New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-11

|
immediate and future delivery in al
sections of the country are holding VI
! in a way that is reassuring, especially
| in view of the period of rather higf
money, which has been experienced
practically since the beginning OF sum
mer. although there las been some re-
action from the rather abnormal DC
tivity of last fall and winter.
"The consensus OF opinion of a large
majority of all classes of business mer
seems to be hopeful Of satisfactory
volume Of business this autumn. pro-
yided present indicated yields OF crops
are realized. The fact that business
men generally expect a continuance oi
| the rather firm money market nhu
after the crops have been cared for anc
marketed makes this expectation oil
n continuance of ID business striK'
! ing feature. These advices Indicate
rather clearly that business is running
along at about a formal volume. and
profits are holding up well in face ol
the higher rates Of interest on money
"Our Bankers have borrowed practl'
cally no money abroad in the current
year. and TO this extent the United
States is in an exceedingly strong posi-
ton. We have been remarkably free
during the last few years OF any impor'
tent speculative movement either n
stocks or in commodities. Herein lies
the strength in the present situation N
respect to bank credits. Comparative
| ~ little of the available lending power
| of the banks has been absorbed IN
speculative operations, hence Inc
major portion OF the lending p wer has
been available and has been freely
granted not only to interior banks but
TO merchants. manufacturers and IL
dealers in all lines Of trade. This Is
an important circumstance and Is one
| in which legitimate borrowers may
| take comfort In addition to this, bust
ness is not inflated by any unusual In
fux Of foreign money. nor has 1t been
stimulated by any unwarranted opti-
mistic view Of the future"
The currency question as empha-
/ sized through the medium Of the pro-
posed banking and currency bill was
one of the subjects under discussion
| throughout the week. The calling IL
Washington Of one hundred bankers
from the smaller cities by Secretary
McAdoo on Thursday 10 discuss the
distribution of the S50OO0.0GO or more
Of treasury funds TO aid in the crop
movement reduced the Secretary
plan TO definite form, which appeared
to meet the approval OF the eligible OF
the selected one hundred. II cannot
be questioned that Secretary McAdoo
has relieved the country OF any posi-
bic danger OF a money panic. but bank
ers everywhere seem 10 think there
was no cause for apprehension. The
bankers, however, were glad 10 know
that the money will he available. and
will be glad 10 participate in the tenn
porary disbursement.
A bone of contention appears 10 have
been thrown among the bankers OF tho
country by the provisions Of the Owen
Glass currency measure that has re-
suited in the calling Of a conference of
| the bankers OF the country 10 be held
I in Chicago II the currency bill Is
adopted to-day by the Democratic
House caucus. This conference will be
under the auspices Of the American
Bankers Association, but It will In
Guide leading bankers from all over the
United States, irrespective OF member
ship in the association. for the express
purpose of obtaining views which will
be reliable consensus Of banking SEN
timent toward the bill under conslderd-
ton. This gathering Of representative
bankers, ~ is understood, would not
have been necessary had a spirit OF
consideration been shown by the 6d-
I ministration toward tho American
| Bankers Associa tion in the prepare
/ ton Of the new bill and the advice and
cooperation of the association had
! been invited.
! The fact that the American Bankers
Association stood favorably toward the
Aldrich measure is thought TO be re.
sponsible for the attitude assumed by
those directly responsible for the fran.
| ing of the present bill. Many country
| bankers are unalterably opposed 10 the
name of the old measure and some OF
its provisions, and this prejudice has
been injected into the situation, result.
ing in an unfavorable prospect. to say
| the least.
The busin, situation as represented
| by the trade and industrial institutions
Of the country fun lamentally seems &c
be strong. So much restriction In &C.
tivity and curtailment in the direction
! of extensions has been pursued that al
the present time both the retail houses
and the manufacturers have small
stocks on hand. and the country as 9
whole appears TO be sufficiently cleaned
out to respond readily 10 the reviva
Of trade promised this fall when the
crops are harvested, barring. OF course
unseen developments Of serious ma.
tional Importance.
The stock market throughout last
week was strong and comparatively &C.
tive. New high levels were record I'd
in the list on the present movement
i "a 4