Arizona republican., 1898-09-29
A WEEK OF DULLNESS.
A Steady Mercantile Market. But
 No Boom.

New York, Sept. 28.-The past week has been marked by continued dull ness and some irregularity in prices. Bear operators have availed themselves of the fact that though the money mar ket is in a substantially sound posi- ton, yet the further decline of three millions in surplus reserve shown in the last bank statement evidenced that the turn towards ease had not yet ar rived; and this inference has been con- frmed by an advance in the rate Of interest on call loans. This encour- aged attack upon certain ildustrials, with some effect; but, upon the more stable securities, prices have been on the whole fairly maintained, and the week closes win a more horeful feel ing.
 The money market has reached a point at which turn towards ease can be but a matter of a few more days. Each day of the week, the sub treasury has been large debtor at the clearing house; and the amount of money sent to the interior has been quite nominal The great factor DOT tending ease, however, has been the activity of the gold movement from Europe. Up to the close of business yesterday, the foreign engagements for the shipment of gold to New York aggregated close upon s14,000,000. By the end of next week, the whole of that sum will have found it's way into the city banks; and the large supply of cx- port bills coming forward indicates further large importations Of the metal. London feels the loss of specie rather acutely, and there are reports that the Bank of England, i1 addition to the advance in the rate of interest to per cent, may resort to borrowing gold on conSols; but the drain is not likely to be checked much until the inn ports of gold here have depressed the local rate of interest below that of London, when relief may come from New York buying sterling bills for transient investment. That source Of relief to London is not likely to be forthcoming, however, until a consid- erable further amount of gold has been sent hitheT, and the rate fer money further enhanced in London. In any event, the wheels are already set in motion of a movement which will end in an easy money market here that may reasonably be expected to con- tinue for many months to come. Should any unforeseen contingencies prevent UQ1S result, It IS we'll kuOWu ludl lue secretary of the treasury stands ready to anticipate his interest payments by disbursing the January interest on the old per cent loan amounting to S5,- 596, ,46S. The November payments are also likely to be anticipated if there is any need. Interest then becomes due on $162, 2,315, 400 in new per cent bonds, on s10O,00O,O0O of the 5 per cents of 1894, and upon the whole or the new per cent loan Of s200, 1000, 900. These various interest payments will for $4,373, ,154. These facts make as surance of future ease doubly sure.
 In the mercantile markets there is 2 steady healthy movement, but none of the boom that some have expected as result of the close of the war. Nor is this surprising; for as the war pro- duced virtually no Interruption of busi ness, its end could not be expected to bring any boom all at once. The symptoms in politics, however, are net altogether assuring, and some interests may be in some measure held in sus- pense until the end Of the Paris peace conference is reached.