New-York tribune., 1896-10-05
THE WEEK IN WALL STREET.


Conditions in the foreign exchange market at
tracted considerable attention in Wall street last
week the professional element on the Stock EX-
change using the advance in sterling and conti-
mental rates as an argument for lower prices IN
stocks. From the detailed statement OF security
movements printed elsewhere IL Will be observed
that no noteworthy declines were made and that
the majority of active stocks closed the week at
net gains from the preceding week. The
strength In the foreign Exchange market
carried rates above the gold importing point.
and for the present on :agements Of gold for
Import here have ceased. as foreshadowed in
this column week ago. but after n careful
consideration Of trade conditions II does not
appear likely that the movement OF gold
10 this country is entirely over for the season.
u the political situation continues az favor
able al present and international trade re-
mains In this country's favor gold will again
move this way All signs point to a continuance
Of the encouraging outlook for the success of Mr..
Mckinley next month and for an increased for
eign trade from the United States. Statistical
reports of merchandise exports show heavy in
creases. and this is reflected in the difficulty ex-
porters are now experiencing in securing ocean
freight room. and the advance in ocean freight
rates: also the advance In the price OF wheat.
Early In September the price of wheat on the
Produce Exchange was about G' cents: last week
" reached - cents on bull movement based
upon actual and natural conditions. Crops are
short abroad. especially in Russia. and the for
eien demand for cash wheat has been large the
exports from the Atlantic coast for the quarter
ended September 30 flour included) being %
1924 bushels. against 1920. 900 in the same
t,ne last year There is no shortage In the Vlsl-
Die supply, Western receipts for the Quarter
amounting TO 51742.941 bushels against 43. 100
80! bushels in the corresponding quarter In lS!''
Ihe demand for ocean freight room has been
80 heavy that this port may soon be filled WIN
d large fleet OF tramp steamers which VIII re-
heve the present pressure ana bring forward
more commercial bills in the foreign exchange
market The difficulty in getting freight room
has restricted 10 a slight extent commercial or
ierings, and the demand for remittance has
increased foreign exchange rates have re-
sponded to natural conditions governing the
market The large amount OF gold imported TO
lnis country in September absorbed the sur
Plus supply Of commercial bills and the easier
rates In the money market here. with the
hrmer tendency in foreign discounts. have been
potent factors In the advance In exchange quo
tatons. Easier local money rates have caused
The sending abroad OF delayed remittances by
merchants and bankers and another influence
mas been the l1udatiOn Of sterling loans made
curing the recent monetary stringency here.
sSterling loans maturing now are not large.
however. and the inquiry for exchange from
mercantile sources will not continue heavy for
any length of time. Expectation OF renewal
VI gold imports Is based upon the growing ex-
.cess OF merchandise exports over imports and
upon the probability of a heavy n movement OF
,oreiRn capital into American securities foI-
Ss,wng the probable election OF Mr.. MCKINLEY
sSiehs are not wanting Of Increased commence
70 all circles AT home and abroad in the com
pete overthrow OF the public disturbers as
,rspresented by Mr.. Bryan and his leutenants
a., "reign Investors are beginning to show inter,
.st IN American investment securities ana
.radc circles In various parts of the country
re or, making preparations for industrial activity
ms last named factor is reflected in the com
nerclal paper market. In which the inquiry Tor
accommodation Is broadening. and the willing
n"ess OF the money institutions 10 lend their
.chds Is more marked. The statement Of the
associated banks for last week showed an in
sIease In loans Of 900, the preceding
s.a.ements for long period having shown "A
INSTANT shrinkage In the loan item. From the
.as. week In July To Saturday week ago. loans
save a total contraction Of $23.G7S.SOO.
., ne feature of the week In stock trading was
a..e excellent character Of the buying which
we're well absorbed on all weak spots and COM
"a h'''h mousse customers were generally disposed
vs.y 10y on every r. acton. The trading element
- "earisn on genera! principles Of stock specu-