New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-07
TUE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
while there was an increase in the dealings
3, s,ocks and an appreciation in values last
week results in both respects would nave oeen
considerably better except for the uncertainty
ss 70 money 1t Is this that has hung over ana
acted as a restraint on the market Tor 'hirt!
dave or more. The tendency Of stocks to ad-
vance has been pronounced but operators nave
,ir,tted their ventures or kept out OF the market
altogether for fear that they might be caueh'
IN money spasm. The public, or course "ou'u
not take a hand in speculation until the capt.
talists identified with the various stocks ana the
professional traders led the way.
Money has been made boyle without any
special reaaon. Though not much money may
he Offering plenty would be forthcoming were
the inducement sufficient II is merely ques-
ton OF rates Money. like anything else VIII
seak tho market where the highest price can be
obtained The point is that Wall Street con-
stantly strives for cheap money. and When IL
cannot get IL II sets up a complaint. Money rates
are not high and have not recently Deen heh
Call loans have not for some time aVeraseu
above per cent. Certainly that Is not an eA-
travagant rate to pay for accommodation III
per,od Of active general business like the pres
ont but Wall Street has paid 1t with reluctance
and borrowed little as possible
The Streets notion seems to be that per cent
ought to be the maximum rate FOR call money
and that in ordinary circumstances the rate
ought TO be per cent or lower. Inc time VIII
come and comparatively soon. when 'he ""'
rnun, rate will be | per cent. and probably less
but not much lower than the ruling rates can
he expected in the immediate future, and the
aox,e,onrert Of a broad movement in stocks
would doubtless carry money materially higher
In the past there have been strong bull mar
kets with call money at Il per cent, and TOT
that matter. far above per cent
Money is active the world over on account OF
the expansion in trade. and ii is not unnaturai
that il should be active in this country "here
the activity in trade is greater than anywhere
else AS fact. there is no real strlngehcy III
money and there is not likely to be any. Inc
only place in the country. apparently Where
there is any difficulty in getting money is righ'
In New York. and here the trouble Is lound IN
Tho unwillingness Of borrowers to meet the
views Of lenders on rates. on Its race the pahK
statement for several weeks has suggested a
shortage in funds but it has been shown that
the bank statement in It's consolidated form'
bas bean made by four banks. These four banks
have created the changes in the loans, deposits
and cash holdings. and therefore the reserves.
and have completely Obliterated the exhibit OF
the other and many times more numerous con-
trbutors TO the statement.
II is not charged that the four banks referred
a. have juggled the bank statement. They are
banks whose transactions at all times are large,
and often are enormous. and ii has been the
immensely OF their operations which has dis
torted the bank statement. The need for a
change in the bank statement is clear. Whether
II will be made is another thing. There should
he a daily bank statement as the weekly affair
Sat
urday morning does not show the condition OF
the banks at the close Of Friday. but instead
the average condition for week. The banks
may be I'm good shape on Friday. and yet make
a bad showing. or they may be in bad shape on
Friday and make good showing in the bank
statement. The truth Is there ought to be
daily detailed bank statement exhibiting the
operations and condition OF each bank by itself
hut there is little or no likelihood Of such
contamination. With the existing weekly state
ment and system OF averages the disposition
naturally is TO invest the operations OF the
banks with more or less secrecy. whereas the
reverse should be the case. The banks pub
lie institutions, they the peoples clearing
houses and their doings should be known 20 the
people. This is a season when the banks
pect and try 10 make money 1t is the season
Immediately preceding the moving Of the crops
and OF preparation for fall trade. The banks
seek employment for their money for cOnsd-
cradle periods. knowing that when the crops are
marketed and manufactured goods for the fall
and winter are disposed Of money will accumu-
late in their vaults in idleness, and what
sums they are able to lend will have to be
placed at reduced rates Of interest. 1t is not
surprising therefore that the banks use their
arts in fomentng inquiry for funds and in
increasing loanlng rates.
II is strange, IL so much money is TO be re-
Quired 10 move the crops that banks In the
Western States where the crops largest,
should now be looking in NewYork and other
Eastern centres. not for lenders, but for Dor
rowers. This. however is the case The ex-
PLANTATION given by the banks offering the money
IL that better rates can be obtained in the East
than at home. That being so, it would seem
10 imply that provision had already been made
at least in large part. for handling the crops
and that time hereafter Is there likely
10 be any important demand upon New York or
other Eastern cities for money for this purpose
The Government monthly crop report will be
issued Thursday next, and IL will disclose
conditions and acreage as OF August |. There
are great expectations as to spring wheat and
corn. 1t is believed that the yield OF spring
wheat will be up 10 the record crop OF 1898
and IL Is believed by some excellent authorities
that the outturn Of corn will equal or exceed
that OF 1895 which the largest on record
Spring wheat is considered safe and the only
danger TO corn is frost There will unQuestion-
ably be full crop OF cotton. The railroads
assured Of a heavy tonnage from cereals and
cotton. in addition 10 their steadily growing
miscellaneous traffic. The exports Of wheat and
corn. which have been very large. continue I'M
abated There is likewise a constant expansion
in the exports Of manufactures The effect must
before long appear in heavy imports OF gold
As whole. the situation is about all that could
be desired and yet further Improvement may be