Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-09-29
THE MARKET REVIEW
Henry Clews Tells Of Industrial
Stock Situation in the New
York Market.
Active Buying Anticipated After
the Excitement Incident to the
Dewey Celebration.
Agricultural Products Maintaining
High Prices toa Remarkable Ex.
tent oday's Quotations

New York, Sept. 29.-The closing of
the stock exchange and the general sus-
pension Of business for the two last
days Of the week, incident to the Dewey
reception, has entirely broken up the
natural course of business in the stock
market for the last four days. The
prospect Of the intervention of three
days during which there would be no
verse contingencies has naturally
caused considerable temporary realiz-
ling, and that circumstance has been an
invitation to! the bears which they
have not failed to turn to account. With
relatively few buyers and many sellers,
the course of prices has naturally been
downward; and basis for buying has
thus been laid which, in the absence Of
new adverse factors during the interim,
may result in repurchases, covering of
shorts and consequent reactionary
advance in prices at the beginning of
next week.
Apart however, from these Temporal
ly Interruptions, the position of the
market, in respect to certain adverse
factors, shows a tendency towards inn
provement. The recovery of two and
half millions in the surplus reserves of
the banks, in spite of still free ship
ments of currency to the interior and
an excess of s3,73O,0O0 in receipts over
payments at the sub-treasury for the
week, is hopeful symptom. 1t shows
that the banks have got the situation
under control, and without any violence
to their Wall street customers beyond
a sharp discrimination against certain
industrial collaterals. Also, the tone of
the London market is more settled,
though there is no abatement in the
chances for war with the Beers; which
is an indicat ton that the warlike con-
tingencies have been already largely
discounted there, leaving so much less
disturbance to arise on the actual out
break of hostilities. London, Paris and
Berlin are keeping sharp eye on the
maintenance of their stocks of gold and
may be expected to do all in their pow
er to prevent shipments to this country.
And yet our exports are so large that
the foreign banks must calculate upon
hayin, to ship the metal to New York
in free volume at no very distant day.
with steady increase in the supply
of grain and cotton bills and the
current great disparity in money rates
between New York and London, it is
not impossible that few days may
bring the rate for stirling exchange to
figures that will admit Of our importing
gold. This need not necessarily be an
occasion of alarm to London. Within
h hQd nj m d.
ami evidence that large debtor bal
ance to the United States may be at
tended with an absence of imports of
gold to this country. 1t is not likely
that our banks would care to be flooded
with foreign supplies of the metal.
Their chief immediate concern is to
see the present stringency relieved
through the strengthening of their alb
normally low reserves. AS above
shown, they are already gaining con-
troll over that element in their posi-
ton; and in view of the unusually large
stocks of money in the interior. II
would not be surprising If the retiuX of
currency from the west set in earlier
than usual-the more so because the
western purchases of merchandise at
the east have this season exceeded all
precedent Under these circumstances
it is not inconceivable that moderate
Importation of gold-say sl5,000,OO0-
might be regarded by the metropoli
tan banks as better serving their inter-
ests than a larger volume. With the
return of, say s3O,0O0.0oO of currency
from the interior and the receipt of
S15 900. 900 of gold from Europe, the re-
serves would be restored to condition
compatible With steady ease and their
interests would be better served by adj
vancing against foreign exchange and
permitting gold to remain among our
European customers than by encourag
ing the shipment of the metal hither
and forcing stringency abroad at the
cost of Gripping purchases of our prod.
ucts and forcing an unnatural return
of our securities. These factors sug-
gest probability that we are APP
preaching the end of acute stringency
in the money market and show that the
process of recovery is likely to prove
steady and sure one. How near relief
from gold imports may be is inferable
from the fact that sterling sight bills
are selling at within one cent of the
rate at which floating gold could be
profitably bought in London for ex
port. HENRY CLEWS.