New-York tribune., 1906-07-07

New-Tork Tribune. asking an expression as TO the
cause OF the frequent and wide fluctuations OF
OF many in financial circles in different parts of the
country; Since that time I have heard varioss
view that owing to crop-moving time in the South
and West, money strin2ency might be looked for
Il has been my good fortune during the last few
Paul; to the most southern point in Florida
from Chattanooga, Tenn, TO Salt Lake City, ana
frequently from 81, Louis 70 New York. In these
various journeys / have made effort TO view the
development OF the country from the pla tforms
OF the trains on which travelling
The route traversed fairly covered the cotton,
CORR wheat and oat fields. and embraced practically
the coal mining districts OF the United States. and
touched cities and towns where more than 90 per
try are located In these various trips my travels
have embraced twenty-five states. In every section
dance demand for the employment OF every avail
able man ana M & woman s at splendid END wages ~ IN a a..
captain OF industry. / found the South Southwest.
North Northwest and West purchasing commercial
paper al from 20 50 per cent and buying higil
grade New York Stock Exchange bonds TO use then
/ found the rate at Tampa Fla. only slightly
above that at which money can be borrowed IN
found the demand for money in Salt Lake City
In St Paul and Minneapolis. and in Denver
in Dallas, Tex; in Nashville and Memphis. Tenn.
existed. Each one Of these centres. wen
as many others that might be enumerated,
who heretofore confined himself 10 selling his
securities practically east of the Alleghany Noun
Celved into reports Of the statistical bureau OF
the government TO ascertain why TINS coholIon
existed. tried in every way TO nnd what feasOli
there was for the wide and frequent huctuaton OF
the money market 1 examined statistics relative
to finances during the last five years. went 70
the report OF the Controller of the Currency. !
examined the reports of the Financial Review or
THE New York Financial and Commercial
Chronicle" and finally forced TO the conclu-
sion that there has been wide and frequent
huctuaton of the money market" in any part OF the
United States of America, during the last five
years at least. except In one spot which covers
less than fifty acres n area.
That spot is the most valuable land in the world,
culable in amount. and create more impressions
TO the frequent and wide luctuati tions of the
money market" than all the land of all the states
and territories OF the United States combined. The
capable and astute hnanciers the world has
produced and by captains Of industry whose
achievements have been unequalled in history.
The bull and the bear through its paths; the
optimst and the pessimist are found practically
every square yard.
The spot referred to is the Wall Street district
The crop produced there is commonly known as
the Wall Street crop There and in that spot
alone the impression prevails that there
frequent and wide fluctuations of the money mar
ket,' and, while that is true to a very limited
extent yet its impression upon the minds of the
general public is such to lead away from
the fact that the frequent and wide fluctuations
which occur in that district. in that small area, I'm
the last five years. and in absolutely instance
DID the wide and frequent fluctuations OF the money
market" last for more than three four days ex-
cept in three periods total Of ninety-fo da IS
fluctuations of money did not represent one-twen-
tieth part Cf the banking resources Of New York
City nor One1ftfeth part OF the banking resources
OF the United States Of America.