New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-04

....4,. arnreoiati1n I'm securities rices has
,.,, going ON for the last Two months. and last
,,...k.s .ourgo Of values added further SiHa'
Gains o. the greater number ~ stocks ""'''
ln Temporary periods ~ declining prices are
looked for between pow and the hTs' 0' '"e
new. wear but the general tendency or NalueS j.
evpectod gradually 90 carry quotations on r."
advancing market well into tho year 1870" NJ
less business conditions should undergo fa'-
ga change declining security values for any
length ~ time arr not In view. The local man
DIAL el+es are clear The business horizon Is
absolutely without clouds and the political Sit
nation contains at present no disturbing el'
rneri Actual war I'm the Transv7al might JOY
a time depress the local market War IN SCUM
Afrtra would have n bad effect upon mining
securities IN London the closing or inc '''"'S
incident % a possible war would aIect inc L''-
don money market cause heavy selling OF Ma -
e- s,oeks and naturally induce selling in all
mines. including Americans But London does
not hold enough American securities 20 make
fore,rn sales effective on local prices for any
length Of time
The South African Dutch Republic IS the lare-
&c, gold producing country M world Last
wear the total output was SNoO00V10 and at the
current rate OF production the yield this year
will h. inward ~ Sg6OOOOoO The extent Of
,,rtailmont 20 which the south African gold
production would Doc subjected in case OF war
would depend ~ course. upon the duration or
The way. The chances would be In favor OF
short conflict. owing 20 England power and re-
sources and IN that case the effect Of war upon
the mining Industry would not be Of particular
,rnnorfance In view however. Of the possibility
Of gold Withdrawals from London for New-York
ard Beclin account this fall the London market
nav well reflect Uneasiness over the IransNaaI
situation. out II IS interesting 90 note that the
Bank OF England is now n stronger condition
than noted ia several months. and perfectly able
10 meet an outgo Of the precious metal If the
Transvaal situation develops no further trouble
In the last five weeks The Bank Of England has
increased rs gold holdings. in American values
Sl27u0Oop and tho percentage Of reserve 70
liability from 49,. per cent 10 5o1. per cent
The statement Of the Bank Of England last
week explains tho recent action Of the money
market in London and the sterling exchange
market IN New-York Money rates I'm this city
have been frmer In the last seven DAYS and eX-
change has grown easier. while London dis
counts have fallen and Berlin rates have adj
yanced And the decline in sterling is coinc-
dent with large loans los international bankers.
The local money market is in an interesting po-
sition. Funds are not held at this centre In
enormous supplies but the demand from the in
terror is not heavy The actual supplies held
would seem % warrant higher rates but The
fact that requirements We're satisfied carly IN
the season when money was cheaper than Il IS
at present I'm expectation - dearer rates this
faN. checks demand that otherwise might send
the price ~ loans considerably higher II money
becomes sca~ce a, this centre gold imports viii