The times., 1899-09-11
STOCK MARKET Gossip.
The Bank Statement and thesForeigu
Situation as Factors.

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Situation as Factors.
NEW YORK, Sept. 10.-There can be no
/ doubt of one fact regarding the weekly
bank statement. 1t was rather Worse than
! had been expected. although the.street had
looked for a poor showing, but leading
! bankers despite this do not feel alarmed
! over the situation in any way As has
been suggested in The Times regarding the
attitude of Secretary Gage, it is generally
believed that he will allow the New York
internal revenue receipts to remain on de-
posit with the banks. This course will be
an immediate help to the situation. Fur
thermore, it is believed that further ship
ments of gold from the Pacific Coast will
be made at once. These are temporary
matters, but financial men are convinced
that nothing more than temporary rene
dies are needed. The amount of money in
the country is much greater than it was a
year ago, and while the volume of trade
makes a larger volume necessary, natural
ly it is not thought to be among the pos
sibilities that any permanent stringency
can occur.
1t is to be noted in analyzing the state
ment that the reports of individual banks
show the losses of cash to have occurred
almost entirely in three or four banks In
many banks the showing in cash and in
iSStiNtS Is even Dell6T Iudn 1t was week
ago. The general statement for all the
banks thus really gives false impression.
There has been no haste to turn the ex-
traordinarily hopeful business outlook to
practical account in Wall STREET The
transaction at the exchange have averaged
about 100000 shares per day. Operators
are returning from their summer haunts;
but, for the present, appear to be. content
to merely familiarize themselves with the
nt tnrc ,Nf4 = -, r-I<.
ton which has suited the purposes of the
speculative leaders, most of whom are
more bullish than they just now care to
declare. Their position has been that of
expecting much higher future range of
prices while holding but moderate lines of
stocks. 1t therefore has suited their pur-
pose to have the market drift easily and
even to coquette with the bears" so as
to make additional purchases. They have
been quite willing that timid people should
feel timorous over the prospects of the
fall money market; they have not OBJ
jected to the warnings of the alarmists
who see danger in the political situations
in France and in Africa; they have been
quite tolerant towards pessimistic esti-
mates of the crop outcome: all this has
suited their purpose, which has been to
buy stocks for a rise when the surprising
commercial movement now getting under
HeGuNdy reaches It's climax later IN the
fall markets.
1t is not easy to say how much longer
this speculative engineering of the market
will be continued, or if it may not now have
reached its climax. Assuming, however,
that the market is to be held under con-
servative control and not allowed to run
wild on a loose rein, it would seem rea-
sonable to expect that it will be held
under restraint until the disturbing ele-
ments in the foreign situaIon Have de-
veloped into inality of one kind or
another. These foreign eventualities,
however, can hardly be kept much longer
In suspense; and, if the worst should hap
pen both in France and Africa, there is
sharp limit to the extent to which their
effects would continue adverse on the New
York market. These external conditions
may hold the strong bullish tendencies of
the market in restraint for the Immediate
future but it is not be believed that they
can, to any extent, eounteract the ire
pressible tendency toward ultimately
higher prices inherent in the existing un-
precedented state of national prosperity.
1t is unnecessary to recite the conditions
contributing to that great national boom"
everybody knows the facts and expects
that they will carry the market value of
our investments to unequaled figures