The semi-weekly messenger., 1907-11-01

cial situation today was so nearly nor
mai that there were few new fea-
lures of Importance. 1t was stated
by bankers that the calls for money
from the neighbOrhOod Of New York
and the entire east appeared TO be
practically satisfied as such calls for
currency Of an urgent character as
were being received came from
points west of the Mississippi. These
calls are heing met as fast as condi-
tions permit. Mr.. Williams, the new
state superintendent or banking, gath
cred up most of the cash in the Sus-
pended banks today and deposited II
with going institutions, thereby add
ing several million dollars 10 the
funds available in the market. The
debit balances against banks at the
clearing house We're smaller than
usual under normal conditions, all
. such balances agEregatinG only a lit
1tle less than $9,00O.000 on Clearings Of
N526G, 100000. One Of the points al
.3Thich the most serious pressure for
+ noney is expected is at New Orleans
Yin order to finance the movement OF
the cotton crop. The pressure there
is always heavy at this season -of
the year and promises To be even
more intense this year. than usual
unless sepoial preparations are made
The New Orleans bankers appear to
to be fully alive to this situation and
for transfers of money from EUROPE
in payments for cotton through the
fiscal agents Of the United States in
EuroDC and its direct TRANSMISSION
by cable to New Orleans.
\ cOmrnittee of New Orleans bank
ers is in Washington ana hopes TO Sc
cure a promise from Secretary Cor
telyou the deposit Of substantial sums
of public mOreE in New Orleans and
other southern cities. Secretary Cor
telyoH appears to recognize the 1act
that the tcucfts conferred by this pol
icy will not be limiteCr to New Orleans
and the south. but will aid in the
n,aycroent for the prompt delivery Of
kprican products In Europe and
the creation of a credit balance Which
will cover the imports Of gold. Cot
ton bales are being closer scrutlniZed
in New York and cannot always De
negotiated so promptly as in normal
times, but where their character Is
unimpeachable, they are recognized
as forming one of the best means OF
covering the gold import movement
One of the most interesting devel
opments of the situation is the large
amount Of purchases of securities II
small lots for investments. Most o
the large private banking houses
which sell stocks and bonds have
beer keeping the clerical forces a
work overtime executing such order
and attending to the transfer of title
to the securities on the books of tn
corporation by which they are lssue'
This is one of the decisive marks o
investment buying. It is estimate
by good judges that there are fou
hundred thousand more names Q
stOckh Olders on the books OF the falI
way and industrial corporations ina
was the case a year aG0. y single iarg
firm reports sales between $50o,0
Another
states that it's wires to outlying place
are crowded with small orders. d
recting the transfer of the SecuTltle
!. TO the names of new owners. WhlI
still another firm declares that thel
has not been a movement of this kin
ef such volume for twenty year
while it REQUIRES q good many &al'
in small lots to reduce the mass
undfcestcd securities on the 'StoC
market. the effect of every such NAtt
drawal from the quantity or spec ui'
live stocks is beneficial to the marSe
Arnfs is regarded as a good augury
Wbe bond dealers whose market nj
heen very fat for many months b
who believe that they Will oe ab
to DISPOSE of many gocd securities
soon as the present furry has su
sided. :,
The cables from Europe were n
disanietinec to those familiar with [
Situation there. The facr that {
Ranl. of England has allowed t
question of raising the discount rs
to go over until the regular meeu
of the board Of governors tonorr'
is regarded az an indication that t
usual anxiety there. 1t is genera
demand for gold is not causing
expected that the rate of the Ba
of England will be advanced tolil'
row. but this willsbe too late 20
feet engagements of gold alrea
made for the United States
The disposition in Paris To nN
London market by loans on stefi
bills is regarded as an lndlcat
that the French bank is we'll fortli
and Is willing to pursue. under d
ernor Palling, the generous POI
which has usually eharacterlzeo
action in emergencies. The abse
of any failures, either financial
mercantile. In New York of any
portance except that of Kessler
Company a private banking conc'
IS