New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-01
finnntial.
The Financial World.

The sho-, week in the stock market brought
forth not much of interest and less Of impor-
lance What most engaged attention was the
money situation and the strength of the market
in the face Of loaning rates ranging from 10 20
-; per cent. 40 higher rate than 20 was quoted
but not lnconsiderabe amount Of business was
done at that figure. Probably fair average for
the week would be - per cent. ENGAGEMENTS
of gold for import were announced. 10 no great
amount but they had a moral effect Bankers
who are in the exchange business. say it will be
some little time set before gold can be brought
in as a regular exchange operation In respect
10 the small amounts already engaged. the
profit in importing. they say must be Indirect
TINT is the small loss on the import al the cur
rent rates Of exchange. must be made up 10 the
importers IN some indirect way. These bankers
do not look for regular imports until the latter
part Of October a. which time they expect to be
importers Themselves. Exchange made against
the export Of the cotton crop will then be
factor in the market.
That the stock market steady 20 strong
with money rates where they were, was cause
OF some surprise The same thing has been seen
before. however; and more than once. Also II
has been seen that a stock market held up
lapse when the pressure eases up. Operators
who had TO support the market. take what looks
Ike the more favorable opportunity 10 sell
In this instance it SCENE as II what quida-
ton the money situation able to force for
the time being had been done when the whole
market followed Brooklyn Traction in its fall 10
70 A fresh lot Of liquidation may start again
later and appearances indicate that it VIII. but
for the moment all the apples which were ready
to fall were shaken down when Brooklyn
tumbled
The bank statement. published Thursday had
no visible effect. It good in so far that 1t
showed the banks SIN reducing their
obligations and keeping themselves within legal
limits as respects reserves, but while this Is good
for the banks IT IL the reverse for bull specula-
ton There Is no bull market 10 be had while
the banks are reducing loans. The most that
can be got II an occasional rally on the short in
terest
The short interest in Brooklyn is out except
such "a the traders make from day to day. Inc
stock is above 80 again. and has been above w.
The market generally followed ii mp, as II had
followed II down, though bv no means 70 the
same degree Az control OF this company IL now
conceded to have changed hands. through the
recent market operations. we may look for new
series OF stories reports and rumors about new
combinations this time with a Vanderbilt tag to
them all calculated to bull the stock. and make
a profitable market FOR It FOR tn" latest pur-
/ chasers 1t is true voting trusteeship Ia IL
control: but this amounts to little. as II Is wen
known that the gentlemen composing II STANG
ready to resign If duly called upon The aF-
erage trader will do well to take the new % - ~
rumored combinations and other mysteries -
/ their proper value. and to keep well In nina IN"
4 earnings Of the property and the probability OF
dividends on the basis Of the latter. the stock
/ is high enough at present prices. hut there IL a
chance that 1t may be rushed up to par again
and possibly above IT, This is indicated hy tho
readiness with which 30 DAY calls IN tn" a'o'
IT par and over have found buyers
In the general market little appeared showing
that the larger operators were at work, beyond
supporting the particular stocks they were spe-
cally Interested in In American Tobacco there
is palpably a continuous effort to distribute the
stock The way it acts shows that so far the
distribution has not been large-just large
enough to make 1t sale on sharp rallies Sugar
also looks like a sale on rallies simply because
insiders seem to desire to get ii down. Leather
nreferred ought TO be purchase on all weak
spots. il the reimbursement plan goes through.
Tho Granger stocks are rather neglected and
Northern Pacific common appears somewhat
watsrjogged Atchison preferred maintains It's
remarkable strength. as the company Is able TO
/ make a good show OF earnings. gross ana net
Foreign affairs continue 10 be a central point
of interest Discussion Of the Transvaal matter
- heard around every ticker in every office,
since the gold question alone makes II or no
/ uttle moment 20 Wall Street. Outside OF this.
there IS discussion Of the rights and wrongs or
the affair-necessarily large question, since
4 there are rights and wrongs on both sides me
situation apart from morals, is this: AT Pre-
tora there IL a President with six cabinet offi-
/ oors. and q legislature OF % members. Of which
u are a constitutional majority. To this Legs
/ lsture everything is subject even the supreme
/ Court and the Constitution. either Of which II
/ changes at pleasure. There are no local govern
ments anywhere and everything must come be-
fore the Legislature, from the granting OF
licuor license or a building permit. 10 the largest
| affairs Of state The Legislature is elected by
small minority Of the population. At Johannes
burg is a city Of 100000 people; at other mining
centres there are more Of the same stamp
! These people pay nine tenths OF the taxes They
| hay. no vote no control over the expenditure or
| the revenues no voice in making the laws no
municipal government. For these they nave
hasn clamoring FOR ten years and out or the
cortsst has grown increasing bitterness and
mutual animosity between the small ruling class
and the great working class. until al last II mas
! brought war. u i""H"
that on the trip they would have a chance to see