The San Francisco call., 1906-09-13
MONEY TO MOVE THE CROPS.
How the Vast Amount Neco ssary May
Be Obtained.

BE ODla1EcO.
J. s Bache & ca Of New York say: "Secu-
rites Of sse 4 4shes5 I grave % ps5 esfs
Of continuing TO pay dividends yielding this
considered exceedingly desirable. Many high
class stocks the Exchange yield per cent
and more than per cent 2 At presen5, prices, hs
pressure 10 buy such stocks on the part OF tne
snvestcr which would be accompanied by sun
more inslstent purchases by tne speeuoaung
public But the investor can realize 6 per
cert on business loans. Z. S and per cent on
time loans and from to 25 per cent on cail
loans Consequently. the investor does not
come into the market, ana the speculative
nr;biie also withhold for lack Of example and
because high call rates eat furiously into specu-
..outsi6e Of the money situation there is no
cloud on the horizon, and the attention OF
every one interested in securities is eentereo
on money conditions. These are briefly tnat
in the outer zone of the crop moving area IN
passing through which. on rough estimate,
seDt West and South during q period OF three
months. and the sixty millions must come
from the new sources. or else, If taken 9e out 91
present bank holdings, VIII hamper ana ctlpP4e
every interest in the United States.
SOURCE OF SUPPLY.
The sixty millions new money needed to
move the crops, without uselessly hamperlhg
The business Of the whole country. may be OBJ
teineJ IN two Tavs-hrst. by import Of gold
from abroad; second, by distribution OF 1reSs-
gry money We kaEe as Seersl1s sas man Who is
willing 10 take the responsibility OF using tne
United States Treasury as great central oAnK: .
and coming 10 the rescue Of business II
must be remembered that the money in the
Treasury or at least fifty millions OF IL pc
longs IN the channels OF uaoe- ana nas oeSn
arh3frsrily taken out OF business through the
oDeratfon Of the sub Treasury system Ihe
Secretary is using his powers and his resources
in q most wise and conservative manner- ne
has so far refrained from extra deposits De pc
neving that q part OF the crop money shoulo
come from abroad. and has put IN operation
once more bis ingenious expecient Tor fsclltat-
sng he bringing over Of gold. Had be first de-
posted 10 the limit and then neipeo eolo
Imports the latter-the most uncertaln OF rS onS
Two eXpedienrs-might not have worked, anu
we would possibly be IN the throes lAtet un
OF 3 very perilous money squeeze As II Is,
be reserves his best and most eneetusl process
for rhe last and when Il is remembered tnat
be has in the Treasury ninety millions Tee
gold. the situation cannot but oe reedroen d
eventually safe-for this year at least
OTHER FEASIBLE EXPEDIENTS-
Henry CIeus says:
snr mon Europe 10 finance their operations
Thus far gold imports have been olsappolnIlng.
Some experts. however, calculate pnat Ionoo1
could spare about SIS, 600. 900 this season and
Paris about SIS. .0O0. .00o. There are olner
important demands 70 be considered; suen 1s
fzation scheme: but American creolt aoroa9 -
strong and since we are able 10 oner the pest
ourbid other bidders for gold. No doubt 1t Is
our strength in this respect tnAt gives 9 S9L
fnanciers such confidence IN conouctlhs pls
bull market against conditions orclnarng Oeeu.ee
adverse Additional help can also be secured
through an expansion OF loans ABROAD, auns
ii,,fpfsbinp tie necessity Of gold imports. Stlll
e~o-es exnedtent is the carving Of American
stocks in foreign markets very consloeIaole
relief is also expected through SecrelSIg
Shau's despositing public funds N the oanks;;
Sfr Shaw will not do this FOR the purpose OF
aiding speculation. but any assistance ne LSy
afford the interior banks, which pc Is ssa nxely
10 90 II found imperative VIII neeesSoAA-s -S97N-
The strain in New YORK.