New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-02
5inanflGi.
The Financial World,

stimulated thereto Dy stlnentng M IN 4.
prices Of the steel stocks. and by -
buvInE from London. There has keen ZOO -
ing Of bonds. This has been done By the So,
cial institutions and insurance comDanis.
had been expected earlier IN the season g.
BY about the 1st Of September money wou.0 =
IN rather sharp demand and rates rissnz- -
the big lenders Of funds had made many o. -,
time loans come due at that date with -.
tc renewals az better rates. Instead OF d.,
increasing. the end OF August found IL &c.,.
than ever; loans have been paid or the Ie-s..-
are full Of money. and they have gone inn -
bond market. taking up round lots OF va5.-.
kinds OF bonds: and possibly some lots a. -
gilt edged investment stocks which A.. -.
occasionally quoted.
We have not done yet. IL Is thought Win -
eign government borrowings There viii b. ~
loans made before the year is out. ana ,hav -
expected to influence the money naa-Sss a..
We shall also ship some more gold IN a w. :.
So in connection with the British loan. -
gold viii go without respect 20 the rate % a.
change; one OF the conditions OF the loan hat-.
that the gold should be sent. any loss On .,
change being made good to the bankers b.,,
The Swedish Government loan % S1OOCG0oo
which is offered here. did not go in London n,
Swedish Government. however. is not Concerns
for the loan was underwritteu in London =.
underwriting syndicate. having had no Iuek =
the other side. are now trying 10 place IL b.,.
There Is nothing the matter with sues,.s
credit. 1t is good The difhculty Is that 4.
loan. running for twenty years. runs FOR =,
years az 4 per cent. and after that the Cove.
ment has the right 70 reduce the rate to a. -.
cent If it wishes TO DO. This condition wa a.
tasteful to investors in England. and Is not -
garded favorably here. There is no doubt assr.
Russia desiring 70 borrow: but bankers herr I,
not think a Russian loan Of any amount can =.
made TO go outside OF Paris
Paragraphs are beginning 20 appear IN n.
Western dispatches to the effect that the IVES.
is so full OF money that Il VIII not be necsssrv
to draw on the East for the crop movens-.
They should not be taken too literally II WI
be remembered that we heard great deal a.
the same sort OF talk last Fall. much OF II m,
bankers. When the time came. however, u "a,
found that the provincial banks had their r..
serves IN the Eastern banks; and these vsrs
drawn upon to the usual extent. The sszs
thing can be looked for this year
So long as the stock market remains IN e,
present stagnant condition call loan rates VII
continue 70 rule low because OF the little &.
mand for stock market purposes: and there f.
unIuckiIy. at this time little prospect OF mura
increase in business. But We never have
dull spell like that which has fallen on the ma.
ket this summer but what it was followed bya
great outburst OF activity sooner or later Bon
abroad and at home. things seem TO be gra6us-
~ shaping themselves for the better.
The alarm over China has been disspa;st
The military power OF that country was promp,-
~ proved 20 be what it always has besn-chlsa7
drecrackers and smoke. There remains oa7
the uneasy feeling that friction may dsveio5
/ among the powers in reaching a settlement q.
the business. This uneasiness Will soon give
way TO confidence. There viii be no row anorg
/ the powers There will be no partition q
China, no war among the nations IN msking
such partition; and no more trouble zn0ng
them than naturally arises wnen several parties
trying to reach a common end in setting
| confessedly difficult matter There viii have 70
| be a great deal Of discussion and Argument
| among the various Governments While this
continues the great corps OF international peanut
| diplomatists who are represented in the press.
/ will go with their work OF exposing the Ne
/ farious designs OF every country but their Owl.
| The public, however. will set used to that
Meanwhile. there is much satisfaction IN read
ing the last published memorandum frOm GU
( State Department in reply to the Russian note
1t is an admirable State paper-clear as bel
Z Inc OIuCI LOTS454 lIOubict me SuAtA @@-l4~1-
/ war. appears so near an end. that II seems rsa-
. sonable to expect the resumption OF work az The
/ johannesburg mines about the time that or
/ Presidential election is over.
! Discussion Of the latter event continues as
/ active as the state OF the weather viii permit
\ The state OF the market affords abundant o.
portunity for such discussion. there being nota-
/ ing else to do. We are told that much asps-5s
| on the size OF the majority that Vermont VII
( give on Tuesday. If it is small. the market VI
! go down: and vice versa We may actually 81
\ one two points out OF il, one way q u
/ other. 1t Is doubtful If the room trades 81
I be able TO move the market as much IS %
! points They win be the ones who viii Do n
/ work This election seems to be one Of Us
I about which people will refuse TO warm up III
about two weeks before they have to vote. r
big fight was made az the last election 10
| can't work up excitement over such a fA1a4lI
old ghost as imperiaIism-it has been on q
stage too often Only the cranks set gsnEt7sS
wrought up over II. They always do over an
issue Of the ghost character.
The railroad earnings continue good Ins :
Paul company's last monthly statement S-
Gates that the directors are following the hls
established policy OF the Pennsylvania HoAn@sF
| ment-when gross earnings are unusually ais
spend largely for improvements: when they y
on take the benefit by curtsiling expenditure
This secures steady dividends Amons y
! smaller roads the heavy increase in eaFni-s'
OF the st. Louis Southwestern deserves s1's-
| ton Earnings are now running 50 far ossO--
| interest requirements. that friends Of The p'es
| erty are beginning to talk OF dividends On =
! preferred stock For the first time N Us =
tory this road is this wear shipping out Nn''
Heretofore its territory has never proGAN-
I more wheat than was required for lOcai ~
/ sumption.