The Birmingham age-herald., 1905-09-17
GOLD SUPPLIES ARE EASY ID OBTAIN Plenty of Material to Feed BuI
 Enthusiasm GOSSIP ABOUT COPPER Plans for Consolidation Favored by Both sldes-Purpose of Lawson Rald Accompished-Rlun-
 enthal a Power.
BY W. G. NICHOLAS.

New York, September 16.-After being in
 eclipse for two weeks. those much ad-
 vertised underlying conditions' have
 been much in evidence in the recent past
 The moral effect of the importation of
 little gold the first of the week was
 most salutary. The Initial transaction may have been forced but it's effect was
 to open the eyes of the public to the fact that the gold supplies of Europe were easily available and that unlimited metallic money can be had almost for the asking. So much had been said by market oracles about narrow banking re- serves and loan expansion that many people began to have serious apprehen- sions lest there might be actual scarcity of funds between now and the end of the year. Much stress had been laid on the claim that there might not be enough money to finance the heavy end of the crop movement and leave anything for the speculative markets--in other words that stocks of money and credit were in- sufficient to simultaneously finance bull stock market and the rush shipments of grain this fall, this of course, in addition to normal demands for business pur-
 
 large withdrawals against the deposit ac- count of the Japanese government in American banks. The ease with which gold can be brought from Europe to sup ply and deficiency which might arise was illustrated in the moderate shipment from London to New York, engineered by big specuIator who happens to be at the head of foreign exchange house. Of itself and standing alone on it's own fact the transaction would be of small con sequence but as a timely object lesson it was invaluable. It supplied a market tonic of which there was urgent need, and the elixir was administered at the right psychological moment. An honest difference of opinion has existed among bankers as to whether or not there was any real danger of money strngency but the fact that time arrangements could be made two months into next year at per cent tended to allay alarm on that score.
 Europe has been very coy in the matter of extending financial favors to the Unit ed States. Rarely at this time of the year has the short interest in exchange been as small as now. It is noted also that of the $126, 1000, 900 to $l50,0O0,000 or American money sent to Europe on sub scriptions to government loans, in pay ment of the Panama canal and in tour ists' expenses almost nothing has come
 back. This line of action, or rather in- action, only postponed the day of settle ment, however, for the time must arrive
 when the old world will be obliged to l pay for the cotton, grain and provisions | drawn from this side. It will be seen, | therefore, that this country Is so situated | that 1t has only to express little urgency | to keep the tide coming our way which l Lazard F'reres set in motion
 | There Is plenty of material upon which | to feed bull enthusiasm gluttonously. The 1 country is exceptionally fortunate in hav- | ing bumper yields of every kind of grain and bounteous production of nearly every thing that comes from the soil, even cot ton banning out better than had been hoped for. The mercantile feeling through out the country is healthful and buoyant,
 manufacturing Is at high pressure, build ing operations in nearly every large city are on a great scale, the mining industries are looming and there Is every possible | assurance of record-breaking earnings for the next fifteen months. The gold produc-
 ton estimated for 1905 of fully $4O0, GOO, 900 Is
 practical guaranty that there will be
 money enough to swing the worlds bus
 mess without check or inconvenience. 1 This enormous gold imitation will carry with 1t a corresponding volume of paper | money and credit expansion. The mighty | forces arc seemingly all working Tor 1 higher prices. Where the end of this un- parallel imitation will be is hardly given l a thought While everything is booming l the whole world has money but no time . for bad dreams about the cold grey dawn l of the morning after.