The times., 1899-12-18
STOCK MARKET GOSSIP.
Alleged Inaccuracies of the weekly
Bank Statement.

Bank Statement.
/ NEW YORK, Dec. 17.-Attention has
been attracted again to the system of av-
/ erages" by which the weekly statements
! of The New York associated banks are COM
piled, the figures given out yesterday be-
/ ing very different from what was ex-
pected and quite certainly some distance
away from the actual condition of the
banks on Friday. The statement yester-
Gay was used to help depress the market.
Before It appeared there had been a strong
undertone after the opening break, and
general belief was expressed that the low
est prices had been reached. When the
figures were given out there was another
rush TO sell securities such as has been
seen on several occasions in the past two
weeks
The interest of the speculator is to
know the exact condition of the banks
at the moment and not receiving figures
obtained by system Of averages which
probably represent the condition anywhere
from two to four days back. After he
enormous liquidation which has occur. ed
during the week it is absurd to receive
report from the banks showing a decrease
in loans of only $5.054, 4G0 Judging from
the slump in prices the decrease in loans
was not less than $50 &c., 600, and the
actual liquidation probably exceeded $50
0G0 COO In the question of cash the same
misleading figures are given. It is abso-
lutely known that the receipts of cash
here during the week have been large
enough to more than Offset the loss to the
subreasury and the shipments to Boston
and New Orleans. The statement, how
ever, shows a loss Of gold of 81, 1873, 500, and
an increase of legal tenders of 81, 76S. 500.
The results of the liquidation and of the
return of gold from the interior will show
IN next Saturdays statement however. 1t
is quite possible in fact, that the next
statement may be as far out OF the way
in the other extreme. If there is an i'm
proyement in the market and somewhat
easier money rates this may be possible
quite easily.
In the mean time Secretary Cages pre-
payments of January interest amounting to
about $5,OOOO00 exclusive of prepayments
already made, viii help the situation this
week and it is believed that there will be
a large influx Of gold from the West. This
movement of the metal has at last set IN.
Financial people are saying now that
there has been an actual and material bet
terment in the monetary outlook in the
past two or three days, and that the worst
phases of the stringency have now been
witnessed undoubtedly.
1t seems probable under the circum-
stances that the market may turn this
week on decisive news from South Africa,
if there is any such, good or bad. vic
tory for the British would stop the outflow
of gold after this country had demonstrated
its ability to export It would stop the
sale of American securities by London and
probably cause heavy buying here of the
stocks sold at higher prices. More than
either of these things, it would be a bull
argument with American spectators, and
would frighten the bears. On the other
hand the fall of Ladysmith or any other
further British calamity might cause an
other period of liquidation In the alb
sence of such decisive news many believe
that the market will be professional but
with a fairly strong tone.