New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-14
THE EFFECT on WALL STREET

a STRONG STOCK MARkET- BELIEF THAT THE
SILVER CRAZE Is DECLINING.
The stock market WIS notably strong yesterday,
whereas It hrd been expected to develop weakness
as a result OF the Bryan demonstration. The rea-
It did NOT was that the Bryan demonstration
was failure 1t agreed that Bryan would
have done far better TO have received his notiiica-
tion az Lincoln. Neb. His speech regarded as
poor effort. both in it's arguments and in its de-
livery 1t was thought that this address had done
more to arrest the silver movement than anything
else that had yet occurred. In fact. the general
belief that 1t marked the decline of the free
silver craze.
The speech in other words. instead Of inspiring
fear impaired confidence TO the financial COM
munity for If there was any doubt before. IL was
believed to assure McKinleys election. The sentl-
ment that Bryan would be the wors-bcaten
man who ever ran for President.
The opinion IS gaining ground that within sixty
days importatioTs Of gold from Europe will be wit
messed II Is said by foreign exchange houses that
AZ no time I'm good many years has so little
money been owed by this country to Europe. In
deed f, is said that the Indebtedness abroad has
been settled up more completely than ever before
since the resumption OF specie payments. There is
no likelihood OF large importations Of goods from
Europe for mCrths 10 come There Is no
markot for merchandise. I'm consequence of the d.
preston I'm trade, and for another thing. the terms
on which importers sell their goods are such as TO
preclude their doing much business for the presen'
Importers usually sell goods four months time.
They have 10 pay for the goods IA gold and they
do not know whether. at the end Of four months.
they will get gold money good as gold for the
goods The banks will not buy their paper. AMI
Will not discount their notes receivable In order
that they may settle for their goods at once.
The inability to find "A sale for an excellent quail
ity of commercial paper at per cent shows 10
what an extent banks and other buyers are out or
the market. Bankers feel little apprchensve
over the stringency in commercial paper, for the
reason that while the merchants probably do not
need very much money just now. it is rather
serious matter If they cannot obtain what they do
require II may be true. az bank president sug-
eestcd. that the merchants a whole have put
their affairs in Manageable shape and their wants
for money are ut a minimum: but. the other
hand II Is equally that in the case Of many
OF them they cannot obtain any money at all.
There Is an Improvement i'm the time money situa-
ton, IN tho sense that the recovery In stocks has
made lenders somewh hat less exactnG to secur-
i,y. The absence of indications Of a serious strn-
gcncy I'm call money has resulted i'm a falling off
in the demand for time loans. Foreign loans with
the gold clause continue fairly plentiful
The president Of large National hank said: II
what cause people have for anxiety
now. The Treasury position ! consider to be So
are busy than at any other time Of the yca- I'm
gathering and handling the crops We have good
crops. and there is need for these crops abroad
but the price for cotton is not bad and with
such yield of corn rs Is promised this year the
farmers must surely derive 4 good profit from IT,
even II they have to sell at a low figure Securities
many years and | do not how they can be put
much lower under any circumstances"