New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-06
TOtaI To @" = 'f-'77''''f '-''"''7-
THE WEEK IN WALL STREET.


Total 10 cos 50 $685. $3.50 o2a s495o'2 III
THE WEEK IN WALL STREET.
There were movements Of importance IN
the stock market last week. Trading was prac-
tically at a standstill pending action by the Ad-
minis,ration upon its reported intention OF
financing the Treasury, and the majority OF
shores closed the week lower. a not unusual con-
dition in a waiting market. There was a total
lack OF commission house buying and trading
WAS confined almost entirely to the operations of
the professional element. There was no great
pressure to sell. and the bears were not particu-
LARRY aggressive Yesterday excepted. when there
was considerable selling for both accounts. Lon
don was not factor in the market, although
arbtrage houses bought moderately or a 10"
stocks: but il is not TO be expected that the
operations FOR the foreign account VIII play an
important part In current uadlnS uhlh the
financial situation here is cleared and England
strained relations with other Powers are erect
lively eased. The feeling Of uncertainty ana ais
trust which the Administration has caused
throughout the country by its ill-timed words
upon the condition of the Treasury ana It's stup-
horn persjstencv i'm faVoring an increase In the
countrys bonded debt rather than siShliyihe
an intention Of approving an additional revenue
measure is reflected in last weeks bank state
nearly $4,000 600 making a total contraction IN
this item for the last two weeks OF over $Zi'ooo-
OOO The country is not confronted with a grave
financial crisis, as the Administration terms H.
The Presidents recent lncSsag" was not a correct
statement of the actual condition of the Ma
tional Treasury. If he had urged Congress 10
pass the addit onal revenue bill in order that
II could receive without delay an executive APP
proval. there would now he less uncertainty ana
suspense throughout the country as REGARDS the
Nations finances. 1t was good 'o'e'uhh"i'
however OF his pet method of retrieving rom
the deficiency forced 10y the Wilson tariff law
and Il good apology for granting handsome
profits to his Treasury receivers.
The announcement was made on Tuesday that
a subscription list had been opened for those VINO
wished to sell 10 a syndicate gold which YOU'D. IN
turn. be sold t. The Government-provlding the
Government wanted it-for bonds bearing per
cent interest for thirty years. 1t was stpuld''u
IN the contract. which subscribers were asked 10
sign. that 100000 ounces of gold would be OIL
fered to the Government of when amount
$3.50. 900 ounces would be firm and the baiance
either firm or in the form Of an option, IN wh .
or in part the price t. be upon the basis oi thF
contract of February :. 1880 II was also st,Pu-
lated that none of the gold subscribed shoIid DE-
taken from the Treasury. The subs crption ISL
was eagerly subscribed to. and now the question
in connection with the whole afalr is II wv soon
will the President accept or REJECT the bankers
contract? There can be no doubt that us terms
are highly satisfactory to him. despite the iact
that millions could be saved 10 the coun-
try by other method. ana APP
pears that he Is only waiting to see
what the Senate will do with the bond
bill now under discussion. This is n graceful ana
courteous consideration upon the part OF inc rIes
dent but the people who will profit ny the bonds
are laundering after them. and they are linpa-
tient at the delay. especially so when the Popu-
stc silver influence in the senate Is suIncieh, t.
kill the present bond bill. and will undoubtedly
kill II. This however. is no eXcuSH Tor increasing
the countrys bonded debt by SlOO,OOo.Wv. ana
possibly 5000 900 900. The Senate has yet TO act
upon tariff measure which, If made law. will
do more good than an issue Of bonds. ana there
is good reason to believe that the senate VIII
pass the bill. The President VIII then have Deiof"
him a measure of relief which with few strokes
OF his pen he can make powerful remedy
for present Ills II he would make this oil law
then he might turn his attention to bonds Dut II
is doubtful If the necessity for another lsSu"
would then exist The Government. If forced L.
issue bonds. should not enter into contract as
proposed. There is reason or excuse Tor grant
ing such profits to favored bankers. and already
a popular wave of dissent has arisen throughou'
th, country 1t was rumOred yesterday that the
severe criticism which had sprung up IN many
quarters. including parts Of Wall Street on me
proposed contract between the HpNelnmtnt ana
a bankers syndicate would result in public Of
fer Of the bonds and conference of bankers ias,
night set a report going that the syndicate would
tomorrow decar" all subscriptions on 1t IL t.
be presumed however. that the bank RS would
not have proceeded so far with their operations
were there any chance Of failure 20 iar the
Presidents policy and the assumption that
large issue Of bonds is to be made. ana fhht tn"
tariff nlea sure is To be vetoed. have considerably
involV ed the financial outlook ana hav" caused a
degree Of uncertainty which has been responsible
for a practical check to business in the security
markets.
The Interesting developments brought out by
the expected bond issue have been confined pr'n-
cipay TO the foreign exchange market ana the
local gold market. The expectation q. bonds
has c,lrtaied the gold export movement but II
has not entirely ended the outflow of the precious
metal. and there Is no probability ~ us DONG
so The stipulation that no gold shall be- taken
from the Treasury for bonds has caused an
active outside market for the metal. causing a
slight premium on 1t and also making IT possible
10 import gold from London at a profit Cold
was sent out and brought IN in the week. The
premium on gold outside Of the Treasury makes
it possible TO purchase gold in London. ship Ii
here and sell it at slight profit after the trans
portaton and commission charges have been
paid Importers Of the metal have to buy ster-
ling exchange in order TO get the gold sent mere.
and the sellers Of exchange have 70 export the
gold in order 10 cover their exchange 90 II prac-
tically amounts to the same gold coming back
which was sent out. The double ocean trip makes
the gold available for buying bonds. It is 70 b.
supposed that when the contract Is pu' into
force the payment for the bonds viii be eN-
tended over considerable period. oinerWls"
the withdrawal Of such large sum OF money
would cause serious s,ringercy in the money
markets or course. If the payments are made
by instruments there will be less reason for
monetary trouble. the Clearing House banks
have provided against such an emergency by
authorizing loan certificates when desired. But.
Notwithstanding this. The taking Of 50 much
money out Of tn financial centres even in in
stalnents Is likely to cause disturbance for II the
banks reserves are contracted their loans VIII
also be contracted and a light money market IL
not attractive Perhaps the shrewdness and WIS
dom Of the who float the loan Will devise
ways and means Of preventing any disturbance
IN monetary circles, but even 80, the idea that
continued borrowing Is the quickest road toward
prosperity is a bad theory in iinanc" ana un-
worthy OF any intelligent community tn" pas
sage Of the Increased revenue bill by the Senate
and It's approval by the President would make
impOs'i bic the necessity OF periodical sales Of
bonds
So much is expected IN the future 50 much
prosperity and Improvement. that q retrospect of
the past is not taken kindly 10. and II is just as
..n rl1Al,n NJ II u n.