Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-08-29

MIL SAN iO IuE Hfs>s 'f.
There IS more or less anxiety II
financial circles every year. as tn'
season for moving the crops mp.
proaches. lest tbe demands Of th'
west for ready cash shall seriously
embarrass the money markets OF the
east. Anticipating n particularly Sc
we're strain along this line during this
season now at hand. Secretary Cortel-
you has caused II to be known that
the treasury department viii come Ia
the relief OF the money market by a
series Of weekly deposits o. the public
funds In the national banks-and this
announcement ought To relieve the
public mind as well as the money
market. because II should serve 20
steady the situation. and II II does not
wholly prevent, should at least rem
der much less demoralizing the strin-
gency which always occurs In the east
esn markets on account OF the western
money movement.
II has beer estimated that II will be
necessary for the government to adj
Adlitt ~ NUN as ihlAN~liNt Hiiii'h
dollars between this time and the mid
die Of September 10 prevent trouble.
Thus far no intimatien has been
given or the amount Of public funds
70 be used IN this manner by Mr.. Cor
telyou. but Il Is safe to assume that
having a fun knowledge OF the actual
condition OF affairs he intends to
make the relief sufficient to meet the
requirements.
This "erop-moving demand" as It IL
Familiarity known. comes annually
from the great agricultural regions of
the west. at the time whom the ripen-
ed crops Of the fields are ready to go
10 market-from the latter part Of
August TN the middle OF October. We,
OF New Mexico. only realize lis effect
through the general 'tightness" Of
money. because our principal crops,
wool and beef-and practically the
only ones OF which We have any sur
plus-can 20 at any time, and are US
ually Gent to market at times when
there are no unusual demands upon
the money centers. or upon the re-
sources Of the railways. But the i'm
mensc annual demand, which comes
from the great prairie states. begins,
az We have said, In the latter part OF
august. n falls, ultimately. upon the
New York banks. as the center of our
national monetary system In antici-
patton OF the extraordinary demand
10 come at the time indicated the
banks usually begin 10 gather In their
several weeks Ia advance.
This year, With the stock market weak
aud vascillating. IA account OF the
slump in the spring. the calling In OF
loans has resulted in a tendency to-
ward liquidation. which has had a
murr ur less demoralizing effect upon
the security price list. And then. Ia
addition to the usual crop-moving de-
mand frem the west. the New York
banks are Just now obliged TO meet an
unusual demand for gold from Eu-
rope. To liquidate The debts owed there
by Americans on stock-purchhsing ace
count and for borrowed fuuds-and
incidentally thls forces 10 the front
the fact. which We can not deny cor
Ignore. hat the anti-corporation agi-
tuilon 81 the last few months has
more CO.. less shaken European faith ih
our railroad and industrial securities.
and q steady call for funds has re-
suited-that D.. the foreigner j. send
lug back our siocks and taking home
his money Flnanciers throughout
the country have anticipated such a
result sad the chief danger appre-
hendsd hy them has been that the
Sew York banks standing between
these two pulls. might encounter a
strain Whlrh ihey could not Withstand
Hence thc treasury relief coming at
this oppartuue time b. an the more
welcome
10 Do said that thc secretary's policy
viii not De- no place ths treasury funds
chiefly m New YORK % this view
s. sustained hs his initial shipments
~ money. which hrvc been io Chloa-
g. and san FRANCHISE
~ this distribution shall be- contln-
ued throughout the period of greatest
demand FOR crup-moying funds. Be- will
HNHNHN H|NNN Nf""'M HNf MNANM MNH"M NNM
York and viii az the same Time serve
o. prevent speculative movement iu
thst city based open the presence %
rer'enished money stocks ln New
york A. . further %prccautlon against
fhe encouragement 20 speculative ac-
urtv % BE- said O. be The intention 90
the secretary 60 net in ad-
vance the amounts u IA. sums % b.
80 free. nor the points o. which they
are a. be sent.
~ annual Distribution " federal
funds a. the Time 20 greatest need.
SMILE an act % wisdom and precau-
ton greatiy t. D. commended. b. AZ
she same time a forcibie demonstrs-