New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-04
Totals Co.'S. s4S7,9s3 S4ss177 Inc. s1194 O.
THE WEEK IN WALL STREET.

ioNdls CT s.. S4df,JSS Si3NliI Inc 81 1914
THE WEEK IN WALL STREET
The condition of the foreign exchange mar
ket during the week not such as to inspire
confidence in the guarded remarks and opinions
Of some bankers that there are no posi-
bilties Of gold shipments. The rates for ster-
ling exchange have reached point at which
exports of gold have been made. and the ap-
parent scarcity of commercial bills causes the
market 10 be watched with considerable con-
Germ, although the demand for remittance is
not heavy just al present. Under ordinary
conditions gold imports would be made at this
time of the year and the absence Of such
movement, with continued strength in the rates
Tor exchange is a sufficient reason to bring
keen disappointment and unavoidable feelings
of uncertainty. At the moment 1t is mpos-
sible to predict the of the foreign ex-
change market throughout this month but IL
in the course OF the present week freer move
ment Of cotton is begun 1t will be reasonably
safe TO expect enough exchange TO meet
all requirements. Reports from the cotton
belt. however not encouraging Experts
on the cotton yield continue to make low
estimates and ii is interesting to note that
the transactions in cotton futures in October
made larger volume of business than the
entire estimated crop. sales Of this kind being
over nine million bales. while the estimated
yield is considerably below this figure. 1t was
reasonable TO expect a large supply Of cotton
bills in October. but the foreign movement in
the month was restricted and the hopes
tertained now are that the reduced specula-
tion in the product will bring forward this
month a flood OF bills which should have come
into the market in October. Regarding specu-
lation in cotton. the break prices week
ago mas been followed by advance but
uoMa a the close OF the week there was again
neeotia.s~l IL was reported in the week that
terests am1 pet"een Southern planting in
=. ana banks In this CITY were undn ~
~ iaciitate the carrying OF raw 49,. wa" way
49, IN, account, which was expected 70 foroa
a Iargar shipments OF cotton, thus making
larger supply Of cotton exnort hill ,Iiis
81. 10 not expect a heavy demand for excbara.
r. ,, no" ana January l. but in IanuaTv
moi ahrnad Te Iarse interest payments to be
IL abroad on securities which have hen
piaced mere during the year Including tb
ioNh oi new Government Is taken nv foratr,
interests and good number Of raiIwsv i Si
'irs secured by foreign investors
me outlook in the foreign exchange r,orLo.
- ~ WIN uncertainties The condition of
- oTe e si RAJ treasury which shows loss of
aoout sooooooO IN the cash balance In October
MAKES the situation more unfavorable and mo
CoiItihueo operations of the Wilson Tariff law
assraVate IT, Means will undoubtedly be dis
cussed by the incoming Congress To increasa
the revenue Of the Government in order ~
meet disbursements and. according TO current
rufnor president Cleveland has assured the
New ork bankers that he will demand that
immediate steps be taken for the reimbursement
anu petterment or the National finances while
Secretary Carlisle ntimates that he viii on
ueaNor 10 nave the legal-tenders retired and a
currency system after his own ideas instituted
Secretary Carlise's ideas are not likely to sue
Geed ana certainly they will not receive popu-
lar approval The condition of the foreign ex-
change market and that of the National Treas
ury are both complicated and made uncertain
and dangerous through the operations of the
present Iarn law but fortunately he
vOrable outlook ends with the condition of
the exchange market and the National Treas
ury, as everything else In the industrial and
nhanclal hori:oh Is clear. gratifying and
couraging The stock market continues TO show
no Improvement over the generally bright out
look IN industrial circles and ii would seem
that all developments Of prosperity had been
discounted. Certainly the most encouraging re-
ports concerning the welfare of companies
whose stocks are traded in the Stock Ex-
/ change have failed to have any effect upon
stock values. but at the time it is to be
noted that no material loss in values is sus-
tanned. and that even the most pessimistic
have confidence in the underlying strength in
the market. The public displays apathy toward
the stock market, and commission houses
making about much money they did in
the dark days OF two years ago. In the week
just closed some heavy interests did a little
In the market. taking advantage Of a decline
10 absorb stocks. principally of companies un-
dergOing reorganization. On several days Of
the week there was liquidation Of many small
speculative accounts forced by an aggressive
followed by a decline Of over three points in the
stock and well-managed campaign in the
| Industrials caused a moderate decentralization,
which however, was passed over without harm
full effects TO values of standard shares Re
ports Of a heavy assessment upon Reading stock
and income bonds and other features of the
reorga nizatiOn plan evidently learned in Lon
don. led to selling in that stock. The chief
losses were sustained by the Industrial and
by the low-prced shares especially those UNI
dergoing reorganization. Atchison. Louisville
NachN an Mil lnct y
per cent; Missouri Pacific. American Tobacco
and Sugar Refining. per cent and over. Read
ing and General Electric, over per cent while
Burlington, St Paul. Rock Island. Kansas and
Texas. Wabash preferred. Distillers. Tonnes
see Coal and Leather preferred suffered losses
of a little over per cent
The condition OF affairs abroad is causing
/ considerable uneasiness in this market, and the
course of possible political complications be-
tween the Powers is being carefully watched
/ In the week the London Stock Exchange and
/ the. Continental bourses reflected the uneas-
ness in foreign financial circles. There was
break in Turkish securities on the Continent:
/ there were renewed fears over the South African
/ mining speculation and further selling OF Ameri-
can shares for European account. On Thursday
and Saturday there decline in British
! consOls and French rentes. but II must be
said that the main cause Of depression uDOn
the foreign bourscs is the transportation in
the mining shares. Prices have been too high
The whole business has been overdOne and
! there are fears that the next settlement will
not pass by as smoothly the last either IN
1 Paris or London. London banks recently
fused TO discount acceptances Of foreign banks
/ on Kafir account. and the result was the for
eien banks had to withdraw money from the
bourses TO meet their acceptances. and this may
he said 10 be the first check TO this unhealthy
and dangerous mining speculation. The dis
! turbances in financial circles abroad in the last
week and the possible political troubles which
/ NAV result from the differences in Southeastern
Europe and from the strained relations be-
| tween Great Britain and Russia respecting
china. excite the interest and attention OF
/ American bankers. which are forced by the fear
! ~ the possible effects Of these disturbances
, unon the money and stock markets in TINS
cnuntry While such Influences are working
Guard an end the character OF which II Is yet
,,,nossbe to Judge. while uncertainties and