New-York tribune., 1896-01-13
Total 32 3 F-S-'0TT
THE WEEK IN WALL STREET.


Wall Street was in a waiting mood. interest
being centred upon the new proposal for Gov
ernment loan. and 10 some extent upon the
strained relations between England and Ger
many The foreign situation however. WAS OF
secondary Importance. The Street learned from
the Venezuela incident that the possibility OF
war between the United States and England was
too remote to be long entertained, and the same
view held regarding the trouble over the
Transvaal affair. The effect OF the foreign war
scare upon the London Stock Exchange and upon
the Continental Bourses has not been serious.
and the general disposition in the security mar
kets abroad has been similar TO that hereto
wait the outcome of the events which have re-
Gently been uppermost in the public mind. There
is an increasing willingness al home and abroad
10 look upon the bright side Of the situation.
The tendency Of the times Is not one Of dis
couragement. for all signs point toward salts
factory and amicable settlement Of international
differences and OF our own financial misfOrtunes.
Foreign investors may h. somewhat sceptical of
the success Of tn. proposed Government loan.
but evidence is multiplying fast showing that
this country can float without foreign aid any
amount OF bonds. and thu, there can be no ques
tion regarding the Nations credit. Borrowing
is not evidence Of prosperity. however, and
at this juncture the wisdom Of issuing more
bonds is seriously questioned for the National
Treasury cannot be said to be in "A depleted con-
d!tion. The call for subscriptions TO new Gov
eminent loan may fOreshadow an Executive
veto OF the additional revenue measure If 1t
passes through the Senate, as the Administration
has made 1T plain that il does not approve Of
fortlfying and strengthening the Treasury by
means Of extra revenue. The only trouble with
the National financial situation Is the lack OF in
come which II remedied, would do away with
the periodical sale OF bonds and remove the one
obstacle to growth and expansion Of general
business and the countrys foreign trade.
The terms OF the bond circular were too
vague 10 receive hearty response. and re-
fected an appa rent intention upon the part of
the Adm Illustration to invite the public 10 sub
scribe but to reject all offers save that made
by q syndicate previously formed To float the
issue. In the last part OF the week. however.
there was evidence that the terms Of the Treas
urv circular would be modified. making il con-
form more nearly to a popular loan in every
sense Of the word. and II. as expected. the call
Is modified. the credit of the change will be due
to the banking community of this city. In the
week the Administration has been urged by
eminent financiers to make IL possible for pco-
pie all over the country 10 subscribe to the
loan by appointing banks in every town official
repositories where the gold paid n for the bonds
can be held until the needs Of the Treasury re-
oure its withdrawal Unless there be a modi-
fcation OF the terms Of the loan the bonds must
be paid for within forty days and the effect Of
this upon the money market would be such as
seriously to interfere with general business.
Doubtless the Treasury Department viii d"sig-
nate banks official depositories to hold until
needed the money paid for the bonds. IT took
this course following the last issue. The banks
of this city. the trusr companies and life IN
surance companies hold large amount OF gold
part Of which will undoubtedly be used to
make the proposed loan success. public an