New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-29

consideration Of the powerful forward
movement now under way IN oil direc-
uons. We continue 10 recommend pur-
chages Of active issues on such tempo
rary rcccssious as materalize.'
Cotton Crop Movements.
In review published by Hubbard
Brothers & co. OF American crop move
ments they sketch the quantity Of cotton
brought into sight, the semi-veekly in
terior movement, the quantity monthly
brought into sight. the acreage and total
crops. the United States cultural re-
r3rt on cotton crop conditions, the United
states asus Bureaus report on cotton
glnncd he census report on cotton
ginned by states, the crop by states, the
worlds takings of American cotton and
some other facts concerning the crop
movement. The data arc based upon
various authorities well known In the
cotton market.
The Currency Question.
In "Thc Weekly Financial Outlook,
under the heading "The Money question
the problem is taken up and comparisons
are made with deductions by c. F. Nc
Elroy. After going into an extended anal
yss the article is ended with the follow
ing which leaves Jhe reader just where he
started
"While the balance Of the country is
provided with q neatly Citing circlet Of
elastic currency, New York banks are
worse off than " there was absolute rig
idity at that end. Their Circiet is con-
yortcd into a straight rubber band, with
one end anchored iu New Yorl; and the
country pulling and hauling on the other
erd. Small w~.-; 'hca. that tho ten
sion frequently approaches the Breaking
rcint a great many so-callcd remedies
FOR this evil fave been proposed. But all
Il them re cumbersome. and not easy
to put iu operation Without exception.
The ulans offered are of such a comph-
too u-.>.. -.at even fairly well posted
ankers ind difficulty i'm FLOWING out
their provisions. and, even when tho plans
are thoroughly understood. there is no
,Ytainty chat their operation would bring
TO desr.C --Iicf.'
UH--ats fiiohe- Markets.
nv WIS. in his Weekly Financial
G..f sums . me si0cr market siiua-
Ton follows:
III, PROSPECTS are ultimately for n
more active ard higher market. Jniavor-
able political Developments may CT course
p-e initiate a reaction but should the cleo
ton prove satisfactory 10 business inter-
es.s {, will have o decidedly stimulating
effect. There Is no occasion for anxiety
IN the money market. Firm rates are no
result Of heavy legitimate commercial de-
mands. they arc not TO be due 10 either
dstrusl or oyersIeculation. high latoa
tbercfove cannot materially hurt the stock
market. They will only defer ACTIVITY
which win be resumed when funds are T,-
leased from crop and trade requirements
.Tl-bi money could force little liquidation
.becap,. relatively Few stocks are being
Married on borrowed money In case OF
s.rirgercy we can import gold more
freely. for liberal Shipment of grain ana
cotton VIII insure further arrivals. Ne'f'.
E1loU g0.d has been engaged ana more
.wiu follow. II immediate assistance IS
needed the Treasury is IN q POSITION TO
.put ont s4coGo with the Western BANKS
vasnry.. needed. not since the panic
of ls- has the general outlook been 90
sog6l and satisfactory as St Il to-day
Bank Exchanges.
81. regular weekly statement OF bank
c. no the leading cities IN the
n. .ates continues 10 show re-
ma uniform and pronounced I'M
pro, over both preceding years the
tctal as compiled by 'Dun's ReIie"
agcltQating 22.&7.5Sl $40, an increase as
compared with the same week last year
OF 81 per cent and Of 2i.5 per cent as com
pared with the corresponding week ID WV
Although somewhat more activity ap-
peared this week in stock market opeFu-
lions q, New York City, the increase from
that source was In part Offset by COM
paratiye dulncss i'm other speculative MAJ
kets. so that the gain ~ that centre o.
CS Der cent oyer last year and zo.' per
cent over two wears ago is mainly OWN
10 tho general expansion IN regular puSi
ness channels. The total Of the outsloe
cities included i'm the statement shows
gains Of 12.5 per cent and II per cent, re-
kpecuvCly, as compared Win U''
spending weeks in 1911 and 1870 ana AT
mis- one point-Ncw Orlcans-which re-
,0rts small falling off, duo 90 local con-
ltloue from year ago, does any loss
AaJc,r On, the other hand. the notable
txpa.. JON over both years at the scadinB
Manufacturing and trading centres
......., ,aem Boston. Philadelphia. Balt-
more. Pittsburgh. Cleveland, Chicago, St
Louis. Kansas City and San Francesca
rejects very clearly the widespread re-
ylyal in commercial and industrial activ-
l,y. ana the fact that practically every
section OF the country shares almost
equally in the improvement is the most
graufy,ng feature OF the statement ~
eraee daily bank exchanges Tor the Scai
70 cate sre given below for three years
1872 i9il 100, s,5, ~ ~, M,
sptembor sI78 5000 ss3I ols,VD ssg3' 80 0g
Algusl 40 So 0On AZ, 65S.CoD 5I9' ~ 90 90
yaiy $500 ti3 500 900 4Gl,259 VOp i4.S' ',VV' "o1