New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-17


THE WEEK IN WALL STREET.
DESPITE the Withdrawals Of gold which are be-
ing made for bond payments. there is reason for
COZ siderable satisfaction over the result Of the
first payments for the new loan. The process Of
accommodating gold was the chief factor of In
terest during the week. The large deposits al
ready made indicate satisfactory increase TO
the Treasurys net gold balance which, eXclus-
i've CT yesterdays receipts. stands at s79SlS.o6y,
against s45.11s.111 a week ago, and the outlook
in the foreign exchange market encourages the
belief that gold exports In the next ten months
will be comparatively small Reasons Tor such g.
view are taken from the Improvement In the
merchandise export trade over last year, ana
from the belief that Europe will buy American
securities for a considerable period. The re-
lection by the House Of the free-coinage bill
will doubtless create a favorable impression
abroad and this, with the great success or the
Government loan, should bring foreign investors
into the American markets. week ago the
attitude Of London on this market was unfa-
vorable Advices from abroad attributed me
failure Of London operators TO respond 10 tne
better feeling here to the uncertainty regarding
the Governments revenue ana possible s,iver
legislation. Since then, however, there mas Deeh
some foreign buying Of American securities
which, although mostly for speculative ac-
count gave some evidence of investment pur-
chases With the National revenue insufficient
to meet current expenditures, a plausible reason
is afforded foreigners for Withholding their con-
fdence from our markets. and the foreign buy
ing which may take place in American securi-
ties In the next year might be doubled II the
Treasury received enough money TO meet It's
payments. All Of the bond issues have been in
duced by the revenue deficiency, and knowing
this. II is reasonable 10 say tfat the chances
are In favor of a fifth issue unless additional
revenue is provided for. The prospects are that
the present increase to the Treasurys gold
holding Will keep the reserve above Sl0O,OOO.ooo
for long time. and during that period, with all
fear OF silver legislation removed, the foreign
speculative and investment demand for Sc
curities will undoubtedly incline toward the
American market.
Foreign attitude on American securities is
subject to sudden change, however. SO 1t may
not be safe TO count upon too much support
from London But without foreign support, the
American security markets will not fall There
Is vast and virtually unlimited confidence
In this country. as exhibited In the subscrlp-
lions 20 the Government bonds, and people
gradually awakening to the fact that the condi-
ton OF investment properties Is improved i'm
mensely Those who enjoy looking into the
future see the removal Of tie few obstructing
elements from the path OF general prosperity.
These Instructions are chiefly the insufficient
revenue law and the is to l crusaders. The
silver men can effect no legislation in the
present Congress. and probably in the next Con-
yress they Will be without power. without favor
And without backing. With the tariff changes