New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-22
Financial.
The Financial World.

The significant differences IN the market ~.
past week from the week before is. that thsr.
have been no raids. rs movement has bee,
normal There have been no outpourinzz =,
hundreds OF thousands OF the steel stocks. or a,
Pennsylvania. or Of any other stock and IL NAV
be mentioned also. there has been cessation =,
the bear tips that this or that stock would brsax
a certain figure at given time.
Left 20 Itself in this way. the market rallied :,
a Ieisurely fashion. with dun spells until Frt-
day; BY which time recovery OF several point,
had Been made II stocks which had been nos.
severely attacked. as Pennsylvania. TAss
money rose. ard the market again fell back
From a 70 . per cent call rate. there was +,
rise 20 as high as per cent. II was said n :.
due to the calling Of some large loans oy two q.
the prominent banks; but the City bank vas IA,
enc Of these That bank was a Ioaner all tb.
week
The money question IS one OF sorne ints-.-.
row. not only from the regular calls Tor era,
moving, but on account q political affairs. tn.
sw!ftress with which events have moved in -.
spsct 20 the Panama canal. has brought v.-v
close the necessity Tor the Government 70 pav
out 80 millions; 40 to France and 10 70 Panama.
In banking circles. it Is reckoned that the pav-
n1ent VIII be made IN January. or the first par,
Of February--and that Is not many weeks awav
close 10 the - per cent legal line; money 70
stiH going west and south; and the banks hav,
some III millions OF Government deposits. r.
these were drawn upon extensively between nov
and the time FOR the Panama payments. Their.
might be trouble. Some apprehension % this IN
fuences speculation.
1t may be stated that IN the Judgment o.
leading bankers. the canal payments vii "a
made without disturbing the money n1arks.
II viii require skIIfrI banking % 40 this: IN.
It viii DC remembered that year or so AGO
when very large payments had 70 BE- made %
the Government in discharge OF the debts OF TIA
Pacific railroads. the operation was earned
through at a most critical period for the nnouey
market without causing ripple Of disturb
ance. Good banking will DO the same Tor the
Panama payments by the Government. Il s
Understood that leading banking interests have
already been r. conference on this matter: and
the way has been seen for conducting tAsss
rather important fiscal operations safely. Tn
skilfully handled. they could easily make a bad
mix Up in the money market. and BY consa-
quence in the stock market.
The raiding Of Pennsylvania having stopped
that matter partially drorred from attention
being swallowed ID. as Il were In the absorb
ing interest excited By the operations OF The
Steel syndicate. So much attention has been
given TO this IN the Street. and 50 large has been
the space devoted TO the matter In the news and
editorial columns OF the papers. It might be SUP
posed the whole present and future OF the great
corpora ton turned upon this conversion scheme:
while such minor matter as what the corpora
ton has earned. Is earning. ana may Be sx-
pected 20 earn, is not worth consideration.
It may be well. therefore. to direct attention
to this matter Of earnings. and let the Other
thing so for the moment. The total OF last
years operations. ending December 3lst. az
presented In the annual report. may be sum
rnarissd thus: