Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-11
Pressure to Sell Stocks on New York
Board.
TRANSVAAL CRISIS an ISSUE
Governments Offer to Advance
Interest Helps but Little.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, October 1.-The stock mar
kets Indifference to passing events has
reached the stage at which all but the
adopts are discouraged The depressing in
tuences of the in the Transvaal were
measured by fractional declines while the
sentimental effect of the governments pro-
posal to anticipate its interest was consid-
cred void, as a market influence. because
of the uncertainty of its action. The hold
ers of bonds upon which interest will be
due in November are likely to accept
payment now, but the interest of next year
will probably be collected at or near the
customary dates.
Relieving the money market by paying in
terest from fund equal to a substantial
reduction OF the principal Is a process not
wholly in accord with the average concep-
ton of good business IL the principal
cannot be liquidated on terms to be
ranged between the maker of the obligation
and the holder of it there can be little eX-
cuSe for advancing the interest payments.
Bankers suggest that the relatively small
issue OF D per cent bonds maturing in 1904
might be made the subject of negotia tons
on the part of the government in the inter-
est of getting them out of the way and re-
turning something more than 100000 600 to
the people, who now have opportunity
for employing the funds commercially. 1t
would seem that the government might well
nave made the total amount of the war
lean less by $100, 100000 and still have had
enough money for all it's needs
Since the surplus is approaching the $780,
up,ooo mark and the war tax is operating
TO the advantage of the government. the
act OF March }. 1881. suggests at least Il
consideration of the ACCESSIBILITY OF taking
advantage of its provisions to redeem bonds
out OF any surplus not otherwise appro-
priated."
Enough comment has been made to in
dictate very clearly that financial circles
are far from convinced that any real help
has been given the money markets by the
action thus FAR taken Money was already
working backward toward a lower level
from natural causes, and should IL con-
tinue to do SO there will be further reluc-
lance toward accepting interest in advance
The Transvaal difficulty had the effect of
reducing the price of consols "a of | per
cent and of making heavy rather than a
weak tone in the foreign markets One
locai operator is credited with short sales
today aggregating more than 900 shares
mostly of such stocks as have an interna-
tional market.
This and the more less initiative SELL
Ing which followed was based on the theory
that London would score more after the
1rst actual battle than it has done at the
pusinesS-nke preparations leading I'D 10
soch certainty As matter of fact, there
was little upon which to go in the matter
OF determining the foreign attitude In n
general sense the belief is that the war
mas been discounted to "A considerable de-
gree. The fate of the gold in the Transvaal
Is the mystery of the conflict
The late o the aggressor is less in doubt
me market held remarkably WELL in
view of the days news, and no material
INJURY 10 prices is reflected. In one in
stance, Big -Four, a substantial gain of II.
per cent was recorded under very good buv
ing Ihe several cliques protected their
speclalties, Brooklyn Rapid Transit. for
example, showing the presence of a guard
ian lIiluence during every attack The
market has withstood 40 per cent money
and gives evidence of calm over the Trans
vaal outlook. sure indications that merit
is being considered