New-York tribune., 1899-07-10
THE WEEK IN WALL STREET.


pronounced improvement was wrought in
.ho financial situation last week. The first half
~ the year was emerged from with barely more
than a surface agitation Of the money market,
5osn{te the unprecedented requirements or
t,,ds FOR semi-annua and quarterly payments,
ord the second half of the year may be said 10
have been entered upon with a relaxation or
.sa money market into complete ease, for six
husiness days had not elapsed before time
money was we'll nigh begging borrowers On
Friday there were large offerings of four and
civ months money on Stock Exchange coiiat-
-, % o. and 4 per cent Now. II this meant
ANYTHING IL meant that the banks and other
IDS had satisfied themselves that there
would be enough money TO go around for
considerable time TO come 1t implied. Incl
dontallv a belief on the part Of lenders that
,bis centre would not he called upon 10 AT
,ooe+ the usual extent for money TO move
tho crops AS a fact, the country is so full or
money that II is impossible for more than
,oesing tightening OF money to occur at any
,oin+ or NJ any time Money is and Will be so
eagerly seeking employment that 1T will prompt
" flow in the direction it may be needed.
The rendering Of money time in liberal
amounts at moderate rates Is especially signh-
oor. - investors and spectators. II assures
,ho,, that they can proceed with their opera
,,ors without fear that their calculations VIII
10 unset by convulsions in money, with an ec-
oo-,Danving disturbance Of loans. and, In short
General disarrangement OF financial affairs.
The sneculatlve community in particular had felt
that II the first OF July could be passed without
serious trouble the future would be clear NO
difficulty having been encountered there was
an Immediate development Of confidence in the
stock market There an increase IN the
demand for securities of nearly all grades. and
there was a material appreciation in values.
The feeling seemed to be that the universally
favorable conditions were now without re-
straint of any kind and We're bound to assert
themselves That being the case, the thing TO
do was so TO say. 10 go with the tide.
Another matter OF import was a drop in
sterling exchange. which was considered ef-
fectually TO put an end TO gold shipments. The
revival Of purchases Of American securities by
Furope the large exports of manufactures and
the coming outward movement OF grain and
cotton promise to create so much exchange as
10 insure q heavy return flow OF gold TO this
country this fall, else to make Europe q
tremendous borrower from America This coun-
try will not need the actual gold, and 1t will
indeed. be an advantage to let Europe have
the use OF 1t, inasmuch as Europe will have
to- pay, in the way OF interest, for the privilege.
1t is pretty well understood that the gold re-
Gently taken abroad was in reality borrowed
from the United States 1t IS not too much TO
say that affairs are so shaping themselves that
this country bids fair TO become the financial
headquarters, so TO speak, OF the world.
The phenomenal railroad earnings prove as
perhaps nothing else does the prosperity that
pervades the land. The rate OF increase in earn
ings is steadily growing. This year will be the
greatest IN the history OF the railroads. 1t s
reasonable to expect that the expansion in thefr
revenues will be reflected in an enhancement in
the quotations for their securities There are,
In addition some colossal railroad deals under
way which arc certain to be OF decided benefit
not only TO the lines directly concerned, but as
well 10 the railroad system of the country as a
whole, The establishment OF closer relations be-
tween the New-York Central and Pennsylvania
roads foretells stability in rates and better
regulation of traffic between the Atlantic sea-
board and the West There Is said to be
strong probability that the New-fork' New
Haven and Hartford Railroad will pass formally
into tho control of the New-York Central. j.
Pierpont Morgan and william Rockefeller as
the two largest shareholders OF the Ne"-haNeh
road bava merely TO concur to bring this end
about. Both these capitalists are nAe"Ase eN'
tensj,e ou,ners Of New-York Central stock
There are other railroad combinations and alli-
ances under consideration. The tendency OK ING
times in the railroad field IS toward concentra-
ton in ownership efficiency in management ana
economy in operation ,
There has been no decline IN the Iron ana
steel trade: on the contrary increasing ac'iVi'y
and an advancing tendency in prices are hoteu
The state OF this trade is unpreceoehteu' anu
furthermore Il is permanent In its characteI'
Many of the mills have contracts cunning 10 .ne
middle OF next year, and some TO the mloole
and latter part of the second year The wooiieh
trade SO long depressed. has taken on ne" ile'
and is becoming once more highly prohtaole.
There is no trade. In brief. that is not IN
heaithful condition.
The monthly Government crop report. giving
acreage and conditions as Of July l, VIII be out
this afternoon. While it will not indicate any
such wheat crop as the record breaking crop
that was harvested In 1898 It will foreshadow
an average crop, taking winter wheat anu
spring wheat together. With the old wheat IN
the country there will be plenty for home con-
sumption and for export. This report viii con-
tain the first information on corn Whiie 'le
condition is known 20 be low. the acreage 10
enormous. and a very large yield Is counted on.
Furthermore. there is a chance Tor in'proV
IN the condition of corn
BANK EXCHANGES AND STOCK SALES'
The bank exchanges Of tho New-York Clearing
House and the stocks sold at the New-fo e''.
Exchange last week and for the Same week OF 'ho
preceding two years compare a. foiiows'
o7 y,,tv q. July y. ue9. n