New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-13
THE WEEK IN WALL STREET.

THE WEEK IN WALL SlhEEA'
Tho money market situation was the control
ling influence in last weeks securities marhe'o'
Operations for an advance were held IN cheoA
because Of the high rates exacted lot hioe'
Brokers would not encourage the ouylhe u
stocks but In many cases they ADVISED 'he say
., securities held on margins In order to protect
themselves and 10 place their customers ou' "a
dangers way. In the minds of Wall street
traders the monetary situation overshaoo"eu an
the live indications OF business prosperity anu
so far as bear traders were concerned the mar
ket for stocks presented TO their contracted view
q fold for excessive selling the short side OF
ejaculation The situation is interesting, out II
,s mt pnsound The stock market is not honey
o-,hed with weak accounts, calls for margins
are readily responded to. Investors are the lars
est owners OF stocks and conditions governing
,he actual value Of securities have never neeh
better
rven the hear trader does not question the
actual worth Of stocks. and no one questions the
present condition Of business and the OUTLOOK
FOR the winter and spring. Every one knows
that domestic and foreign trade has never oeeh
better that railroad earnings are larger imam
over before on record and that the country at
large has more money than at any correspond
ing time in its history In Wall Street. however
nurnoses and not few intelligent bankers be-
Iteve that general trade will begin TO feel
the effects of tight money IL efforts are not
made at once 10 relieve the situation the drain
10 the interior is Quieting down. but the aosorp-
ton by the Treasury continues. last weeks loss
nv the banks Of the Sub-Treasury amounting
TO over S40O0,000 There is now IN circulation
in the United States, outside of Treasury hold
ings, S97 14O3 800 more than at this time year
In ctr o. n n
was S15O12 962 and had 1t not been for the
absorption of money by the Treasury the bank
holdings at this centre would not now be below
the legal reserve limit. The local banks did not
suffer so much from Withdrawals for the interior
as they did on their operations with the Sub
Treasury. For the month Of october the United
States Treasury showed a net gain Of SCI 49,
go a good part of which was supplied by this
city. The Government gets the greater part OF
its receipts through this centre but its disburse-
ments are not made in the same proportion Its
receipts centre here; It's payments are dstrib-
uted over the whole country. including the new
possessions in the West Indies and the Pacific.
In June. 1898 the available cash in the Treas
ury $19J. 754. 1852, and November /. 1899.
IT had increased to $2S9391 $40, loss to
the channels OF trade of 1913 637 1SS. From
January l Of this year to November l the loss
in Government deposits in National banks has
been Sl3,426,571 and in the local banks the
1899 amounted to $1S0O0OOO. In other words
the Treasury has absorbed from the circulation
in the last year over Sloo0oo.ooo. while
in addition the local banks have lost on
Government deposits S1SOO0OOO The fact
that so much money has been taken from
the public without causing financial trouble
renects the remarkable strength Of financial
. conditions in this country; but at the same time
the conclusion is necessarily forced that the
interests of trade would be better served IL
part OF this amount had been left in circulation
for business needs. The Treasury Department
could leave internal revenue receipts on de-
post at this centre with the banks or IL could
use some of its surplus in buying up Govern
fnent bonds; but as yet the situation has not
according TO Treasury officers warranted such
action by the Government. Differences OF
opinion exist In Wall Street regarding Gov
eminent help. but the greater number of repre-
sentative bankers believe that Government
bonds ought TO be bought at once
The position Of the banks promises TO i'm
prove by return flow of currency from the
interior, but there will be no return flow from
the Treasury, unless the Government should de-
eide 10 buy up some of its bonds and TO retire
the extended z per cent loan, which may be
paid off at the option Of the Government Gus
toms and internal revenue receipts are growing
and Government receipts likely to run
ahead OF payments, despite increased expendi-
lures incident 10 the beginning of the active
campaign in the Philippines. Imports OF GEN
eral merchandise amounted In value to $3.50
623 last week, against SS.J61. 700 in the same
time year ago. This increase Is not so heavy
by many figures as the gain in exports but it
means increased customs receipts payable at
tHlS CeHUe. new YIN pays tne DIS que 10 the
Government, while the rest of the country gets
the benefit of Government payments due the
people. There Is nothing weak about the local
money situation. and. already shown the
country at large is stronger than ever before
but the money market would be vastly improved
Y so much idle money were not tied up in the
Treasury.
There is no occasion for alarm or uneasness
on the part of the chief owners of stocks and
bonds. Conditions that have made money ac-
tive represent trade activity and in conse-
Quence an appreciation in the actual value OF
investments. 1t is a good time for caution in
speculative operations. but there is no reason
TO believe that money panic is in sight