New-York tribune., 1901-04-22

available money in New-York Domestic ex-
change has turned in favor Of this centre, but
the tendency IN the foreign exchange market
continues to in the direction Of the gold
export point. This is the season of the year
when sterling exchange rates generally harden.
and from now until the middle OF June or the
first of July there should be no material recess
sion from the present level. Foreign exchange
bankers expect 70 ship gold from New-York in
considerable amounts in the course OF the next
few weeks London has been returning a large
amount of American securities. and in addition
TO settling for these sales local bankers will
soon undoubtedly be asked to remit funds from
this side in connection with the new British war
loan. 1t is likely that heavy local subscriptions
will be made for the English consols and
even If this country does not take fair amount
of these bonds London will find It necessary to
borrow money in New-YorE. Gold export pros
poets, however, do not alarm local banking cir
c'es for the simple reason that there is enough
money in New-York and in the country at large
TO meet all home requirements. as we'll to
afford assistance to embarrassed England.
Commission houses in Wall Street are well
supplied with money. and despite the enormous
and record breaking speculation on the Stock
Exchange. the banks have not been called upon
to make heavy advances for the purposes of
SptcHlatIou Many STOCK EXchange houses are
heavy lenders of money and call funds have
been in good supply at prevailing rates through
out the week, The expansion in bank loans
since January | has been due more to opera
tions connected with big railway and industrial
company undertakings than to stock market
speculation. In the last few weeks loan
traction has developed and from on the
final settlement of big financial operations will
undoubtedly cause further material reduction
in the loan item. While the bulk OF the buying
on the Stock Exchange has been for investment
account. and for spectators who are rich
enough to buy outright. there are probably
the present moment a large number of weak
counts in the market. Heavy realizing sales
were noted throughout the last week, and II is
reasonable to suppose that these sales were for
interests who seldom sell their stocks except on
what they consider the crest of bull wave.
Enthusiasm in commission house circles was
great last week, and the fluctuations in stocks
wide and violent that extreme caution
ought to be exercised in further operations for
the long side OF speculation. Of%course the big
pools and syndicates that have been working in
connection with the large railway industrial
deals will some day, II they have not done so In
part already. distribute their holdings II must
be said however. that at the moment there Is
no indication that prominent interests get
ting out OF stocks.
The course Of general business in the week. as
reported by the commercial agencies, showed
progress in most lines Of industry in all parts
of the country. Railroad earnings were enor-
nous. bank clearings were extremely heavy
while all the usual indications Of trade pros
perity We're presented in the general course of
affairs. The iron and steel industry showed
further improvement. export business continued
large and crop conditions in the Western States
were unusually favorable for tkis early period
Of the crop growing season. These conditions
together with the great changes that have taken
place in the general. financial and economic
position OF the country, naturally encourage the
owners of the American investment securities TO
maintain firm hold of their investments. which
represent the strength and wealth OF the great
est nation IN the world. At the close OF bust
ness on Saturday sentiment in speculative cir
cles was extremely bulsh over the outlook for
this weeks market.