New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-10
THE FINANCIAL MARKETS.
STOCK TRADING NARROW.
FOREIGN EXCHANGE CONDITIONS-RAIL-
ROAD EARNINGS.

Sunday May 9-p. m.
The Stock Exchange communty-or at least
that part Of 1t whose members are known as
.board room traders"-made little advance in
the week from the narrow rut Of pessimistic
speculation. even the reporting OF the Tariff
bill In the Senate failing materially to stimulate
trading or to direct attention TO the significance
OF tariff progress in relation to the value OF Sc
curities Although opinions differ regarding the
changes made In the Tariff bill by the Senate
Finance Committee, the fact that step forward
has been made in the settlement Of the tariff
question should exert potent influence upon
, business mems disposition, II not upon their
operations. II business men can throw off the
gloom and depression which have affected them
for so long time. and trust in the reporting OF
the Tariff bill in the Senate the beginning of
a successful end, the situation will lee materially
improved as regards their own affairs for cheer
funess will inspire confidence, and confidence
will be followed by better business. For one
day the Tariff bill was a favorable influence in
the stock market, but advances caused by it
were followed by losses. due to the gossip of
some people who took an unfavorable view Of
the revised schedules. and to many bearish dis
patches from Washington intmating that there
would be a prolonged fight on the amended bill,
both in the Senate and in the House. The men
tai condition Of most operators is far from
favorable. Their pessimism is going too far.
The pessimistc element is now an unwieldy
majority and as long il continues so the
market will present discouragng prospect for
spectators. There is only one side TO current
speculation. and though actual business con-
ditions hardly warrant a buoyant market they
should not effect current transactions in Sc
curities as they apparently do
In one class of securities a marked exception
is presented In municipal bonds good Dusl,
ness is being done. as reflected in the reco.u
Of new issues and sales for April and Tor the
last six months According TO the record com, com,
piled by The Financial Chronicle, the .o,a ti
amount of municipal bonds marketed IN ID, Hp 81
was Sl2301 $50. as compared with So I -"
for the same month last year and with 81
ass 400 for March Of the curren- yesr "a w. 10
received for municipal bonds are soou. a,ia 49,
demand is such that dealers In them sell 'he'h
more readily than am other class of security
now on the market. In view or the pusi ,.
conditions prevailing throughou' ,ie hank
and in consideration of the many laiiioau o od
runtcjes of the last few years ana the reuuNTu
and suspended interest charges on many ran
road bonds it is not so rIonev into munich
nal issues which offer so small a margin OF
risk The municipalities included wiihln ome
boundaries of Greater New-Hork nave peeh au
,bori1ed to issue by the recent State Legis-
Iature S26 $4,000 bonds. Of when New lo!h
County will have S2l,165,00o kin 9 oo Sounii
S431OO9O and Queens County StooVoV Al
these bonds were to be put on the market az
once II is not improbable that they wouid ni'o
ready buyers despite the extent OF tne iross
h;nS Weeds %, little encourag cement and which
requires but slight notice TO the puonc IN oruei
to make sales over the counter sue So Ex
other securities not traded in on the STOCK TN
change but by outside brokers. fair business
Is being done. Attention was calleo 10 tii.S
last week by the activity IN Standafd vi
which advanced to their highest price on ieOoi'
al 311 There is no known deVelopnlehl 10 az
count for this appreciation IN price put Do s sns
stock has paid in dividends 20 per cent so Iar
th,s year n is not surprising that it holds such
a handsome value in the market. The hoauns
supply Of the stock is small, ana me az. " noo
has been made upon transactions OF llolll o,,
to Ave share lots In the week private sdI0
Of 900 shares was made, but IN the open ma,
ket II would be impossible TO nave SUN az
~r6er allied The outside market for gas secut.
tisa mas also been moderated active at adVanc
inc nrices but, according 20 the stateiler,'
made by officers and directors t o., vas gas
nanies the report alleging that theIe was a 80
consoiidation in this city was ncnoh anu .
rehash OF the old story. which Is gwen u '''o
rnnd;tions governing the foreign exchange
market were not materially altered isst we aa,
but the heavy gold exports OF the preceuiiss ,ad
oNor6ed sufficient exchange to meet the ueiiialu
@ tas were too low to permit profit in ex-
norts NJ the precious metal, although shnPnei
were made without loss. on account VI oDn Ne
,ions prevailing abroad. III is not imp ~
.hat further gold shipments will be mace lh,s
week. and that exchange rates VII again au
vance in response TO trade cohoi, r; 90 oor,
elected in the weekly statements or ioreisH ooin
merce M this port. In the week the excess oi
,,archandise imports over exports amouIteu III
,,a1ue 10 S11 1856. So. and the imports r tIie
vai1e we valued at SIS $50 O19, against 50 40
Ole this week year ago and S14.lo6, isO lasa
week while for the year 70 GATE Mercna,iu,se
,mnorts at this port showed an excess over ~
norts of S61 49,, 49, The full statement or me
rountrv's foreign commerce for April. whlch VIII
ne issued about the 18th Of the month Is await
"a With great interest on account of the changes
., &c expected to show in the recent course OF
foreign trade from this country's favor 10 tha'
NJ Europe The local money market remains WI
changed and currency continues 10 come from
,ha interior in large amounts, decrease IN
b.nL holdings last week rejecting, in great part,
he gold exports and customs payments or me
um before and not losses due TO any falllng
of in the interior inflow: The dulness OF me ne
,oonev market is indicated by loss In loans IN
!i NJ .an ~ nearly S1OO0.000 and by the un-I
changed rates which for call money remain nar az
aDd for time contracts per cent Tor slxty GAYS,
or ner cent for three months. per cent 1or iour
- n2 and 3a3d per cent for six months COM
merca paper offerings are light and qno'a. n,s
remain unchanged at 3l2Q39, per cen. TOT p " snr
Endorsed bills receivable 3at@4 per Gem III, Ior
choice single names. and 400 per cent TOT o'hei
good names. 49,, ,,over,en.s OF
the chief active stocks and bonds In the "eeN'
STOCKS.