New-York tribune., 1896-10-26
cTOCKS STEADY STRENGTH
SHARES SHOW STIMULATION.
CONDITION OF THE FEDERAL TREASURY
RENEWED INVESTMENT DEMAND.
Sunday. October 25-p. m

~. novments TO S27. 59S 600 making the excess
', expenditures over receipts S7111.331. For
no fiscal year TO date the receipts have been
COO 662 1,3. expenditures S131. .967 679 the ex-
..ss of expenditures being S32.305526 The
r-aasury's actual cash balance increased in
,ha week S1.212,9j7. and now stands at $237,-
4Il,43s
the Treasury received in the week $l,773,975
4, National bank notes for redemption. To Sc
nrre National bank note circulation it now
holds $40 790SOO in bonds, as follows:
currency 44s coo
fiye per cens e ~ S5o so
FoGr 21r per Of 1891 i5 22s 40 40
Two rer - COB $50
r-,,ted States bonds deposited for circulation
anring the week $3166OO. National bank note
ooir,uIation utstanding-Currency. S2:'4 SO9?lI;
aold notes SS7 131. The Treasury holds SIS
49, $50 lcgal-tender money for redempton o.
surrendered circulation, agains: SlSoO3loS a
"sSI subioined is Saturdays Treasury statement
compared with that of October Il:
Oct Ii. Oct. "a Changes
on ,ss .si22 $40 6i5 sl2l 573.47i Dec. s1oi61t
L s;,aliss :; n9s.'' o47so543 oo14GcO6 Dec 2.5s3a87
silver dollars and
GIas, sses,es .... lS575ss7 14,S6,969 Inc. 7ilose
s in Treas $3.50 e2G o75 SOS OS7 o4s Dec 81 $50 o2o
p,ISsll' dSsal banks l65774ss lols4ool Dec 4ia4s2
Available cash S247 JOS 55s s244 17lOs7 Dec Ssa:5ll
pSdpdii pSa,ies minor c75o77 e7csCoo Dec. 4545' '6s
Actual cash bals25G DDS Isl sc374 i3s Inc slal29'7
THE MONETARY SITUATION.
The local money markets continued strong, and
outside of call money there was almost nothinS
doing Call money representing bankers pa,,
ances lent as high as IL per cent ana as low d. =
nsr cent the prevailing rates, however. pelns oa
,er cent Banks and trust companies quoted
and per cent. In time money Iew niile.A-
day loans were reported at ~ ana l. per cent
ni.b q per cent freely hid on Friday for periods
ranging from four months to a year. the com
n,rcial paper market was at stahdstill' WIN
practically no business doing Rates LOT 're
host paper remained unchanged at inlO per
cent for all periods. and above FOR names not
so we'll known IN England call money was
higher al 2la per cent, with discounts IN the
omen market for short and long bills at 3SsG3ls
rer cent The Bank of England advanced its mini
mum rate of discount from ) TO per cent. ana II
lost in the week II .491.36o in bullion, noldng at
The close f36 O9911S. In Paris the open market
rate was per cent, and in Berlin ana frahh-
fort Az per cent .
The foreign exchange market was easy at
the beginning Of the week. but became stronger
on Tuesday and continued firm until just before
the close Friday. when an increased supply OF
commercial bills caused break in rates. de-
mand sterling closing at 4.s4i2. The demand
for exchange in the week was chiefly from goid
importers. Closing posted rates We're y ana
81 for long and short sterling respectively. The
rates for actual business closed for sterling as
follows: Gable transfers. 4.s5i4; demand. 4.S4i20
Asa; sixty days, 4sli:; documents for accept
arce sixty DAYS I.SOlsG4Sl; documents for
payment 4S0G4 81. Paris cables. 5l9As less 1-l6
G519as; checks, 90 less 1-l6a'.2o: sixty days
322 G52l7 less l-lS Re- Relchsmarks ,G cables as
9fss@94 7-16. Guilders, long. 80 1916. guilders.
snort 40G40 Lie
The weekly statement Of the associated banks
showed an increase in cash holdings Of 81, 49,
200. and an increase in surplus reserve OF So
04oSoo. -
RAILROAD EARNINGS
The Tribune has printed the gross earnings Of
sixty-three railroads or systems for the second
week in October. OF these eighteen return
gains of s135.252. or 90 per cent. and fo-ty-five
return losses Of S46S.319. or per cent The
whole shows loss Of S3:3. .127. or 43 per cent.
second week in o.oler-
=, ,o,.,., :, lss3 iss' 10 D.hsregess .Isr re
: S%Psnis: So%PsnS: so3 % Dec Dec ' 50
Total es co.'s. .s7.s7eel s7.ssssi Dec. s&sai27 43
Five railroads reporting for the third week in
October show a loss OF Slr3,2lO or 90 per cent
THE WEEK IN WALL STREET.
The financial disturbance and uncertainty of
the last three years have not been without some
good to business undertakings. Dishonesty in
Official management has been exposed; essen
tia weakness in the methods Of conducting
tain corporate concerns has been brought To
light and remeded; official railway wrecker5
have been retired. and sound companies
ganzed from the disasters precipitated among
railroad corporations by inefficient managers;
banks and other money institutions have be
come more conservative and careful in the
scrutiny Of security offered for loans and the
mercantile standing of houses seeking accom-
mediation, and all lines Of industrial activity
have undergone thorough and searching
houseceaning. The panic Of 1893 exposed
many unfortunate conditions in railway az
!airs--as nstanccd in The fall OF the Reading.
the Northern Pacific the Atchison and other
roads and in Industrial concerns and financial
Institutions. and il showed the whole business
world the necessity Of economy. retrenchment
and careful management. The business world
hoe 4 ODD
ton 10 reap the rewards and profits which II
will surely secure under new era Of industrial!
peace and prosperity Securities of many rail-
road companies ana Of Other stock and bonded
enterprises have not enjoy ed the confidence Of
the investment public in the last few years for
reasons noted above; but they are now growing
more in favor and ii is more than likely that a
great army or investors who have employed
their funds in real estate ana kept them hoard
ed are only waiting for the overthrow Of Mr..
Bryan TO rush with no uncertain steps into the
world OF investment securities.
To some extent this reflected in he invest
ment market last week. There was no pro-
nounced inquiry from outside sources FOR Sc
curites last week but still there were indica-
tons in the buying az a better demand and
vast Improvement in investment sentiment. The
impetus which general business VIII receive
Wnen Mr Bryan has been disposed OF by
large popular and electoral vote VIII ADJUST
security values 10 their intrinsic worth and
make a popular market for the shares and bonds
OF the thousands OF sound and money-making
companies Of the United States. The financial
community hopes for no exciting OF sensational
Speculative movement II will discourage any
thing which will lead to overstmuat ton in the
security market, and it will look for steady
and Uniform increase in legitimate Stock EX
Change business rejecting the gain in trade
and confidence and the upward and onward
tendency in all lines OF work AT present heavy
speculative operations in securities are being
discouraged The money market is not In a po-
sition 10 favor large speculative operations and
there Is apparently no general disposition to en-
ter actively into anf unusual arket transac-
be 20
In wheat h. ir, rnca s1ire heen due TO the con-