New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-24
Total "a cos s5oso.sss s5.5o7.c4O Dec si7a.4o'
THE WEEK IN WALL STREET.

HE VEIN IN W ALL = J-DI@4-
The last week closed with the state Of affairs
neither better nor worse than it was al the end
Of the preceding week. The same comment ap-
plies to the outlook This is best described as a
waiting period Confidence in the triumph Of
sound money at the polls in November is un-
diminished; indeed. Il mas strengthened. but
there are influences at work which keep affairs
disturbed. and for the time being neither in
vestors nor SPECTATORS care TO assume unneces-
sary obligations. The stringency in money more
than anything else has stood in the way OF an
improvement in the value OF securities Inc
inability TO dispose Of commercial paper is
acutely felt by merchants and manufacturers,
and is reflected in the increased number OF bust
ness failures. There is no sale for paper at
better figure than PEI cent and. as rule:
when accommodation is granted. the terms OF
the lender are still harder. There are important
mercantile establishments which, when they are
able 70 sell their paper with ease al 20 . pr
cent do not net on their business more than 8
20 per cent The advanced charges for ac-
cornmodation which they are now required 10
pay practically eliminate all proht from thelr
business.
II is reasonable 70 expect tight money al this
season Of the year This year. however not
only are the rates abnornally hlgh' put nlohey
ts almost impossible obtain on any terms.
The requirements for moving the crops are not
unusually large. but the making OF the money
question the chief Issue Of the political cam
paign has engendered enough apprehension 20
induce boarding not alone by individuals put
BY banks and other financial INSTITUTIONS. ne
interior banks particularly those IN Inc west
have been accommodating funos 1or a IOIs I'M, uimv,
The consequence OF their policy Is plainly SHOWN
In the weekly statements OF the assoc ia,eu
banks OF New-YOrk. The balances "hlch IN
,erior hanks are accustomed 10 keep In the New
York banks have been down 10 the narro"es'
limits. - T.,
AS a whole the banks OF the country are IN
a strong position. Their principal weakness Hss
In their difficulty in securing repayment OF 40
vances made earlier in the year There is a UNI
versal request FOR the extension or loans. Where
,oore time 20 granted the loans are. so far as
nracricable turned into call loans. The decision
~ some OF the New-York banks 70 take OUT
CLEARING House loan certificates ought 10 prove
very helpful This step Will be equivalent 10
er.3t,nx new money and accordingly the liber-
sr,v ~ the banks in dealing with borrowers
.ho,,l6 be Increased somewhat. IL has perhaps
M, been an unfavorable feature OF the SITUATION
that speculation has latterIy Deen restiIc.eu' IoI
., h.s decreased the need for money. In case
.,ocL market operations expand II will be be-
cause values enhance. and then sterling loans
will nroyide the necessary FUNDS
Further import ations or golo may pe cohHuenlIy
,ocLsd Cor in the near future IL - distinctly IN
r.rs,ood N he the purpose OF the foreign ex-
change syndicate 10 bring gold from the other
sde IN considerable amounts during Inc next slh-
~ DAYS IL can draw gold hither without JOSS py
manipulation Of the exchange Harhel' wse "n'1n
n undenia5iy has complete control me specie
and bullion dealers are charging a commission or
premium Of one-quarter 20 onc-naIl OF per cent
on gold sold "Over the counter, ana ileiT trans
actions are on a considerable scale' I'dnnS az a.
trust and Insurance companies are among thelr
best customers Any commission or premium on
gold adds so much TO the facilities for Importing
gold The banks and other financial institutions
be relied upon 10 contribute gold again 10 the
United States Treasury when the gold reserve
falls below 500 900 900. and, as has been stated,
II viii do so at the present rate OF wlthdTa"Ais
u about two weeks. The Withdrawals OF SOFA