New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-24
THE FINANCIAL MARKETS,
STAGNATTON IN STOCKS.
roREIGN EXCHANGE CONDITIONS
RAILROAD EARNINGS.
Sunday Nav On m.

Sunday. May 23-p. m.
Current operations IN the security market in
xolve the OF little capital and the transfer
~ money into business enterprises continues on
a small and narrow basis. Securities are watt
,ng for fuller evidence of business expansion. in
the mean time. prices being subjected 10 only
small changes. one day up and the next down,
according to the varying sentiment OF Stock Ex-
change traders, Money lies in abundance at this
centre but there Is no demand for IL at least
the demand is too small to have an appreciate
influence upon bank holdings, and the constant
" increasing deposits and stagnation In loans
have led bankers to discuss the question OF fur
Their bank consolidation on lines similar TO those
entered upon by the Third National Bank and
the National City Bank The idea is good one.
The proposition should receive serious attention.
for under existing conditions many banks serve
only as storehouses for money without enough
loans to make the business profitable. General
business shows slight Improvement In some parts
OF the country. notably in the South; but mer
camille loans continue restricted, and the walt
ing disposition in business circles continues the
characteristic feature of the situation. The pas
sage Of the Cuban resolution in the Senate, in
the opinion of Wall Street men, apparently
cleared the track FOR consideration of the Tariff
bill, and this belief acted favoraby stock
prices after the passage of the belligerency reso-
luton.
Determination on the part of the anthracite
companies 10 fight the antitrust laws recently
passed in the State Legislature: the veto Of the
Graded Inheritance Tax bill by Governor Black;
the belief that the Supreme Court would decide
favorably for the railroads in the Nebraska
maximum rate case. and the falling off in the
gold export movement were factors developed
last week which had stimulating effect upon
Wall Street sentiment, although not to an extent
sufficient 10 induce heavy operations In the Sc
curity market. The influence Of these FACTORS
should. however bear fruit in the stock market
at no late date: and perhaps the significance OF
The strength in general underlying conditions
will at no distant period be more nrmly I'M
pressed upon the investors mind. Al ieast Il IS
encouraging 10 reflect upon the pOsslDlntleS OF
active stock market business when the Tarin
hill has been passed and business men IN genera!
realize that conditions rest upon Solo OASIS
The bad elements which the depression IN tHe
lost three wears developed have been rooted out
pretty effectually. and when men are aDie u
transact their affairs with the help or accom-
plished legislation there should be no rauicaI!
unfavorable factors TO retard RAPID business
growth. Conditions governing the export i
ment OF gold are not such That iurther hta'
shipments Of the metal may be expected - -
,ntawor.hv I'm view Of the recent heavy ana
abnormal imports Of merchandise, that eNPoI.s
Of merchandise have in the last TWO Weeks Slo"i.
q marked increase, ana particularly
breadstuffs: while the statement or imports TOT
last week reflected a cessation, or the rush vi
,nercbandi into this country. In Europe thete
is stiu a demand for gold. and the premium pau
for IL serves to keep our exchange rates uHuc!
what is generally considered the soiu eApoie
,,oin-. but the more favorable position OF this
fovrtrv's international trade appears 10 precIuue
80 nossihr;ty of a continued gold export move
ment. - -. In rovor Of
The immediate prospects are rot III laNoI y.
,,,rhcr exchange rates The fluctuations IN ra'es
last week were insignificant. and althoush tneIV
- DEMAND for gold from Europe me ma
biitv of bankers TO sell bills prevented tne M
60 81 any orders save that for Sl,2W.OVo yes
,arday While the imports Of merchaEuiSe haHe
<oi,cn off they still continue in excess OF eN-
,orts. hut il is probable that payments ioi iii
,orts extend over a long period, as WIN tis -
.-,ion of such items raw sugar. MOST VI tiIe
goods imported come on consignment Oh Oh Ioi's
Time credits which. in some cases eNtenu -
The fall The dealings in the securlt! maj me-
a. rresent are heavy enough 10 aHect INC ~
change market but II purchases OF stocSs ~!
,@,ToDeans should follow the passage or the
,rerif hill TO a large extent, as generaly eA
-1ectpd this factor, the snort crops dpiodu az
.he good crop outlook here will prove potent III
Juerces in the foreign exchange market. Aone!
-oerl,e. conditions remain unchanged, ana rates
continue to rule at IA lis per cent lor l,loney
on call representing bankers balances, anu I'Uiii
. 20 2 per cent for time loans, ACCORDING " tue
na,iods NJ maturity. Last weeks bank state
-, sboyrad a further accumulation of money
a, this centre and decrease in loans or S'"o',oo
U,ba end of active hOstties in the East iiao
caused Improvement in the foreign security
markets the influence OF which should at no
distant time be felt in the local market 49,,
,rhe movements of the principal active st0cks
ord bonds in the week are given In the Iolio"-
irg tables: