New-York tribune., 1900-08-06
High. Low. avs. : July % lCh'gesl Sales.
TIE WEEK IN WALL STREET.

THE WEEK N WALL STREET
Considering all the circumstances, the stock
market has been displaying strength IN a
uarzabIe degree. and II is not improbable that
such will continue TO be the case for the pres
ent- AS a fact. the more important elements
IN the situation have warranted not only the
maintenance. but an enhancement of values.
Except for the absence Of the public from Wall
Street. materially higher range of prices
doubtless would he witnessed Indeed, II is not
little surprising that with the dulness that
has prevailed prices should not have sagged.
II is customary for decline to set IN in the fore
part Of September. about the time the transfer
Of funds 10 the West and South to move the
srops gets under way, and very likely this year
may prove exception to the rule II ia
natural that lower prices for stocks should be
an accompaniment Of higher rates for money
An Increased demand for funds and short
ened supply must inevitably accomplish an ad-
vance in the rates for money. In turn an added
cost for carrying stocks is entailed, and for an
other thing. when the cash holdings decrease
lenders are prone not only to raise rates but to
require more collateral, and, furthermore. to re-
1ect as collateral some issues that previously
had been accepted
In the mean time. however, there is nothing
IN sight that is calculated to depress stocks and
even when the expected Tightening in funds en-
sues there will be no impairment of the actual
worth OF stocks. II seems probable that rates
Tor money will not be specially high this fall
To begin with, the very sections of the country
Cnat will have the largest use for money ara
much better supplied than they were last wear
when they were better of in this respect than
tney had been IN any former year Again, the
banks in the East from which the funds for
moving the crops are obtained are In an m
usually strong position Saturdays bank state
rnent showed the cash holdings of the Assoc
ciated Banks Of New-York to be S252 765 800
against $40 400 at the corresponding time
last year, gain Of S32. 100. The real point
Of course, is the surplus reserve, which was
shown to be S29.144.875. against SS,11O.6OO last
year, gain Of S21034,275. In another respect
the banks are more advantageously situated
than they were year ago. Gold has been and
stfn IS coming into the country from Australia
and the Klondike IN heavy consignments. and a
good part Of It finds its way promptly to the
vaults Of the New-York banks There is no
likelihood Of q cessation Of this inflow Of new
money.
The state Of the money markets abroad.
coupled with the growing strength Of the ex-
change market here, suggests a RESUMPTION Of
gold exports 70 Europe This is something that
Is viewed with equaninity. Should there be an
outgo OF gold It hardly Will be extensive II
vii, 1t is safe TO say. hot exceed the amount
disposed Of in this country Of the new issue Of
English excheouer notes Anyway whatever
proportions the gold exports may attain thew
VII uneuestionably be more than made up by
the receipts at Pacific Coast points II is mot
sn adverse but gocd sign when foreign gov
ernments, and particularly the British Govern
rnent, look 10 the United States for financial
aid The credits abroad Of the United States
are ample TO provide for the payment for the
exchequer notes subscribed for here, but Eng
land desires gold, and the expectation, there
fore IS that gold will be sent from these shores
New-York is at this time the cheapest money
market In the world and that is q SUFFICIENT
season why a foreign government should seek
70 procure funds IN the American financial
centre The Treasury statistics disclose a
notable growth in the circulating medium in
July. The gold coin in the United States dn-
Guiding bullion in the Treasury increased S17-
zS7, ,24& and the amount IN circulation Gnclud-
ing gold certihcates) increased $14,577,O57. The
increase IN money OF all kinds in the country
vas $28,841592. and the increase in circuIa-
ton was 24,927,912.
Railroad earnings form substantial support
for securities in general They furnish evidence
that the traffic Of the railroads is not falling
of. but. instead, is expanding; therefore IL fol-
lows that the business Of the country as
whole IS not declining. but is growing. For the
most part, the net revenues Of the roads are
showing up as fsvorably as the gross receipts.
This reveals a strict adherence 10 the policy of
economy in management. There has been some
increase IN the cost Of labor and materials but
IL has not been so great a to effect a serious
difference IN the finances Of the roads In the
matter Of materials it is believed that prac-
tcally the limit in cost has been reached. Fear
Of an unfaVorable turn in the affairs Of the
railroads has passed away. There appears to be
no reason 10 look for q reduction in or the pass
ing OF dividends. In most instances conserva-
tism has been displayed in establishing dividend
rates. The Government monthly crop report
viii be issued the coming week. II is awaited
with interest There Is not much doubt that the
showing for corn will be entirely satisfactory
A bumper crop is counted on. AS for cotton
the condition, in all likelihood will be shown TO
he better than the speculative advices have
made out. There Is. Of course. a fairly accurate
knowledge of the extent Of the winter and spring
wheat crop The political campaign has not up
20 date been very potent factor in the stock
market. but II may be influential as the
election approaches. The trouble in China has
not recently ezerted much influence in the mar
ket. Its chief importance is in its effect on tbe
European money markets.