New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-14
THE FINANCIAL MARKETS.
IMPORTANT PRICE MOVEMENTS IN SECI
Prices Narosc LisPO@tiOn Of the Money Market
Souud-RairOGd Earnings

! months TO come. ewing to the fact that there
is still much uncertainty over the position Of the
money market: also to the fact that a Presiden-
tiaI year is approa ching. In the course of the
next twelve months there viii naturally be a
certain amount Of uncertainty over the outcome
OF the 1904 elections. and a consequence.
people with money VIII be extremely cautious
in making new ventures while operators I'm Sc
curities will undoubtedly conane their trans
actions TO quick speculative turns 1t should be
borne in mind. however. that the general po-
sition Of business in this country is unusually
sound. and that a reaction in trade VIII not be
followed by the bankruptcies that marked the
1893 period. when so many concerns in the in
dustral and railway world became insolvent
The troubles Of that time were followed by dras-
tic congratulations Of the greater number Of in
dustrial and railway companies in this country,
which placed these concerns On a basis calcu-
lated 10 weather the worst kind Of financial
storms Holders OF solid American securities
ought to maintain a firm grip their invest
ments. as the country will not go TO the dogs
despite the silly predictions that are heard
In Wall Street
In the last week the money market showed no
evidence of coming stringency. Call money ruled
a. q comparatively low level. and borrowers had
no difficulty in securing loans on good collateral
The associated banks OF this city ere I'm
stronger position than they have been at this
time in many years. reserve above legal require
ments being heavier than IT this period in
several seasons. The demand for money from
the West and South caused a small falling off in
cash holdings last week. but the reduction was
not heavy enough 10 exert an important in
nuenCe on the money market. The inquiry for
funds from the West anc South incident to the
COTTON. grain and corn harvests VIII increase
from now on, but. according TO the observations
OF the best Informed bankers in this city and
IN the West and South. the drain upon the local
institutions viii not be large enough TO cause
disturbance al this centre. Ii the demand il
larger than generally expected the banks will
be assisted by the Secretary Of the Treasury
VINO has announced his willingness to throw up
ward OF S4OVooOO Of internal revenue receipts
INTO the city institutions In addition TO the as
sl"Jance which the banks viii receive from the
government in case of need they will also
through exports Of gold from Europe Conditions
In the foreign exchange market encourage the
BELIEF that this country will be able 20 draw on
Europe for large amounts of the yellow metal
whenever IL is needed. Exports Of grain and
cotton viii doubtless be heavy this fall despite
the fact that prices for both cotton and grain
are high Europe needs our cotton. and il needs
our grain, and II may be compelled TO come into
this market irrespective of prices
The outlook for the stock market in tba con,-
ing week does not favor either the bear or the
bull element II is generally believed that prices
VIII move IN an irregular manner for several
weeks 10 come, and that transactions will pc
confined 10 small totals.