New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-03
Total c. co.'s IS s2s $50 s5.97S. es2 Inc SAG Os2
THE WEEK IN WALL STREET.


Future historians will treat the political cam
pagn OF 1896 as one of the mOmentous periods
IN the life Of TIE Republic which showed,
among other things. the skill and sagacity and
striking labors OF the financial community or
New.York of this period. When future finan-
ciers read of the wisdom Of the banking com
munity Of to-day they will deem themselves
happy 10 be the successors OF men whose lntel-
ngence patriotism ana ingenuity protected the
Crited States Treasury against gold raid;
controlled the sensitive foreign exchange mar
ket 10 an extent sufficient TO make gold exports
impossible and restored confidence ana goa
feeling to businessmen in general throughout
The country The financial operations OF thls
period will furnish one Of the most interesting
chapters OF history. and the world VIII theIi
realize more than il does now the Importance
Of the bankers action and the consummate wis
oorn and judgment OF the man who OI1glnat+u
and planned and. with others. carried into et-
fect the present great financial operation MT.
Morgan Is a loyal American and tnOrOueh
man OF business His financial wisdom has
saved the country from more than one panic
and within The last two weeks he has again
some to the rescue with wise plan and means
% carry 1t oUt. To the men who joined Mr'
Morgan IN this great undertaking all praise
Ano credit are due. and while the facts IN the
Sase may be distorted. and malignant attacks
made upon the bankers by ranting Populisuc
,hetoicians. they may rest content with their
~.H remem bering that the hblest men have
wen been villified and even hated by the Popo-
Nss and Denarchists of their day.
"eAstreet does not yet fully realize the mag
....Ie o. the work entered into by Mr.. Morgan
., 1 us associates. II hardly realizes that with
- iess than two weeks the Treasurys gold re-
80 nas been raised from SSGOOO,OO0 10 more
o 20. silUHUD.UO: that q large outward move
sr 50 " goic has been stopped. and that the Gov
u.Hieht has been relieved from the necessity
80 embarrassment o. making another issue OF
hus' II does not realize that the action Of the
nhefs has checked the vigorous attacks and
's upon security values, and that IL has made
loIe Secure the election Of Mckinley and Ho-
bIs The Bryanites would have liked another
s1 no issue. They would have welcomed a falling
s.1a reserve and financial panic. Such factors
ould nave been fuel for their innammatory
sgesches. and they were counting upon them
tns course OF Stock Exchange prices seems TO
s,,nese that the improvement in the financial
,as-..1h mas not had adequate reflection in the
t.r. IVY markets. This however. is on unimpOr-
ma, 4SceoI IN comparison with the actual good
10. mas been accomplished by the bankers ac-
A.,' o.u IL - extremely encouraging to know
ara "hHe the Improvement is not reflected in
bia Inward movement in stocks Improvement
a,veuI e@is,s, also, that while no large advances
kes &, oeeh made in stocks. the tone of the mar
w,s. S'.ong and that the bear element is at its
rsI1,s Hu 10 ma some excuse for hammering at
f"h,ic Al uncertainties continue to dOrni-
,Aesss continent, but sentiment is growing more
srs ana bankers and brokers feel that the
tow VI sound money Is gaining IN every city,
foL ana hamlet in the land. Bankers and
IA 10 are not merely watching and waiting
wondering about the future. They are ac-