The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-31
MoneyNow Flowing Into
New York and Trouble
Chiefly in the West.
NEW ORLEANS is
MEETING ISSUE
Crescent City Bankers Confer
With Cortelyou in Effort to
Secure Money to Expedite
Cotton Movement-Trust
Companies and Indus
tries Suspend.

NEW YORK. October 30.-The finan-
cinl situation to-day was 80 nearly
normal that there were few features
OF Importance. 1t was stated by bank
ers 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 re-
ceived came from points west OF the
Mississippi. These calls are being met
as fast as conditions permit
Mr.. Winiams. the new State Super
iintendent OF Banking. gathered up
most Of tho cash In the suspended
banks to-day and deposited 1t with
going Institutions. thereby adding
several million dollars to the funds
available In the market. The debit
balances against banks at the clear
ling-house were smaller than usual un-
der normal conditions. all such BAL
fances aggregating only little more
than S9.000,000 on clearings OF $685.
900. 900.
One OF the points at which the most
serious pressure for money Is expect
ed is at New Orleans. In order to
finance the movement OF the cotton
crop.
lH9 apC6SSuT6 IUGT6T lSF always nedNy
at this season Of the year. and prom
ises to be even more intense this year
than usual, unless specit1 preparations
are made. The New Orleans bankers
appear to be fully alive to this situa-
ton. and were endeavoring to-day to
arrange for transfers OF money from
Europe in payment for cotton through
the fiscal agents of the United States
in Europe and its direct transmission
by cable to New Orleans.
Appealing to Cortelyou.
A committee of New Orleans bank
ers Ia In Washington, and hopes to
secure a promise from Secretary Cor
telyou at tte- deposit OF, substantial
sums of public money in New Orleans
and other Southern cities. Secretary
Cortelyou appears to recognize the fact
that the benefits conferred by this
policy will not be limited to New Or
leans and the South, but will aid in the
movement for the prompt delivery of
American. products In Europe and the
creation of q credit balance, which will
cover the imports of gold.
Cotton bales are being closer scruti-
.rized inEew York. and cannot always
be negotiated SO promptly as in normal
times, but where their character Is un-
iimpeachable they are recognized as
forming one of the best means OF COW
ering the gold Import movement.
81 One of the most interesting develop
ments Of the situation is the large
amount of purchases OF securities In
small lots for Investment. Most OF the
large private banking houses which
sell stocks and bonds have been keep
ing the clerical forces at work over
time executing such orders and attend
Ing to the transfer OF titles to the
securities on the books OF the corpora
tion by which they are issued.
buying Good Stocks Cheap.
This Is one of the decisive marks OF
Investment buying. 1t Is estimated by
good judges that there are 100000 more
names of stockholders on the books of
the railway and industrial corpora
tions than was the case a year ago.
"A single large firm reports sales be-
tween 100000 and $750.o0o per day.
While 1t requires good many sales
in small lots to digest the mass OF
undigested securities on the stock
market, the effect OF every such With
drawul from the quantity of the spec
)ulatives stocks is beneficial to the mar
ker. This is regarded as a good aug
ury by the bond dealers, whose mar
ket has been very flat for many
months. fg,