New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-17


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THE MONETARY SITUATION.
rates IN the local money market were SITTER
last week owing 10 an increase in the demand
for none from the interior, and III the call
loan branch Of the market the shifting Of loans,
due TO the baak conditions Of the preceding
week. ran rates up 20 per cent but held at
that figure for a short time only. Call money
lent as low is per cent with the average at
about per cent Foreign banking houses lent
considerable money on call and in time loans
their offerings figured 10 a considerable extent
for four months Oh gold notes. Banks and trust
companies quoted per cent the mini;
mum for call loans. Time money ruled a. u
Per cent for all periods Commercial paper was
in poor demand. the majority Of banks and
other institutions being out Of the market. ana
tremely hard TO sell paper at any price, offer
.ngs q choice Endorsed bills receivable fOr sixty
10 ninety days ruling al per cent, with the
same rate for all grades OF the best paper Inc
statement OF the Associated Banks showed
falling of in cash holdings OF S6S3S1UU and in
surplus reserve reduction Of S4,il5,4OO 10 So
&C.
interior currency movement was nearly S29Oo-
O00 In London call money was y per cent
with discounts for sixty 60 ninety-day bank
bills al = Of per cent The Bank of Englands
minimum rate Of discount remained unchanged
a. > per cent The open market rate in Paris
was ia per cent and in Berlin and Frankfort
81 per cent.
In the foreign exchange market the demand
was light. while there was a moderate supply
Of cotton. grain and loan bills. resulting in
lower range o. quotations The higher rate
for money which attracted foreign balances
also had 2 weakening tendency upon the mar
ket. Closing posted rates were 81 So 81 $50 and
81 SSQS4 500 for long and short sterling bills
respectively. Rates for actual business closed
al s. S6gst S6+ FER ion i9ne 81 s1as4 So Tor
p f41 s6a 81 S S fS4 f{ s5 snd
documentary 81 S5Q>4 S5A. Posted rates for
Paris francs were 51SQj17 1-l6 for long and
SIG 3-l6a316i. for short
The bank exchanges Of the New-York Clearing
House and the stock sold at the New-York
Stock Exchange last week and for the same
week Of tie preceding two years compare as
follows:
sas AZ: Is 1 ::5 e ssf S:
RAILROAD EARNINGS.
The Tribune has printed the gross earnings Of
week in July OF these thlrty-three return gains
of s354 659 or - per cent. and thirty-one return
losses OF S433,7ll;; or 1o.7 per cent The whole
une mas also printed the gross earnings Of fifty
FIVE railroads or systems tor the first week in Au-
gust. OF these twenty-five return gains OF S241,-
J9J or - per cent and thrtythree return
losses OF S31Ol26, or 11.9 per cent The whole
shows loss Of S6260l, or II per cent
Fourth week in Ju!y-;so. ,so.
i 87s8s: 5SSsss5 BE- be 'st Fl %
To,s. 6. co.'s. ss7s4 800 ssea8.s2a Dec. ssio72 .
F.rs, week n August
e s35a 5s z. ts ssss be- Bee ' s5iS III
Total IS COS. $5sleI44 s575s548 Dec. seq eOl ii
THE WEEK N WALL STREET.
Political considerations continue 10 dominate
Wall Street, but they have assumed a more
cheerful aspect. furnishing a stimulus Of hope
tJr Z satisfactory outcome OF the fight for the
Continuance Of a sound and honest currency.
and g basis for higher prices IN the stock mar
kei The failure Of Mr.. Bryan 10 create any
enthusiasm in this city. his weakness IS po-
Nt.cal economist and his lack Of brilliancy as
az orator and thinker reflected In his laoored
speech q hour and is minutes have impressed
the business community that his power as
vote-raker viii soon sink 20 insignificant proper
lions as far as the East is concerned and no
great fear IS felt that ne will prove conquer
ing hero among the majority in the West. The
ep!gra.amatic remark made by Mr. Mckinley on
TIE DAY Nj BRYAN delivered his speech here,
that T. would be better 10 open our mills 10 labor
than 20 open our minis 20 silver VIII meet the
approval u the great army OF wage-earneTs IN
the country in the financial community ana IN
every centre q trade and industry. The erect
T ar improved sentiment over the poHuCaI
situation was reflected in higher prices In the
stock and bond market. and a cessation OF me
vicious 4aids - bear traders upon prices DOUBT
less the bears OF speculation are calculating
upon further attacks on values before the ,al'
bat unless the indications In the political sltua-
ton should undergo a violent change II does
not seem possible that they Will be able 70 de-
press prices 70 the extent witnessed IN the last
TWO weeks II was not wise 70 sell stocks IN
TIE recen: bear decline and conservative brok-
ers Go not think IL wise tC stay short o. the
market on the belief Of future liquidation over
fear = Nj Bryans possible success II hold
ers = stocks allow themselves TO see nothing
but indigo in the political atmosphere ana sell
their security possessions. prices viii decline
for the bears apparently have no trouble in sup
plying themselves with stocks. and as long az
they can DO this 4 Will be an easy affair 10
lOWer values II some Of the large houses IN
the Stree. which in the he bit Of lending the
bears stocks would shut down upon their de-
nands. the bears would not be so powerful! an
element IL shaking prices
The short interest IN the stock market has
been materially reduced but not eliminated
and the demand from investment sources has
not been large. despite the low level OF ell high
grade securities Speculation is very narrow
and there are no heavy interests In the market
although IL was currently reported last week
that q good part of the buying vas by Stand
ard Oh interests and other moneyed institutions
and individuals. The early advances in the
week ri 344 per cent afforded excellent oppor-
tunities for profit by the shTewd tracers. VINO
bought al the low prices reached on Monday
and In the preceding week and the decline on
Wednesday was chiefly due 10 realizing sales
There is great apathy among all classes Of in
vestols and many high-class bonds 60 a-beg
elng a. their present cheap prices. While the
political situation shows Improvement. and is
ire Dominating factor in the street carefuI
Observers 60 not expect any marked increase
in the demand for securities as long as the
trade situation continues 30 disappointing.
Rate troubles in the West have not been set
ted and the diversion of traffic from the At
lantic ports 70 the Gulf OF Mexico is another
o.sQuieting feature Of the railroad situation,
While the prevailing low price FOR prodUcts mas
forced the railroads 10 accept pretty small
margin OF profit on the transportation OF aerl-
cultural products Despite the poor condition