New-York tribune., 1896-10-19
THE WEEK IN WALL STREET.

Conditions in the financial community last
week were governed in great part ny ahu-eIe
,ion conservatism and antl-eleCtlOn unceTtain'S
Another rapid advance in the wheat market
was a factor in speculative circles Which va
not dependent upon politics. and a contliueu
movement Of gold from Europe had NIUE con
nectiOn with the political situation, Out III III.
security and InOney markets there Was dis1iiic'
and decil al evidence Of the prevailing caution
and restricted business induced by the near ap-
proach of National election. II foreigners
were not satisfied that Bryan would he detea,eo
the pres ent premium on gold would not ne SUM
Gent 10 bring the metal here. and bankers mere
VINO hsve engaged with foreign bankers TO sup
Jly the demand for gold would not be likely 10
engage in the business if they thought there was
any chance OF repudatiOn and dishonesty carry
iny the fall election Cold Withdrawals from
The Sub-Treasury have averaged S2ooOo "a!
II the last week. but il is likely that good part
Of the gold which has just arrived. which IL en-
0ged and on shipboard. will find its way into
Ne Treasurys gold balance and though some
k,ple have predicted very much reduced goio
is,erye before election, II does not appear Tea.
saable 10 believe that the demand for gold VIII
nave any very large effect upon Treasury mold
hgs In regard 10 one Wall Street firm which
selling calls on gold coin, il Is interesting
~hoie that contracts made are guaranteed Dy
surety company. giving the risks involved by
political uncertainty the benefit of corporate In
sarance. Selling calls" on gold is nothing more
nan giving the privilege 10 the buyer TO call
upon the seller within certain fixed time TOT
uansaction is made on the price charged by the
eier Of the call
Current imports ~ gold VIII probably not
erng about any decided change in money
iaes, and il is also evident that the demand
'or gold here is not dependent upon the
Willingness of the Banl; OF England TO keep
N check-if it is possible for II 10 do so
NE London market II discount rates in Lon
con are forced up to prevent gold shipments
he'e, gold will be sent from the Continent
sno inasmUch the movement ~ Daseu
epn natural conditions. unnatural Efforts cam
mol stop IL. The Bank OF England MADE no
ensnge In lis minimum discount rate last week.
s'hough an advance was expected both In Lon
eon and In local financial circles, and II Is now
matter Of considerable DOUBT whether tne
eshk Will take action at the meeting TINS Week
change in the bark rate is made 10 anect
vpen market rates. but within the last TWO
weeks these rates have been moving In man
asr '.sr Which may have convinced the BANK 'na'
Ia influence was not wholly the controlling ele-
nsnt In this market money Is firm for the
very good reason that bank holdings are re-
sricted due principally 70 interior withdra" "ais'
ne bank statement for last week showing Il
pss in cash holdings OF 81, $4,000. and in sur
Hus reserve Of SO 6Ss 100 The demand for cur
.rhcy was not heavy as IN the Preceoins
seek but II was large enough 10 caune eNtla
eaution on the part of local bankers lhe pres
mt bank statement covers n period when there
.efe few gold arrivals. but the statement ioI
an week should make dinerent shonine ~. "a
s.eount OF the large arrivals OF iiiipo % - 90,
a
~ money for crop movement purposes Is q
.aealthful sign Of increasing business ior TN .ns
.srfners and the railroads, and the demaio ~ .i
country banks for money is the result OF politi,
Sl sentiment which inspires them 10 huspan9
~ the resources at home. so as TO be prePaIe''
p any misfortune. like the election OF biyah.
oshkers I'm general do not expect an! i' suIn
a.asirophe, but they are cautious. ana tneli %
sau,ion was reflected in the money marKet ias'
~sek, In which they made no general ensase.
,.fnts indeed as a matter OF fact: very rev
s.opie were looking for accommodation anu W
numerical loans there was almost hotnihe
.osns Collections are reported good. and some
sercantle loans have recently been settled De-
i iue the date Of maturity. For the present
shkers will not encourage borrowers. but IL ~
sot ot likely that reasonable demands from Gus
',ners will be refused.
IN the security market there was extreme me
ssssaess. and operations were conducted upon a
smservatve and restricted basis, Incident 10 tnis
s;Ss-election period. There is. doubtless con,
nss'aoie short interes; in the market, ana
ss.'ef Prices may be recorded before election
result but for the present there appears 10 We