Evening star., 1905-11-11

credit situation are the establishment OF
new institutions to do an international
banking business and the formation Of new
alliances by older houses on either side of
the Atlantic. 1t is reported now that new
banking institution to do an international
business will be organized with $5,O0O.ooO
capital, having headquarters in this city
and branches in Paris and other continental
centers.
Among the concerns said to be identified
with the new institution are Hallgarten Il
Co. the Trust Company of America and
the Hanover National Bank interest and
the foreign connections Of these Institutions.
tt Is said, will also participate In the un-
dertakfng. These new concerns and the for
nation OF closer relations between we'll
established firms have much to do with the
broadening of the International market for
American securities.
c. Schumacher & Co. say OF foreign ex-
change: I'VE find that Europe has been a
large buyer Of our raw cotton, paying well
over IL cents per pound. AS they are pretty
bare of cotton it looks as though they would
continue to purchase. but We believe on a
less liberal scale from now on.
THE present money market has upset al
calculations, and although 6 per cent u
think that the present strained conditions
are only temporary and that as soon as
money comes back to New York from the
interior, and rates return to fairly normal
conditions. say. even per cent, exchange
will again advance. However. as long
money Is practically unobtainabie at rea-
sOnable rates to avail themselves of their
foreign credits as much possible. and
this will prevent any material rise in ex-
change"
Whether the present exchange and money
conditions are to result In gold imports
should be determined in the course of next
week.
The total bank clearings of all the clear
ing houses of the United States for the
week ended today were 81, ss2, ,813, ,s54, a de-
crease or $250. .SS6 from last week and
an increase of $685., ,s62. 2.0ls. or IA per cent,
as compared with the corresponding week
last year Contrasted with this week of
1904, New York increased 1T per cent:
Boston, 21.4 per cent; PHILADELPHIA, ls5
per cent; Baltimore. 204 per cent: Chicago.
14.6 per cent: ST. Louis, So per cent and
New Orleans II per cent.
-
The weekly financial review of ]. q.
Bach & Co. says:
What interest the public has in the mar
ket seems to be confined to low-priced
coppers, Iailroad and industrial issues. For
the better known of these securities there
has for some time back been q genuine
public demand, but whether this in time
VIII broaden to the hgh-priced stocks is a
duSSllou WHICH insiders are anXfOuSly
weighing. The trouble seems to he that
the dividend-payers generally are thought
TOO high for the average man to consider
purchases
Business and Industrial conditions con-
sidered. stocks are not dear and the un-
derlying factors in the situation would
seem to justify higher prices in time The
banking position is sound. and as yet there
has been no overspeculation. Hence the
course Of the market will depend largely
on fresh public interest Money in all
probability will remain firm during the
balance Of the year. and it would not be
surprising If higher call money rates
should prevail in the first week Of Decem-
ber Another factor to be considered is
the railroad rate legislation to come be-
fore Congress. ,,
THE situation. summed up briefly, is
that money ts the dominant factor at the
moment. For the immediate future rail-
road rate legislation may exercise an Inn
portant influence, while opposed to these
adverse influences is the solid wall of
prosperity which Is assured for fully q
year to come.