The times., 1899-08-14
STOCK MARKET GOSSIP.
Comments on the Probable Effects of
the Bank Statement


New York, Aug. 13.-The New York bank
statement yesterday clearly indicated a
heavy flow of gold to New York from the
West. Good as the statement was on its
face, it is evident, inasmuch as it was made
up on rising averages, that the present con-
dition of the banks is much better than
the average for a week shown by the
figures. What the actual amount of gold
received has been it is, of course, impos-
sible to know, but it is probable that it is
several million dollars more than is in
dicated. This showing is so remarkable
after the predictions of the bears and the
acute fears of even the strongest OF opu-
mists, that Wall Street was yesterday,
after the statement, in a jubilant frame
of mind and is now, on more careful con-
sideration, even better pleased. Perhaps
the danger of movement of gold 20 he
West is not yet passed, but 1t becomes
evident that the suggestion OF stringency
in this city has caused Western bankers
and capitalists to send their money East,
and it is not an unfair presumption that
the same conditions in the future would
produce the same results. Careful financial
authorities are of the opinion that the
country in general outside of New York
has many millions of dollars more gold
now than it possessed year ago. Inc
money situation has been the chief factor
influencing the stock market for the past
month The statement of yesterday was so
eminently satisfactory that many conserva-
tive people in the street are beginning to
make predictions of stronger and more
active market this week and during the
remainder of the month.
FirEl rates are both probable and desira-
BILE for some weeks TO come. They are the
natural sequence of business activity and
Will exert wholesome restraint upon fool
ish ventures, OF which there is mass ready
for launching upon gullible public. But
the fear of money famine has apparently
passed our of conservative mems minds
This years money situation is likely TO de-
yelop one negative benefit To- bei derived
from the making of trusts. Business actiy-
ity suggests the Offering of large amounts
of manufacturers paper, but it is shrewd
supposition on the part of bankers and
fnanciers that the trusts which have so
largely absorbed the lesser concerns will
not be borrowers to any important extent
on account of their ample funds.
With the question of money rates not
so acute, it seems only natural that railroad
and industrial prosperity should begin TO
exert a larger influence on the stock mar
ket, an influence more in proportion to
| their intrinsic weight and Importance.
Holders OF securities cannot be frightened
into selling Wnlle tney continue invest
ment buying WILL on the contrary, continue
/ and increase and the efforts of the cliques
/ will be redoubled and viii in time wake
! the public into stronger interest. Such
at least, is the supposition of an Increasing
bull party. .., f
| Business on the stock exchange during
last week was characterized by, the same
relative prominence of the Industrial shares
as during the week before The following
table OF the transactions in the ten leading
securities shows that the industrials were
| far in the lead, both in the amount OF
business done and in the gains in prices.
| The total number of shares sold was
210S,620. OF this amount 1,063,267 were
| furnished by the stocks below, leaving
| 1,045, ,353 shares as the total of the other
| 1S7 stocks dealt in: