cause may not be generally understood