The Washington times., 1911-10-15
Mnnsey Publlcat lions.
ny JOHN GRANT DATER.

Sushes Sheh Is hsevso, ase sourth Il
tarx ttarSest % corn crop in the country's his
total harvest for the spring and win
bushels. compared with es5. .l4a, 900 bushels
tof the harvest year 1910. while the to-
compared with w 4 ' ocS Tor ths Despe.s nres
majority Of the country's crops, with
,me important exception of cotton, are
years, and while any shortage what
ever 10 to be deplored. as II makes for
hisher commodity prices, It 10 evident
wt nUns ssoos os tss sssst staples have met
speak Of crop failure In connection with
any Of the harvests.
Cotton Break and Bond Buying.
A violent break In cotton to sx cents
per pound for spot and sos cents for
the January option, under enormous
liquidation traceable to Southern sources
was doubtless the most important single
development OF the entire week, for Il
Will doubtless make the readjustment
already In progress In the textile In
dustry lasting AFFAIR. The violence Of
the decline in the staple and the origin
OF the selling movement form a highly
interesting commentary upon the recent
conference Of governors In Montgomery,
Ala. which passed resolutions favoring
the holding of the price Of cotton at
u cents a pound for the first lot and ut
IS cents for the balance Of the crop. No
doubt the crazy notion that prices can
pc controlled by agreement has cost
some growers a pretty penny for mer
snTsrr wno realized LIED. that supply and demand
vantage OF the resolution to market
dupes.
Lack OF confidence in the general sit
uation together with easy money, which
ever results from quiet business, is find-
Ing reflection In the investment market
Well-secured bonds were reported as
better In price under an expanding de-
mand. As yet. according to leading
bond dealers, individuals have not cut
much hgure In this buyirg movement.
Institutions. however, have been f-cc
buyers chiefly because they can employ
their idle funds more. prot,tably in bonds
than otherwise. In time II Is confidently
believed that the individual investor
Will participate In this movement TO
greater extent than now. because on
occasions Of uncertainty the chief de-
sire Of men is to conserve the safety Of
their principal. In consequence many
forego the higher promised yields from
stocks for the lower interest return and
greater safety secured through bonds
money Market Affairs.
The concern Of the money market is
still with Europe where. despite some
what better reports Of the principal gov
ernment banks. market discounts RUE
high and show little sigma Of immediate
relaxation. This has resulted in sharp
advances in exchange at this point. de-
mand sterling selling today at l.ss5o to
1855. at which point discussions as to
the possibility of resumption of gold
exports were revived. Aside from a
slight hardening Of call funds no change
was reported In money rates at this
center. The bank statement today at
tracted little attention, and the report
OF actual conditions was In line with
preliminary predictions. Cash holdings
decreased 31.1S9.000. Loans decreased
3, 200. and deposit liabilities were in
creased $,14S.000. There was a loss in
surplus reserves of se56,oo0. The sur.
plus reserve 10 now $13, 1852 900 in. excess
OF legal requirements