The times., 1899-10-09
STOCK MARKET GOSSIP.
The Outlook Considered FavOrabI
for Easier Money Rates.

IoF money
NEW YORK, Oct Slight money is
not expected to play such an important
part in the stock market this week as it
has for some weeks past. There are two
reasons for this; the condition itself is
likely to be removed to a certain extent
and the street is beginning to get accus-
toned to the probability that reasonably
high rates will continue during the entire
autumn and winter. AS for the general
belief that money rates will be easier this
week it should be stated that careful
financial people do not believe that the
bank statement yesterday was fair re-
flex of the financial situation. There is
probably more money in the banks than
was shown, and it is understood that the
trust companies are also better off than
they were week ago. The ease of the
money rate during the last two days of
the week shows that the banks were not
alarmed in any way over what on it's face
would appear TO be a most alarming short
ness in the reserve. 1t is probable that
little if any more money will go West
and South this week, and many believe that
New York will even gain from the inter-
ior. All factors in the money situation
are distinctly more favorable except that
it seems extremely improbable that there
will be any gold imported from Europe
this week.
The condition of the foreign money mar
ket excites attention On the whole it
is much worse than that of the New York
market. The panic stage of the London
stock market appears to have passed. The
tone of most departments is much i'm
proved. 1t is believed that an outbreak OF
hostilities would send Kaffir prices up. the
idea being that war would end in the ac-
QUESTION of the gold fields 1t is consider
ed curious that Transvaal stock has de-
clined much less than African colonial
stocks. This is due to belief that Great
| Britain will assume the Transvaal debt
| after the war is over. A still higher bank
rate is regarded as not improbable how
| ever, should war break out France, it
| is reported declines to sell more gold to
| America. The stringency is felt through
out almost all Europe. Russia is suffer-
! ing from rather severe financial crisis.
| The reserve of the Imperial Bank is now
very low, and the stocks of all kinds have
fallen considerably. This, presumably, is
| due to overspeculation, and to the sgigan-
! tic flotation of industrial companies. In
word, Russia has been trying to go too
| fast in the endeavor to become q great
/ manufacturing nation. Money is also very
| tight in Germany.
/ The general belief in conservative
| quarters here is that the New York stock
market will soon begin to improve in tone.
| 1t is thought that there may be some re-
cession tomorrow morning on selling by
small holders on. the bank statement, but
| as has been said, money rates are likely
! to be easier and the statement is not be-
| lieyed to reflect quite as bad condition
! as il seems to. After first possible de-
! cline of a point or two therefore, many
look for a stronger market, gradually get
ting into an upward movement. The tao
tics of the professionals may delay any
sustained advance for few days longer,
but careful people will buy stocks consist
entity, nevertheless, on the theory that the
| movement is certain to come in short
time. The bears have hammered prices
for long time, and their efforts recently
have been almost entirely fruitless The
buying has been for strong people.