New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-16


The outbreak Of war in the Transvaal has had
no material effect upon local or foreign financial
markets. War was a long time in coming. and
pepding It's arrival the security and money mar
kets were placed in a position 20 withstand the
shock Of expected war Now It IS said in some
quarters that the influence OF the conflict upon
this market will be seen IN a flow Of gold
abroad. Strange things often happen In Wall
Street: but record Will be broken II gold goes
abroad at time when the normal movement
Of the metal should be this way This country
is now lending balances in Europe. and If gold
goes across the ocean the foreigners Will have
10 pay a premium for It and carry II in their
loan accounts. The local monetary situation Is
so much better than It was a few weeks ago
that a movement Of gold this way is not re-
CURED: but were IL not for the foreign war stu
alton gold shipments would be made from Eu-
rope TO liquidate heavy trade balance in this
country's favor. This country afford to wait
for a settlement but meanwhile its trade bal
ance keeps on increasing while Europes supply
OF American securities is growing less Europe
cannot continue to nquidate trade balance by
selling securities. unless its supply Of securities
IS like the magic purse that Is never empty.
In the week call money declined to per cent
with exceptions at and per cent Money
shipments 70 the interior were less than In the
preceding week. indications Of a return flow or
money were reflected in increased out OF town
currency arrivals. and Treasury disbursements
wore larger than receipts. Moreover the Treas
.rry Department effectualy removed al danger
OF q strain In the market by Offering TO pay IN
advance the interest on Government bonds
amounting to about S26OOOO0O due between
November / and July l. The orderly specua-
.1ton IN stocks has helped the monetary situa-
tton while the reduction in liabilities by the
banks has materially strengthened the position
OF the Clearing House institutions. The money
market no longer contains any elements or
weakness. A per cent rate may not be seen
for many months TO come. but why should such
q rate be expected when money is IN active
demand for trade purposes? In days Of pros
perity prices OF all things advance, ana there
IS no reason why money should prove on excep-
ton Money ought TO be IN active demand
throughout the rest OF the year unless indus
trial activity should suddenly become paralyzed
by some untOward event.
The United States is rapidly becoming the
financial centre Of the world. and the day Will
come when New-York Will be the great world
clearing house rather than London. 1t IS a
tendency that is growing stronger every year.
Trade with other nations continues to run IN
favor Of this country. In September the excess
Of exports over imports amounted in value 10
S39976 800, and this big total was accomplished
despite an increase in imports as compared with
September 1898, Of 500 0O4.99s. Exports in
creased over September. 1895. about $20.OOOOOO,
and they were the heaviest for any September
on record; while with the exception Of January
they were the heaviest for any month this year.
Exports OF manufactures were large, and the
high prices prevailing did not check the foreign
demand for general merchandise. The value Of
exports Of breadstuifs cotton. provisions and
mineral oil increased S12O92.1lG over Septem-
Der 1895 In the greater number Of months
this year exports Of food products have fallen
below last years heavy monthly totals, but the
loss has been more than offset by the increase
in exports II manufactures. In the twelve
months ended in September. the excess Of ex-
ports over imports in value S543.9T5.O3l, in
the preceding year it was S59@3296 G6. and IN
the wear before that S337 7G7 423 total in three
wears Of 81 475.272. ~. Europe has iquidated
this In gold and securities. and If it has any
further big supply Of securities 10 SELL it is to
be congratulated.
The September statement Of foreign com
rnerce is 81 big bull card on America and Ameri-
can securities In time il VIII find its proper
place as market factor. It represents the In
dustries Of the Nation. The course Of stock
values reflects that stocks in strong hands
that a professional element is working for low
or prices. and that the rank and file Of Wall
street are looking forward 10 a big bull move
ment before prosperity runs its course The
very fact that some people are working for
lower prices indicates that some people are
anxious 10 get all the stocks they can at cheap
ouotaiions There are however, number OF
pessimists IN the Street who believe that there
will be no further advance. They are entitled
10 their opinions.