The times., 1899-11-13
STOCK MARKET GOSSIP.
Keen Interest In the Probable Course
of specuIation.

NEW YORK, Nov. 12.-The course of the
stock market tomorrow has been more
discussed today among financial interests
than is usually the case on Sunday. The
conflict between magnificent intrinsic con
ditions and what has up to this time been
an inimical money market seems to many
to have reached. or to be reaching, now
a sharp climax. Intrinsic conditions may
triumph Immediately, and Wall Street may
be given one OF those surprises that it is
always receiving, and yet never expect
ing in 81 strong market well supported
from the opening tomorrow, or there may
be a temporary tumble in prices as the
result of fears of the effect of the bank
statement To anyone not in the inner
cOunsels Of the important people it is inn
possible to fOretell what will be the result
of the meetings that are being held. 1t
cannot be doubted. however, that there
is a strong feeling of hope that the bullsh
interests viii win in this big struggle.
Possible relief for the money market by
Secretary Gage continues a much discussed
topic in the financial district. 1t is per-
! sistently rumoTed that the Treasury De-
DaTtment contemplates the purchase of
/ Government securities or some other
method OF aiding Wall Street spectators
in need Of cheap funds Bank presidents
deprecate this talk and insist that the
Treasury will do nothing because there is
no real need Of assistance
II IS not an unusual thing for the Gov
ernment to relieve the strain in the money
market whenever the tension becomes so
great as to impair business. Secretary
Gage has already shCwn spirit of helpful
ness by offering to anticipate the pay
meDt OF interest upon Government bonds
subject TO a slight discount. During the
Cleveland Administration several expedi
ents were resorted to. A large amount Of
bonds were sold to replenish the depleted
gold reserve. Government bonds were also
bought to release public funds and Treas
uTy funds were deposited in national banks
that they might be loaned to answer the de-
mands of trade On October 9. 1890 the
Secretary OF the Treasury issued a circu-
lar offering TO buy the 12 per cent bonds
at par and accrued interest to September
J. 1891 and under its terms SO, 600, 900 of
bonds were bought up 10 April %, 1891
when the offer terminated. On October %,
1880. the reserve of the New York banks
showed a deficit Of $124S75. In February,
1893, when there were large exports Of
gold the New York banks came to the
relief of the Government by depositing in
the Subtreasury S6, $50 coo OF gold in ex-
change for notes and greenbacks. The rate
for call money in that year advanced to
a per cent in June, and TO relieve the
stTingenCy the banks took out clearing
house certificates aggregating $SS, S,2SO 600
in August. BY November all the clearing
house certificates had been called in and
in December the banks had a surplus re-
serve of $50, 100000 against a deficit of
So OS2, 600 in July. II there is any necessity
for relief the banks and the Government
cooperating may readily bring it about
now as they have done heretofore.
Continued weakness Of sterling eX-
change rates under the pressure OF a
tion in the financial district and led to
talk OF early importations of gold.
After the close of the market yesterday
is vas announced that the Government
transport City of Beaufort, which yester-
day arrived in the bay from Cuba, brought
Sl.10O Geo gold consigned to the North
American Trust Company, the Govern
ment's fiscal agent in Cuba II was
thought that this gold will be in the street
tomorrow morning.
The trust companies made their first
reports TO the Clearing House yesterday
No information regarding their tguI es
could be obtained The weekly reports
Will not be made public until the trust
companies have become so accustomed TO
the routine OF making returns that the
likelihood of errors in their statements
is reduced to a minimum. It is under
stood that the condition of the companies
is far more satisfactory than that of the