New-York tribune., 1901-09-23
nigh Low Sep. 81 Sept. 18l chg Sales.
THE WEEK IN WALL STREET.

The STABILITY of the industrial situation in the
limited States has not been disturbed by the sad
events of the week just closed The government
and the country's business will not be upset by
the death of President Mckinley, and the great
march of industrial progress will go on with all
the vigor of growing strength This view OF the
situation has been adopted by Wall Street and
apparently by the country at large Affairs al
washington are proceeding along the line es-
tablished by William Mckinley. The reins or
authority have been taken UP by President
poosevelt in a. manner that foreshadows con-
-fn,ance of the conservative policy of the dead
President and as a consequence the business
man and the investor are confident OF the nut
,,-e stock values reflected in the last week
supreme faith on the part of spectators and IN
vestors in the ability OF the general inoustrlal
situation to Withstand the shock Of President
NcKinlev's death and a confident belief in
banking circles that panic could not develop.
The larger Wall Street forces prepared for a
manic. and by their timely action proved again
that the best way to prevent a panic is to be
r,renared for one. Stocks advanced throughout
the week On Monday opening prices were
from l TO points above the preceding close
while at the end Of the week net gains or from
. 10 s points were recorded. The conoition
of the money market helped the movement
OF securities values, but the main influence. OF
course was the assurance by the new President
that his aim would be to continue the policy of
the Mckinley administration for the peace
prosperity and honor of the country. While
there is now great difference of opinion over
the course OF the market in the next few months
the general opinion appears TO favor an active
bull speculation before the end OF the year
Naturally the advance in the week was taker
advantage OF by many prominent interests t
dispose of holdings accumulated in the breai
on Friday. September Is. and 1t is maintained
by some observers that prices will begiI
TO sag as a result of the operations Of the las
week
There certainly is no reason for parting with
sound investment issues Conditions underly
ing values are sound the money market stua
tion is healthful and market values are gen
orally under intrinsic worth. The country:
foreign credits continue TO increase, the Angus
statement of foreign trade showing an excess
of exports of general merchandise over import:
in value of 34.519,577 Compared with Angus
last year imports increased in value ove
S1lO0o.0O0. while exports increased in value
nearly 100000. From January 1 exports. no
including silver. have amounted in value tc
s93S 130s14, against s916,O 6,O62, ,516 in the CORE
spending time in 1900, and S792, ,590.S23 in 1899
For the eight months OF the current year the
excess of exports over imports amounts in value
TO S3J9, 800 335. With a trade balance largely in
this country's favor every month there is no
reason for alarm over the position OF the fnan-
cial markets OF the United States. In the month
of August Europe sent in part payment of its
trade debts gold 10 the amount of S3214 1896
payments being made mostly by the way of
Australia, and advices received last week fore
shadowed further heavy exports of the metal
from the same source. In addition large
amount Of Klondike gold was deposited In this
country indirectly trade account
Money market conditions at this centre dc
require large imports OF gold. 1t is not
possible even TO conjecture the amount of gold
that will come in, but IT is well to rest assured
that the country is in position to get gold
whenever 1t needs the metal Money cal
representing bankers balances lent at the Stock
Exchange in the week at per cent and IL
per cent, the ruling rate averaging per cent
Time contracts were more fully offered by the
hanks, but actual business light. Loans
were again contracted, and bank reserves above
legal requirements advanced to S13 100000
Foreign exchange rates were easy throughout
the week, and sl00oooo gold engaged for
import. The foreign money market showed No
material change. The Bank of England mini
mum rate of discount remained at 3 per cent
Discounts Of sixty TO ninety day bank bills in
London were quoted at 2ss per cent. The open
market rate at Paris was i1s per cent, and al
Berlin and Frankfort per cent. The Bank OF
England gained f317,44S bullion in the weel
and held f39. .50s,642 at the close