Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1907-07-04
DEPRESSED PROPERTY.

When such a conservative business
organ a. The New York Journal of
Commerce IL constantly warning its
readers that the condition OF the
money market Is critical and that
the associa banks Of New York
have about all their surplus tied up,
1t behooyes other people to sit ny and
take notice. Call money Is offered in
New York from 2 to 3 per cent but.
accommodation to mercantile houses
can scarcely be had FOR less than s
per cent. and the railroads would b.
glad to secure funds at that figure.
This would indicate that the banks
are cautious just now. COR there is
fear Of the future. hence the high
interest demanded on commercial and
time loans. yet The journal OF Com,
merce says: Money Is scarce in New
York.
How Is II elsewhere: In all the
great interior money centsrs. like Chi.
caxo and st. Louis. the banks have
increased their loans in proportion to
their deposits and surplus funds are
scarce there also. In fact. the banks
Of the Western and Middle States are
loaned up to the limit 80 that even
In the event OF higher interest being
offered later In the year In New York
there would be but little chance OF
Western money flowing there. When
the crops begin to move. which will
soon happen In the cotton and winter
wheat regions, the demand for money
BY the cotton and wheat buyers will
begin and must be prov ided for and
yet neither the Southern or Western
banks. nor the New York banks.
would seem to be in . condition to
stand that strain on their resources.
II the crops should prove to be light.
the increased price will demand about
the same amount Of cash to take care
Of them ~ II heavy crops prevailed
and the price was less.
There IL also the probability that
Do0e Wholesale and country mer.
chants will require to borrow of the
hanks. q seek extension OF time ON
their accounts, because OF the un-
weather hindering the or.
binary purchases Of seasouable goods.
which would make . further drain on
he banks, just when the crop moving
reason IL In full force.
Il would seem. therefore. to be
wisdom on the part Of ordinary peo-
pie. planters. farmers and others. to
Keep out Of debt and be cautious
about purchases until good crops are
sssured and until the money markets
Ne restored to their normal stability. f.,
'or II may b difficult to secure tempo
ny accommodations to meet press |
~ bills. especially II the crops do !
soe meet expectations IN quantity and
,ries.
Prosperity based on taria protection
. prseasiaas: Il makes princes and
'oaDers-en00ercial princes Of the |
Tust ma0nates and paupers OF those
nth incomes that do not respond to
rust high prices. Experience shows
% that such Republican prosperity
~ always broken down Of IT. own
vseSht and financial disaster has fol-
0wed vssy high prices. There are
sdSeatjoas that TIE present boom 10
n Tie verge Of collapse and II BE-
Dooveo wise Dee 70 b careful.
On The farDss depends our future
and II the Republican
'oljey a protecting the trusts could
y aAolished. % that the farmers and
'oas9mess would not be compelled to
~ protection prices for what they
Ny. . year OF light crops could be
'assed over without disaster. But ~
{ 10 Ne must have big crops and hikh
rjees to b able to pay the trusts
NJ corporations enough toll TO keep
hem iron . bankruptcy that would
'1ect everyone. Keep your eye on
b crops.
WARRINGTON LETTER.
Reports from the Presidents sum.