The times., 1899-07-17
STOCK MARKET OUTLOOK.
- s- = go
Probable Influence OF the Broolslyu
Rapid Transit Difficulties.


New York, July IA new faet,9r has
been thrust somewhat ruthiessly into the
stock market calculations of the street ex-
perts by the imminence of the Brooklyn
Rapid Transit situation. There is much
comment among financial people over the
chances that the street may take the mat
ter seriously and hammer prices tomorrow.
Something depends, of course. on the de-
velopments OF the strike situation. II is
remembered with some anxiety by pro-
fessional traders, that the rumors of the
strike were sufficient to cause a bear raid
few days ago. in which Brooklyn led
downward swing OF the market for nearly
an entire session. The fear is not that the
leaders OF the market or the important in
terests VIII sell stocks. or lend themselves
in any way to decline, but that the small
traders may become frightened, to the ex-
tent that the bears with their aid may be
able to force prices off temporarily On the
whole, however, 1t is not believed that very
serious results will come, and it is even
likely that the market will be strong from
the opening. The support of the leaders
OF the market has been shown at various
times during the past week. in spite of the
fact that large number OF the more i'm
| their vacations. The rallies and the way
tnat the bear drives have only accom-
pllshed very temporary declines is evil
dence of this.
Except for the BROOKLYN Rapid Transit
| matter. 1t may be said with little hesita-
ton that the present outlook for the mar
ket Is not in any way discouraging. 1t is
waiting market, but it is a strong one
also, showing accumulation of stock and
fRn
and the public alike to buy securities on
all recessions
The news general and technical is all
most favorable, including the bank state
ment OF yesterday, which careful consid-
Grafton has disposed most market critics
TO look upon with entire favor The prin-
cipal factor in its showing was, as usual.
the National City Bank It is understood
that ITS present reserves amount to con-
siderabiy more than 80 per cent as COM
pared with about % per cent last week
When 1t Is remembered that the Standard
oli interests are more closely identified
with this institution than any other bank
IN New York, it can be readily appreciated
that the Rockefellers are committed to thu
long side OF the market. II would have
been an easy matter for the CITY Bank TO
continue its policy of loaning down very
closely to the legal limit had it been de-
sHeu' III oruer TO present another I'M
favorable bank statement to the public
1t is perfectly apparent, Notwithstanding
the homage paid to the bank statement bs
the spectators, that it no longer cor
rectly portrays the monetary situation.
The decrease in deposits was undoubtedly
due to the withdrawal of funds from the
associated banks by trust companies and
out-of-town institutions with which to
make direct loans in Wall Street. In this
way, while the banks We're steadily calling
in their outstanding accommodations. the
requirements of the brokers were met by
the other institutions.
1t is not to be judged hastily that the
market from this time on will be dull
during the hot weather. 1t has undoubt-
edly been the rule in the past, with few
exceptions, that summer lethargy has
been the principal characteristic OF July
and August, but there are matters in the
present situation that may develop a sus-
tanned advance in prices earlier in the sea-
son than is usually the case. II the money
situation losses its terrors and no new
"caiamities' occur. or are manufactured
the experience of last years July and
August boom may be repeated. Many. in
deed, are of the opinion that the recent
developments indicate plans in this direc-
tion by the most important financial inter
flf.'U