New-York tribune., 1896-09-28


,acs,es 1See 'eSs s7oGsa 1G79I.79o Dec io7ss'c
c.h IN Treas $40 O45S s2S9 2s2 llc Dec s77s3'3
DeRGsi' DR%ss banks m Ma lsoos5 lossiosS Dec 2ie77"
.c.,, cash s256 64iais s255 Gi3 1896 Dec. s99S 122
psdnss psses minor NORMA M lsa7s7l2 iseosc4 Inc 54ai32
At. cash bal s24a 2c7 soe s24i 49, Dec so'l24
THE MONETARY SITUATION
~. local money markets were easier. The i'm
,,o~ement in bank and Treasury holdings ana
The politcal outlook was renecteu III an caStc
market for call and time money ana co,il,lei ,
naner -Ioney on call representing BANKERS pai-
snces was lent as low as ! per cent ana as M hlen
&C & per cent the general average being ABOUT
4a. per cent. The bulk of the business vas d, a,
411G5 per cent. Time money was lent lor an
neriods at 6 per cent without comnlsslofi' anu
most loans were made by domestic lenders. III d
few instances loans were mace az ~ pei 'on' and
More business was done in commercial paper ana
a number of institutions which had not Deeh III
the market since the early summer bought paper
IN the week Rates We're per cent loi .He n w.. w.,
best Endorsements, and SQ9 per cent FOR the pest
single names. In London the Bank or Efgidhu
advanced its minimum discount rate TO per
cent while discounts In the open nane narhet Iol
short and long bills advanced 10 -74W-i2 PEI
cent. Call money was 1Q1l9 per cent In Paris
the omen market rate was per cent. ana in ifer :
lin and Frankfort, $4G37s per cent The BANK OF
England lost in the week t35o3tt pul"oh anu
held at the close TAI, lo1,46
The foreign exchange market opened the week
dull and rather heavy, especially ior s'erhs'
long sterling Tuesday being depressed d! the
eYnectation of an advance in the Bank of Eng
lands discount rate. On "Wednesday there was
a frmer tendency. and Thursday sterling ana
francs were 30 to 116 per cent higher, whlie
commercial offerings showed a slight falllng on
The advance IN the Bank Of Engands minimum
discount rate had no effect upon gold imports
here and Withdrawals were made almost daily
from the Bank either for this country or FOR
Egypt At the end OF the week further engage
ments In Paris for shipment here were an,
(..~ll Fny hp
10 over 100000. making the amount received
from the beginning of the movement, win that
on shipboard and engaged, over S43 "l'0oo POST
ed rates Of the principal drawers OF foreign ex-
change were 81 So1aGS4 SO and 81 81 for long
and short sterling respectively. Rates for actual
business closed as follows
Sterling ... Cables s:.. .!iG.S.ss l99s; Short :.
ss3ss:naIH. 1ass ss i-leaas. lcao i'ioa@s
Guilders 4v's ""t
The bank exchanges Of the New-York Clear
ing House and the stock sold at the New-Iork
Stock Exchange last week and for the same
week of the preceding two years compare as fol-
lows:
Exchange. g Sc, 8 s. S'E
No. shares sod.. lossoss l.S44l7s l2's''n
RAILROAD EARNINGS.
The Tribune har printed the gross earnings
Of sixty-fve railroads or systems for the second
week in September. Oi these, twenty eight re-
turn gains of s46,, ,4s7, or ls4 4 per .o cent and
per cent The whole shows loss Of S234 lI3,
or 3.3 per cent. The Tribune has also printed
the gross earnings Of forty railroads or systems
for the third week in September. Of which four
teen return gains Of $ls2,0J3. or 81 per cent.
and twenty-six return losses of S23I.W3. or -
per cent. The whole shows loss Of So',OlO.
or IL per cent
Second week in September - w..
ss ss ss;5ss ss IS: sss IL II
-o, sx 49,, a. nes az. s6 go sol Dec s23t173 3S
SIS! So 'sSsS i5 6 E@s 'sESs 5scSs % %
Total 40 co.'s s4sce2s4 s4oi4.254 Dec. 5000 II
THE WEEK IN WALL STREET
Features Of the week in Wall Street were a
broadening security market, easier tendency IN
money rates and continued imports OF gold from
Europe All of these factors were Indications
Of more favorable business conditions and or
more confident feeling over the political and
financial situation. The bank statement for last
week and for the preceding week showed the
influence OF a lighter interior currency move
ment and the effect Of gold imports on bank de-
posts. Although the increase in deposits was
not heavy 1t reflected change in the loca
money movement. which already has resulted
In more mercantile loans and a greater dsposi-
ton on the part Of the banks and other money
institutions to come into the time loan and
commercial paper branches Of the money mar
ket The market for money is in far better
condition than it was several weeks ago. but as
yet II does not tend toward extreme ease. and
from present conditions IL does not appear
likely that IL will: in fact. bankers do
not look for OF. care for the low rates
prevailing the greater part Of last year.
money market in which borrowers can get
accommodation. and which offers some induce
ment 10 lenders. is fair summary Of the pres
ent condition. The stringency In commercial
loans has been relaxed. the cash holdings Of the
banks have been Increased. and the Treasurys
net gold balance has been raised about S2J,OOO,-
w These encouraging conditions have been
brought about by gold imports and with the
beneficial influence OF the movement of gold this
way Is a growing confidence i'm glorious sound
money victory. already foreshadowed by the
suits in Vermont and Maine and by the willing
ness Of business interests 10 indulge in
servative expansion OF the Industries. Trade
has made gain. and. though small. II indicates
aseason OF great prosperity before the year has
reached its end.
For the hrst time In many weeks the security
market developed movement of prices toward a
higher level. based upon renewal OF side in
terest. and upon the moro promising conditions
N the money market. and In the political outlook
throughout the week values advanced and the
inquiry from sources other than speculative was
such as TO foreshadow a revival Of interest among
investors and an awakening among the followers
VI the market TO the opportunities for legitimate
nnroht In securing stocks al their present level
f.c:or contributing TO the advance in stocks
The increase in the price Of wheat and In this
ADVANCE may be found an effective answer 10 the
ee-silver quacks who have been using as their
chief argument the low price Of wheat as a result
" the low price Of silver and an alleged apprecia
uon In the price OF gold.
Mr.. Bryans Ideas are totally at variance with
sound economic principles. and though he occa-
eionaiy mumbles something about supply and
demand ne really knows little about the condi-
tions which govern prices. ana he knows as little
eoout the conditions which govern the movement
OF money. for he SAYS that gold comes this way
merely because ne was nominated for the Presi-
oency. This Is about good reason az was re-
cently given in a sllver-mine owners weekly mar
ket letter, In which II was stated that gold came
this way because we wanted II. and because Eu-
rope wanted to get rid OF It. and who In subse-
yuent letter explained that the gold received here
nsd not found it's way into the channels Of trade,
Sut had been locked up In the Treasury the