The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-09-18

DAN SHIFTING CONTINUES.
Especial ID Tho Timcs-D Ispatch.)

Especial to Tho Timcs-DIspatch.)
NEW YORK, September 17.--All interest
In Wall street conycrges upon the none
tary situation, and tbs likely 70 do so FOR
some time yet 10 come. Industrial, COM
mercial and agricultural a progress con-
tnues highly satisfactory, and nothing
that has developed during the week touch.
ing upon the fundamentals OF the general
situation Is Tin the slightest degree ll,tcly
to impair confidence In the Industrial fu-,
turc. i t Is only In the monetary position
that any clouds appear, and these are far
manufacturer, and the inventor than to
the speculative interests.
It'll is true, though that a strain on credit,
II carried to tho breaking point throug h,
an over! Imitation OF security prices or
over-tradlng, could not be limited In Its
innuenceSto security markets alone. The
FORM OF industry is too Intimate for that.
The dependence&of trade and commerce
for Its full development ls upon two essen
tals-conttdenoe. and absolute funds LIB
eral credit renders 1t i'm possible 10 conAne
10 a security market the influence OF some
unfayorable development. which may be,
.raccabe To-, speculative excuses alone.
credit, and tho merchant busted with his
own affairs, far removed from any as
socia ton with speculative ventures, !s
fully rs likely To feel some measure OF
SPECTATORS errors. when such occur. as
spectators themselves.
Security Market.
With, the development OF time and par
ticularly during the last week, which
brought forth the september crop report
eminent trade statement. which shows
the steady and healthful expansion OF in
Irrational trade. It becomes more than
ever apparent that Wall Street Is made
concerned with the technical position OF
the security market thanEwIth anything
t.sc. 'fnat L - Dropery so ctmnectGus
now no one can doubt. who takes into
account the prevailing high level OF prices,
the heavy banking Obligation largely
the result .of the high level OF price,
and the slender reserves and who notes
OF cash TO government and to tho In
terror to move the crops and to meet the
demands OF expanding and increasing
,nnStrial activity. Flow much longer the
the process OF shifting their LOANS so
that the actual situation is covered up
no one can tell. It would seem, how
Of the practice were limited
Witf.n the space of three weeks. he
banks Of the clearing houses associa--
tlon have lost s25.aa5. 100 In lawful money
1t Isl. OF course. obviously Impossible
that there could have been liquidation In
the market NEUTRALITY-SUSPICIOUS. 21, 900, 900 last
interval. In fact. prices inst week ad-
vanvcd, showing that there was no llaui-
dntion at all, except of scattering ma
ture.
AZ 1t would have required a vcrtable
panic In the market to force such n
contraction by stock liquidation. the
|chnrac,er OF the operation az II shifting
of accounts from the banks to the trust
who make no regular reports, Is very
clearly defined. But the trust companies
alone. according to their June report, he'd
some ss45Coo,ooo in loans, and the banks
~
Il total combined OF about S1,045 100000
At no lime during the month Of June
dd&the bank. statement show surplus
reserve IN excess of $15. 100000 and OF
i the outset or the month 1t was down to T
about $1,000 900.
Unknown Quantities.
There are Of course, many unknown
definitely known that the non-reporting
tras.
but carry their cash In the banks where
Icredits are granted against It, and that
practically the entire burden ,of the
panies are supported by the8 proportion
Of reserve n the clearing house banks
In all probahllltypit Is not necessary
to maintain ms large a reserve IN New
: ork as % percent. against all deposit
liabilities. The8us O! foreign credits
tho grenter strength of banks. the better
communication between domestic institu-
4 uOnS ana INC GHke,R TcndcF ESucll q Hcavys
percentage, unnecessary. But what the
true percentage rs Mt the present time =
nothing like Is per cent. against the tota
obligations. II may be 10 per CENT. or It
may be ID, hut 1t certainly cannot be in
excess OF the liter ratio
1t would appear from this that money
rates were nbnormally low. and that flu
Their gold imports were highly desirable,
nottto bolster up q stock market or In
vitespeculatiYe ventures, but to strength
en- tho banking position that the agri-
culurlst and merchant may reap the full
| benefits OF prosperity.