New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-04
MONEY AND EENINESS.

TO go ahead with large plans for the
| future pending the elimination of various
/ existing perplexing uncertainties. Day
! to-day mercantile operations are large.
| Demand for immediate consumption Is
/ active. owing 10 the needs OF growing
population. The ncccssaries Of life are
moving freely. while economy is noticed
/ i'm the purchase of luxuries. Speculation
J has been curtaiied i'm all parts of the
! country. productive capacity is in excess
OF current requirements and plans by the
railroads and other corporations for new
! construction and bettorments have been
! abandoned in large part for the time.
Labor troubles in the West. uncertainty
| over the outcome OF the crops, the pros
/ pect OF a long drawn out fight over the
| tariff and weakened confidence In many
circles because Of political activities
against the country's chief industrial
| companies supply adequate reason for
| The present absence of orders and cur
/ taiIment of production in various lines
/ cr trade throughout the United States.
/ Stocks on merchants shelves are low
| and there is no disposition to increase
them. Profits are small and operating
costs are heavy. but corporations ana
| individuals arc studying the plan OF
| scientific management of their finances
! in the confident hope that eventually
! they will he able to show much larger
proportion of gross receipts in their net
/ earnings than they are able to report at
present. The progress of this country
cannot be checked fer any length OF
time. and it is encouraging to bear in
mind that while unseasoned politicians
are permitted to rant and rave against
! the great corporations. Wall street ana
/ everything else on the calendar the
common sense of the great American
! r,onle will not stand for anything that
! will weaken or destroy our industries.
While stock market prices appear to
/ have discounted the unfavorable feat
ures i'm the situation. there is no disposi-
| tfon ON tho part of the public to buy
! securities on borrowed funds and as 4
consequence speculative borrowing has
/ contracted almost to the vanishing point.
{
are under normal for this period OF the
wear. and as yet there have been no I'M
rortant Withdrawals OF currcncy from
/ this centre for harvest purposes. al
/ though evidence Of development OF
such - movement is found in the ten
dcncv Of interior banks to conserve their
cash on hand by paying obligations due
the government by drafts To the Assist
ant Treasurer Of the United States in
! New York on their correspondents mere
! Time money is not being put out In
} volume. but rates nevertheless show Il
hrrcr tendency. The local banks are in
; 8 strong position; also the financial m
etltutions in other cities. and it Is not
| likely that the autumn shipments Of
money to the West and South will be
/ heavy enough to exert materlal IN
/ Gucncc upon loan quotations. In the
/ event of war in Europe the complexion
/ az the international money markets
would be substantially changed. DIS
count rates in London. Paris and Berlin
are stronger than those recently re-
uorted. and while foreign linanciers are
openlv encouraging the idea that way
/ for peaccablc settlement will be found
privatc cable dispatches received by
/ local bankers are not particularly Opt
nisfic over the outlook. If war should
hbc declared the New York market would
not cscape the effect Of foreign selling OF
| securities. as financial necessities would
compel European liquidation OF Ameri-
can issues. which. of course. would tehd
to unset our trade balance and possibly
force gold from this country 1t may be
well to bear this phase Of the situation
in mind in figuring on the future OF our
own money market.
Spcculation in cotton futures is mod
oratelv active. with prices generally
! lower. the course OF quotations IN FRI
DAVIS market failing to respond To any
extent To the governments report on the
staplo showing Il marked decline in the
percentage condition Of the crop from
/ luIv - ia August -. The loss Of -
points. however, is not SO bad as II
| looks on the surface, as the drop comes
| rr,m sol per cent, which foreshadoWed
| the largest harvest on record. Further
moro since August - conditions in all
e,ctious of the cotton belt have improved
materially and a 0OO,wO-bale crop Is
still possible. especially as acreage TINS
year is larger than that ever before re-
rortcd. Price revisions have caused a
Ibcttor inquiry for cotton goods, but the
business as rule IS still OF q hand-to-
mouth character. Harvesting OF wheat
| in the Northwest is largely completed
! and il Is expected that results will be
an IMPROVEMENT on those looked for a
month ago. From all reports. corn also
PROMISES much better than IL did a
month ago. The movement Of general
/ commodity prices offers little encourage
ment 10 the theory that a lower cost Of
living will develop in the immediate fut-
rre I'm the iron and steel trade there Is
M. lack Of confidence. but new orders
/ ar. moi coming in at rapid rate, con-
/ t,octs for structural steel shapes lead
, The railroads are not yet active
/ ,..l,,re in the market and FOR track sup
/ ,,i,. ,bo Eastern roads have reduced
recent specihcauons copper exports
recp up well and domestic demand is
,,tn h,,t the general market may be
,,,,,,,,arized as exceedingly dull
{ --
anator-Governor Hoke Smith has said
thai he couldn't leave Georgia 10 go 10
washington because supervision by him
If tb,. activities Of the Georgia Legs
lature was Indispensable. Yet II appears
a.. ~ ,,aut 10 sleep on his job,