Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-09-11
FACT AND GOSSIP
IN MONEY MARTS
1t Will Take a Lot of Wheat
and Cotton to Repay Europe
S15O,000,OOO.
BY B. C. FORBES.

NEW YORK. Sept. 11.--New York has
borrowed about $3.50 100000 in Europe,
mostly in London.
So dead has speculation been on the
stock exchange that the absence of fail
ures is occasioning surprise. \ decisive
movement in quotations one way or an
other would it is believed bring a num-
Der Of crashes
Several weak spots in the local bank
ing situation have been discovered of late,
but remedial measures have been quietly
applied with it is declared, successful
results.
Bearer money is Inevitable
boom in stocks consequently IS not
looked for
These are some gIeanngs from inside
sources. They will not excite enthusiasm.
But publication of them may do some
good, and can not do harm 1t is al
ways best to know the truth.
That oar bankers have levied so heavi-
" upon European resources al a time
when stock exchange demands are at
minimum. when agricultural requirements
nave not begun in earnest. and when the
rotation Of new securities is a the lowest
ehb in years. Is not comforting The
boast has been made that New York and
chicago have supplemented France as the
open purse for German borrowers 1t is
tue that Berlin did draw freely upon
il1s country earlier in the year. but since
then repayment has been made. The ac-
count today is pretty nearly squared.
I, VIII take lot of wheat and not
U,jie cotton to liquidate bill of $l5O,-
Gao 600
confidence is expressed that we will be
able to import gold from Europe We
may but present indications are that we
VIM not. The careful. responsible gov
errors Of the Bank Of England do not
TAX themselves and all other business in
'"reSts an extra ! per cent without solid
reason, When they marked up the Off
ca discount rate TO per cent they no.
uHed the United States in effect that a
matt must be called in depicting London $
resources. Rather than part with gold
against the wishes of the banking author
lueS' England may return American Sc
'uflues to meet shipments of commodi-
ues The latest returns show that we
are importing more merchandise than We
are exporting, although the balance will
De turned by cotton before long
Bonds are in 4 bad way. None can. be
hoated. Instead. the market is being
ohohed by offerings Of banking holdings
institutions need cash. and they can do
better by selling bonds and lending out
me proceeds than by retaining their hold
lngs.
Speculation is deader than two door
mans. one commission house. which pays
upward of 10000 for a private wire. has
not received ONE ORDER over it in two
weeks. How many other firms are suf-
ieIihg a similar strain upon their capt.
'7'' II is a miracle that no shades have
Hau TO be pulled down The hone is
'enac!ously adhered to that activity will
come along. But it does not appear. Cur
rent trading is largely the matching Of
wis by professional operators on the
H"or The public is doing nothing either
W. stocks or bonds. Inveterate bulls may
cain that the market is really quite ami
mated, and they can point to spectacu-
Jar rises in certain stocks But the un-
17''SI ing conditions are as here described
Just how much house-cleaning has had
To be done among New York banking in
AHluuons will not become public The
-.V' panic did not eliminate all danger
spots. During the current year a lot Of
"aiohlng has been going on. Had none
'ar} sringency been encountered a diff
.r'ent tale would have come TO light
FROM what can be gathered from the
nest channels the position now is sounder
man it has been in years sounder, per
maps, than ever before. New York today
possesses proper machinery for ascertain
ing the actual state Of the banks and
rust companies and this machinery has
.'en doing yeoman work IN quiet unoD-
lrIslve way