The Washington times., 1911-09-17
NEW LOW RECORDS FOR YEAR 1911
AND THE RESPONSIBLE INFLUENCES
Moroccan Troubles Given Credit Unsetg Worlds Fnanceseens Little
JokePoha Outlook Causes Some Uneness and the Action of Gov
Anent and Judges Is Unusual
JOHN GRANT DATER,
Special Publications

I INFERIOR Federal courts" and appointing
committee to make a formal protest
70 the Supreme Court, would not have
passed without influence in the stock
market. This action of the governors
| 9f the various States, wholly unprece-
comes very close to Wall Street, for
tne decision against which the execu-
tlVes protest Is that of the circuit court
IN upsetting the Minnesota law regulat-
ing rates within that State. the outcome
OF which was hailed with delight by
bankers who felt that II would put at
rest hostile State railway legislation.
AS II Is the matter passed without
special market influence, but the reas-
sertion Of the old theory of State 8
probation, has been regarded as a dead
issue ever since the civil war, will prob
ABLY be heard from later on. Doubt
less this feature will fall within the gem
which include tariff agitation and the
attitude of the Federal Government to-
ward the industrial trusts. all of which
wan Streeet feels must be definitely
settled before confident buying opera
tons and important constructive devel-
opment become again possible Natur-
ally the majority of men are looking
10 the next Presidential election as the
one great event that will adjust the
various political and market problems.
Foreign Money Markets.
Interest in the money market CEN
tered, quite naturally, during the week
on the developments abroad. Every Eu-
ropean monetary center, as already
stated, made efforts to fortify itself
ana discount rates advanced sharply,
particularly at Paris, which is CUSTOM
arlly the most equable of all the world 8
nnanciai markets. On Friday market
discounts in that city ruled II Der cent
apoVe the bank rate OF 3 per cent, mark
ing an advance of 4 per cent during the
week and constituting an unusual situa
ton for Paris. OF the official banks
belgian is the only one that has thus
far advanced its rate, the increase being
iI rom ~ to ~ per cent, but advances
In Official rates in London, Berlin. and
even Paris. are generally looked for in
the near future.
New York, as is well known, has been
Tree loaner of money TO Berlin. and
now sharp fall In sterling exchange at
Farls to . francs, 1511 centimes for
cheques suggests that Paris may draw
gold from New York, either direct or
through London. This may become nee
essary for Paris. for. despite its heavy
England. the Bank OF France has been
unable to increase its gold holdings.
and. according to the weeks report OF
that institution. its gold actually de-
VI cdSeu S,uU,NU, while It's note circula- !
ton expanded s.. .OOO, OO0, and its loans in !
creased 100000. or course. if Euro
pean bank discounts advance and Eu-
rope draws gold from New York, these |
developments might alter the conditions |
In the local money market, but aside !
from such contingencies fairly easy
money seems assured.
Money rates, to be sure, were shade |
frmer during the week, and that wasl
10 be expected. but a rate of p. per cent |
for call loans as contrasted with pa per
cent in the recent past is not 4 caupe for |
alarm in New York. Ninety-day money |
also ruled a shade higher, inasmuch as |
that maturity at the weeks end COM
manded per cent instead of ruling at !
3& to per cent as earlier in the in |
terval. Today's bank statement was
scarcely up to expectations, for the in /!
crease in the surplus reserve In the re- |
port of actual condition amounting to !
81 ,93T, 80 was less than had been pre- i
dicted. Loans increased 81 1854. 900. casn
holding were higher by S3,1S7OO0 and |
deposit liabilities expanded ;5,73,OO0. !
The actual surplus now stands at s25,- !
eOl $50 above legal requirements.