The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-14
Financial Review.

New York, Oct 13.-Bradstreets Finan-
cial Review tomorrow will say: The an
nouncement of the treasurys readiness
to anticipate all its interest payments for
the current fiscal year contributed, with
smaller outside demand for funds and a
decided pressure for loans on the part of
Wall street itself to call loans to give
the market an easier tone. The other
prominent development was the Trans
| vaal governments ultimatum and the
bringing of British and Beers to open
war The improvement in our own money
market failed, however, to stimulate spec
ulative activity or to support prices ma
terially. The market continued to be dull,
devoid of outside participation and SUBJ
ject to professional manipulation for the
bear account. In fact. as money became
easier, there seemed to be less strength
and more aggressiveness on the part of
the bears, leading on Thursday to an in
creased downward tendency in prices, fol-
lowed on Friday by an increase of such
pressure.
There has been no particular evidence
OF liquidation and the excellent railroad
earnings. the disposition and ability of
the companies to advance rates, as we'll
as the continued activity and prosperity
In the steel, coal and other industries
with which Wall street keeps well in
touch.
For the present the money market out
weighs all other considerations and the
speculative community is possibly not as
1ully disposed to eXaggerate the bad fea-
lures OF the financial situate as it SEEM
ed some weeks ago to ignore such dan
gers. Declining prices in the face of an
Improvement in the tendencies of the New
York loan market and an apparent
| growth of bearish feeling here when Lon
! don displayed recovery in prices, and
a sense of relief that the uncertainty in
| the Transvaal situation had eliminated.
| even If the outcome Is war certainly
| seem anomalous. But the inability of our
| market to respond may be in measure
| traced to a fact that unless the Trans
vaal war is quickly ended grave disturb
| ances in the speculative and financial
| markets abroad might, after all, ensue
| While money Is easier liz London it has
| not fallen to the point where gold can be
| taken for shipment to New York. In fact,
| the Bank of England will certainly OPP
| pose such a movement now. Large inter-
| ests here seem unwilling to take bullish
| position in the market while money is liza
| BILE to jump from I to 10 per cent. SHOULD
| the market develop any activity, and
when gold can neither be imported nor
| can the return flow of money from New
| York for crop moving and business pur-
poses be yet discerned. The public is also
impressed with the same ideas and
large part of it is so fully and protitably
employed with its own legitimate con-
Germs that the outside participation in the
street is seriously curtailed thereby. The
| market has therefore developed a grow
ing disposition to wait until the progress
of the South African war affords some
idea of its outcome and duration and I'M
til the unlocking of money from the treas
ury or the receipt of gold from Europe
and currency from the interior checks the
! depletion of the New York bank reserves
and ends the calling of loans, which has
been in progress for some weeks past.
This halt in the market and insensibility
to the plentiful favorable facts in the
situation has naturally led to bearishness
among the traders and to manipulation
designed to put prices down.