New-York tribune., 1899-07-24
THE WEEK IN WALL STREET.

THE WEEK IN WALL SlhbEi'
While not adequately reflected by changes in
values there was last week a marked improve
ment In finapcial affairs. Certainly there was
more confident feeling in banking ana wan
Street circles. which could only have come fro"
the elimination of doubt from the SITUATION
The volume of business in stocks was not large,
but that was something easily explained Ihe
hears had been the active element in speculation
on the Stock Exchange. They became apprehen-
sive and by reason of not extending their In
terests on the short side of the market there
was a curtailment of transactions. Toward the
close OF the week buying for the long account
set IN. and while 1t not large II was OF pro-
nortions suficient TO prove that in acceptable
circumstances genuine demand for stocks
would be forthcoming
The matter OF first Importance from the stock
market point OF view was the state or call
money for II is with this kind OF money that the
bulk OF speculative operations is carried on. In
the week the maximum rate was per cent ana
the minimum rate was per cent. Very little
money was lent at the higher or the lower rate
but the course of money was distinctly DOWN
ward II was made clear that the pinch In
money was over and that therefore STOCK deal-
ings might be engaged in with less probability OF
interference from the calling OF loans. Wheh
the bank statement came out 1t was disclosed
that the banks were in an easier position. II
followed naturally, that such also was the case
with trust companies and other lenders Of
money.
Another matter of Importance was the failure
OF the Bank Of England to raise further ITS DIS
count rate This meant that the strain al the
British monetary centre had relaxed. and'the In
ference was that a more comfortable feeling
throughout Europe would Ii was as
sumed that Europe would not call upon the
United States for additional supplies OF gold
Sterling exchange provided evidence that the
outward gold movement was definitely termi-
mated by a drop in demand bills. If the United
States is not to be asked TO continue TO assist
Europe then 1t may be set down as almost
certainty that stress in the domestic money
market is In sight. The gold that this country
has recently let Europe have will come BACK
many fold. 1t could spare more without partlc-
MAR inconvenience, but sentiment is always
against exports Of gold as it always Is gratihed
by imports.
While owing 10 business activity. there Is
widespread employment for money in the United
states. there is enough for all needs at as
rule moderate charge. Only in New-York has
there been anything approaching stringehcv'
The tension here as previously explained. was
due to the extraordinary Jpiy interest and divi-
dend payments New-York being the head
quarters of the country for money. 1t was called
upon practically TO meet the entire require
ments The money has been dsbursed. and the
larger part Of 1t is flowing back TO this point
Much other money Is coming here Within ten
days out of town banks have lent millions in
New-York 1t is no exaggeration to say that
the country is full of money.
The usual effort has been made to excite alarm
by talk that a stringency will be brought about
by the large need of money to move the new
crops. This talk comes from the sources
that a short time ago furnished the despairng
information about the prospective failure of the
crops. There are two things about the crops
they WILL with the exception Of winter wheat. be
bountiful. and the banks in the sections where
they are grown have nearly. II not quite enough
money TO handle them. The Western and South
western banks have been conspicuous in offering
money in the East
There will be plenty OF wheat despite the
partial failure Of the winter crop. There is an
enormous quantity Of old wheat in the coun-
try. For the month receipts Of wheat from
farms have been 100000 bushels against
100000 bushels In the same period last year
This indicates that the farmers are not afraid
Of running out OF wheat The receipts Of corn
have been 100000 bushels, against 65OOOOO
pusheis III 1880 Corn is being rushed TO mar
ket simply because the 1899 crop promises 10
be so colossal that II will be hard to care for
IL unless the old corn is out of the way. Ex-
ports or wheat in the month have been 1850
OOO bushels, or about 10000 bushels more than
last year. and exports of corn have been 5000
600 bushels. or 100000 bushels more than last
year Cotton also is going abroad freely. de-
spite the maintenance Of the price
The revenues Of the railroads constitute q
striking illustration Of the business energy and
prosperity OF the country. For the second week
In July sixty roads report earnings 165A per
cent greater than In the same week In 1898
when an increase of 441 per cent was shown
over the year before Owing to more economi-
cal and efficient operation. the exhibit OF net
earnings. 30 far as they have been made up is
even more favorable than the showing of gross
earnings notable example in this respect is
the Central Railroad Of New Jersey which
made a gain in net earnings In June over last
year OF "a per cent. In money its gross earn
inss increased s1965S9 and its net earnings
Increased S1OO154 This is one Of the leading
anthracite coal carrying roads. but its improve
ment In earnings came much from general
traffic as from coal traffic.
There can hardly be any question that the
enlarged railroad earnings will be maintained
during the year. Business the length and
breadth OF the land is too good for any other
conclusion. In fact. 1899 will undoubtedly prove
the greatest year in earnings. both gross and
net. in the history OF the railroads. The rail-
roads which prepare weekly reports Of earn
ings are reporting in the aggregate an increase
Of more than $1.O00.00O a week over 1898 1t is
reasonable 20 expect that the gross earnings Of