New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-19
THE FINANCIAL MARKETS.
SECURITY PRICES STRONG.
OF THE FEDERAL TREAS
URY-RAILROAD EARNINGS,


Sunday, July Tsp. M
Tho actual amount of new business being done
=. NOT so small as some pessimists believe, and
,,a actual Improvement in business conditions
q larger than the average person realizes. In
tho situation there are two very healthful signs,
showing the Increase in mercantile transactions
I'd The prevailing confidence in return Of
rosnerity The fact that loans of the assoc
,,,od banks OF this city the largest on
rscorl Is an evidence Of industrial expansion.
h,,e the broadening demand for investment Sc
.urities is proof OF the safety felt by moneyed
interests in putting out their funds Both fac
tors are encouraging indications of the great
,hange which has been brought about in bust
ness. financial and political conditions and sem
,iment. since the defeat of Organism and the
,eturn of the Republican party to power and IN
nn,nce. A careful study of past conditions.
and more particularly Of the conditions ruling at
This time a year ago. as compared with those
NOW current, must lead TO the inevitable con-
cluson that great results have been accom-
njshed In the course Of the last few months. and
that the expectations Of industrial revival 10
follow the fall election have not ended IN vain
fancy Last November. preceding the election,
loans Of the city associated banks amounted to
S4421 700 and deposits TO S43O63l.3oo. and
since that time the first-naIned have increased
S9l 9T4.7O to 1894 1o4.4 400. while deposits have
= 49,
earnings were light, and bank c!earngs were
small at this time a year ago. The Treasury s
gold reserve vas falling and specie exports
were being made upon large scale, While the
adoption by the Chicago Convention of a silver
ite-Populstic platform paralyzed trade and
frightened tmd people to such an extent That
they began TO buy foreign exchange Tor the
nurnose OF sending their money to Europe 70
he out Of harms way. 1t was 81 this 1uncture
..jhat the banks and trust companies or TINS ana
cfher cities came to the relief Of the Treasury,
. =. aiyp,
- AZ end the gold export movement by such
artificial means an actual panic was prevented
and peoplcs fears in a measure were allayed;
mn confidence was still lacking and business
ancujshed under the bancful effects of q Popu-
.istic campaign. which threatened to turn the
country upside down in case OF victory in NO.
yember
The measure Of improvement in business con-
aitons i'm the position OF the banks, OF securities
and in sentiment. cannot he adequately gagged
without a reference to the recent past and for
his reason il ia timely to call attention TO the
conditions as Just enumerated. The pcssimists
are liicy To bc forgetful, and the superficial
study which they give 10 the current SITUATION
makes little impression upon their Nmorous
iraips: but the thoughtful men Of the country
see conditions they actually exist, and feel no
uneasiness in making active PREPARATIONS TOT me
arnloyment Of their money. because men with
money to invest believe that the changes for the
better in business affairs have actually occurred
securities are being bought and values are en-
HANGING. Because Of the movement OF cap!tai
into securities the values of the capital stocks
of twenty railroad companies have increased up
ward Of Ss0000000 in the last few months,
while the actual supply of investment issues
available for purchase is smaller ihan the de-
r.and MS instanced last week in the sale OF -
100000 Of bonds Of the Metropolitan street Rall-
way Company bids for which amounted TO about
56OO0OIO There have been few new invest
ment issues put on the market in the last Few
years The hgh-grade bonds are selling al pIac,
tically prohibitive figures. and the loW-pilced
issues are becoming attractive 10 investors, as
raaa cd IN he heavy business
them and their appreciation III NaIue' Inc pus :
ing OF the last named being one OF me StIOii6
evidences Of the confidence felt by the pVnHc
and bv men whose operations in the security
market mean a healthful situation AttfactiNe
IDEALS" schemes and operations are now coiSlu-
cred by banking interests, Where recently NO
announcement would be given, and financial
operations are now put under way win every
feeling OF confidence in their ultimate success
Tho banking community is willing 10 listen TO
proposals. Bankers are willing and ANXIOUS 10
take up refunding operations ana other lihancldi
transactions in connection with rallroac anu NJ
6ustr,al corporations. Tney are ueNouhs the'i
eneroies 10 the success of the new securities oi
recently bankrupt railroad properties, BECAUSE
,bev can do so with the knowledge that honest
aDi avnerienced managers are now in control
"a ma. under the reorga nizations recently ac-
comnlished the new securities are sound invest
ment instruments. a.or
mart Of the week. and the general hhahcldi
situation continued favorable for business en-
terprises The advance in the wheat lhdlhe'
reflected the increasing demand HUN "'tOi -
tries for our breadstuffs. while reports Oh tne
crous showed a constantly improving outlooh
The bituminous coal strike was not IN evidence
as factor in stock market speculation eACep'
perhaps, helping factor IN me prices ~ ,s,e
anthracite shares: but as to the last named the
chief influence in their advance was the ae,
cision by Judge Chester. which pracucal9 LEU
the coal companies from further danger OF a.
tack under the Antitrust laws OF 1000. ne
formal passing of the control OF the Lehlgh val
lev road into the hands Of Morgan interests vas
another favorable development as affecting we
shares Of the anthracite group Among the
reAactinP the good prospects for heavy trafhc
as the result of the expected big gram move
ment and also rejecting the increase III urA ,
dend by the Great Northern Company. me
heavy speculation in Sugar Refining STOCK was
an Incident which received sufficient comment
In the week Money market conditions cohtliiue
favorable to security market operations anu az
soon as tariff legislation Is out or the way lI'
demand for funds in connection Win revived
Industrial activity will dOub less cause a con-
sldera bic increase in financial operations at this
centre: but the outlook for higher rates IL not
bright for the present, and bankers 90 i'ol eM
pect a material change for some time 10 come.
The city banks are well supplied with money
and the same may he said Of the out or to"n
and interior institutions. despite continued
excess Of currency receipts over shipments at
New-York The demand for crop movement
purposes has not yet become an active factor
in the market The foreign exchange market
remains firm and steady. but dull, ana IL j.
Interesting TO note as a reflection OF the chahSeN
conditions i'm this country that recent orders
FOR gold In this market were refused ana 'nat
bankers will not fill foreign ORDERS unless tHe
profit in the transaction is conslderaole' lHvic
was a time. not long ago when TINS country
could not make n good bargain with Europe
when Europe wanted American gold
The following tables show the movements or
The principal active stocks and bonds IN 'he
week:
STOCKS.