The times., 1899-10-08

The stock market Of the past week,
while dull for the most part, and showing
few IL any significant net changes in the
price level must be considered an inter
esting and an important one. For, briefly
stating the matter, IN the face OF a cofnbi-
nation of outside circumstances s.ngularly
fninical, values have held sturdiiy, ana
confidence has Increased In the present
situation. 4 week ago, despite a bad bank
statement, the street In general was
cheered by what seemed TO be the begin
ming of large imports OF gold from Lon
don. 1t said that the movement OF
money 70 the interior had about ceased.
and that the return movement would sool
begin. Large amounts of money were
looked for from the Dewey crowd and the
yacht race visitors. The promise Of easier
money rates Immediately was made be-
cause OF this outlook. The week has
shown a very different condition. There
has been no further Importation of gold
from Europe for the very good reason that
the Bank OF England has raised ITS mini
mum discount rate TO per cent, the
highest rate since the panic period OF 1893.
Great Britain desires gold more even
than America does and is willing TO pay
more for H. Call money rates, instead OF
becoming easier, were stringent during the
early part OF the week, running UP as high
as 30 per cent Il is useless 20 say that
this rate Was a fictitious one as il was
undoubtedly, for il served its purpose OF
preventing people from borrowing money
at reasonable rates. Money has been drawn
from the New York banks by the sub
treasury and by the interior, contrary 10
expectations War in the Transvaal has
hung over the situation as an acute posi-
bility during the entire week. Two weeks
ago such reversal OF expectations and such
really important series of disagreeable
factors would have resulted In q slump in
market prices under the urgent work Of the
bears The past week has seen nothing OF
the kind. The bears have made several
strenuous attempts TO cause break, but
they have been entirely unsuccessful Yes
terday. the unfavorable factors OF the week
eliminated in another very poor bank state
nent, showing a loss Of cash and the almost
total elimination Of the surplus reserve.
Even that had no effect on the market,
prices closing firm and even at slight net
advances for the day. The conclusion 10 be
drawn from these facts is that the weak
element in the stock market has been en-
tlrely eliminated IL the heavy declines OF
the past month or more, and that stocks
have gone so largely into the hands OF the
rich men that the bears are no match for
them The rich men have even taken
heavily OF the offerings OF The bears, so that
there is al the present time a large and
seemingly anwieldy short interest The
outlook IN all this is distinctly not prom
ising for the bears II means that there
is very little chance OF much lower prices
and that the next important movement in
the market is almost certain 10 be up
ward.
professional market for several dayi
longer is probable. however. The banl
statement shows such i small surplus re
serve that the banks viii be forced TO add
10 il by calling in their loans. at leas
during the early part OF the week. None,
f-rKs1a Hon ~