The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-09-03
TRIPLE HOLIDAY ACTS AS CHECK
ON AGGRESSIVE BEAR SELLING
Prevails Brokers Merely Regarding Fnmness
Hard the Market-Labor Difficulties Cast Shadow

BY JOHN GRANT DATER,
nanciaI Representative the Munsey Publications.

o Tnder cultivation. Upwards Of 5000
~. acres were = planted in cotton
s .nls year or nearly 100000 more
NAN last season. AS result, the pres
en-, indicated yield Of about 1880, 0O0.
Whiie seriously under the original esti,
mate OF a 100000 bale crop, is still
n sh the average and not far below
III LIE lldrEeSt crop on record namely Il :
ev,VD bales. Though disappointed in
cart. i ni,W or1iliant promises, there is
as arge as that still Indicated.
Heavy German Borrowing.
The distinguishing feature of the
money market, II II can be so desig-
mated, has been the almost entire alb
sence Of borrowing By the Wall street
community. In fact, there are num-
erous well authenticated instances
where brokers have been borrowing
stock In order to provide sufficient
collateral to maintain time loans, max
Ing up thereby, the deficiency occa-
stoned by their lines Of securities. re-
duced by recent liquidation. As a re-
suit OF the exceedingly slack business
money rates have shown practically
no change. The necessity of arrang-
Ing for the September disbursements
and the demand for funds for crop
moving purposes, for instance, have
been heavy, but no reflection Of this
was seen in the market Of the week.
commercial paper, however, holds
steady around ~ per cent, and mer-
camille inquiry for funds is reported
as well maintained in view Of the stock
market situation.
Probably the most interesting develop
ment In the money market has been
the heavy borrowing of time money in
New York by German bankers. In
some quarters this has been attribut-
ed 10 the curtailment of French accom-
modations to Germany arising out of
the Moroccan situation. but the local
bankers who have arranged these loans
assert that such Is not the case In
dustrial activity continues In Germany,
and money has ruled higher there than
here. 1t Is reported In foreign bank
ing circles that the German banks have
per cent for American money. loans
ranging all the way from sixty days
to six months. The operations, Of
course, have been completed through
the exchange market and have afford
ed some OF the local banks and trust
companies a profitable means Of en-
ploying otherwise idle money.
The Bank Statement.
Wall street was closed for a Stock
Exchange holiday today, but the local
banks were opened and the bank state
ment appeared as usual. The reports
made up Of averages and those show
ing actual conditions varied consider
ably, the latter, of course, rejecting
the special circumstances of the Sep
TENDER disbursements. According to
the actual condition net deposits de-
creased no less than $30,53l 900, while
loans decreased but $3,s1S,0O0 The de-
crease in deposits reflected to an IN
usual extent in the loss of actual cash
as specie and legal tender holdings de-
creased SIS, $4,000 The actual surplus
reserve showed a loss of 81, $40 $50 and
now stands at $3.50, $50 in excess Of
requirements. The cash loss Is largely
the result of shipments to the interior
for crop moving purposes. This de-
mand will play a more important part
in the future of the money market,
probably. than in the past.