New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-25

THE WEEK IN WALL STREET.

~, ~e5,,ction in foreign discount rates, reneCt-
ing The Increase in the supply OF mones III -o-
don Berlin and other European imam" ,,aa
,-os should at no late time nave PIonou', d
-. ,,,,on The security markets IN Europe anu
her.. and il is believed in Local. hhahIldl D' -
.ha+ conditions are noW forming WHiCH NlN ~
IN an urgent demand in Europe lor Ai 49,, a..
sacr-s.fcs The ease in own money mar
with me growing ease in LONDON iurt'iSi "ili'
,shes the chances Of gold exports from TINS Coun
Try and If the trade balance continues ID " ~
ssr d,,,b.iecs will and foreigners begin 10 come
into -ha American security markel more s"Iu
sho,id conae this way instead OF gong out' DR.
Tora.~ financial circles appear 10 peilrNe
Doubtless this market VIII he hoodeu WIN ."l
eien .r~rorfs unless some way rs devised ny 'oH-
eress ~ prevent IL. in order 10 IAN" d"' al as
OF the nrcsent tariff law in expectation Oh t gu
e-af aa,.rcos bv q new tariff. but despite such
importations. the demand abroad 10Y am !. al,
breaSsturs and cotton continues anu IL "'eS
not aupear likely that foreign imports VIII ne
sufficient 20 create an unfaVoraDle 'rdue pdIa'e
FOR some time 10 come Imports for last week al
tsis port however. showed q marked reuuctIoil
from the preceding week. and from the same
vreer IT, zoe and 1875 At this time. when the
revenue deficit continues. considerable attention
Is being given in financial circles 20 me coiiu -!
ton ~ the National Treasury. ana 'he mop ~. -
genera that very careful. lnteih2eht anu Wise
rnauagaf,ienf Of Government finances VIII be IN
stufed 'n order 10 avoid the possiplll'y 9i polu
issue hr the incoming ADMINISTRATION. u Is ,rue
that taa Treasurys gold balance Is increasing
but it's actual cash holdings are decreasing anu
the supply IF legal-tenders has gotten down TO "A
point az which the probability of guid payments
IN settlement 0f Clearing House balances De-
cones r.onouuced The net holding Of legal
tender is now down to so l439SI. of which
49, AL 72 is in Treasury notes OF lN'J Sin'r Inc
beginning Of the nscal year the loss IN ne actual
cash balance. due 10 the excess on eNpvnui 'u' 'S
over receipts has been nearly SD,HHtVhl me
presenf cash holdings standing az H--S"--''4f :.
According 20 an estimate made 10y A Treasury
offcial the end Of The current fiscal year VIII
show a cash balance o. about S2VVW""". ana
In his opinion. careful fnanciering between now
and June 30 will carry the Treasury through ITS
oircuitiee and make u possible Tor me ne" a.
ministra'i0n to avoid calling upon the puhlc
FOR help Fortunately. the money which the
treasury loses each day does not 20 "ut OF me
country in recent years, when gold went
abroad - largo amounts. and IN fhiS facior
here is element of announcement when
heils 20 tighten in peoples opinions the lffas-
uryS burden and encourages the bfliet mat us
position viii remain secure until sound reNe-
nae-producing law puts it again on an accumu-
iatng basis
Outside Of the factors Just noted there az
pears nothing in the situation OF an unfaVorable
cnaracer Men Of wide experience and unques-
uoned judgment believe tina; underlying rae
'ors In the business situation point toward re-
viyal q Industrial activity this year and con-
servative and careful investors who never part
WITT their money until they are confident OF the
outlook beginning 20 employ their surplus
.ends In investment securities as instanoed in
me railroad bond market last week Business
N railroad bonds has been gradually expanding.
eno IN many issues current prices are no" at
me best figures ever quoted. the lack OF supply
$40 urgent demand causing pronounced al
Fanees in many If the best railroad npnds'
~hie IN Government bonds handsome hgure
mas 10 be paid On order 10 get any round
ss,,.ount - The per cents or currency issues A
inherent state of affairs exists IN the specuia-
We stock market. Professional traders nave
vi so long a time seen depression ana poor
,asihess small spectators and even heavy IN
.'rests have suffered many setbacks ana DIS
ippolntments IN the last three Years thai J,
Ia seemed almost impossible for them to take a
s,osd and optimistic view ~ the situation. ana
rnen by some especially bright influence. they
Ave turned bulls they actually have been fright
80 Al their own audaciiy and have rushed
ak INTO the tiresomo and rrortless track or de-