Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-10-10
A Week with Preponderance Of
Bear Influences on Wall Street.
THE ."AFRICAN SITUATION"
All In An There Has ucen a shock 60
the Investment Market Gradual
Aiiic,iatlon Coming.


Special Correspondence.
New York. oct. 1.-THE weeks busl-
ness on the Stock Exchange opened
with o disappointment Of the hopes
cherished at the close OF she previous
weeks operations. 10 anticipation o.
three days suspension Of business. there
was much realizing on the two days
preceding the Dewey Reception. and it
was reasoned that this selling and the
FAN IN prices which u had produced
would b. followed with strong ard
rising market on Monday. This reason
inE seemed plausible. but II ala not
sunlclcutiy reckon upon the possibilities
Of unforeseen contingencies. between
ThurHday and Monday. the drift OF
events was unpropiuous. and this week
opened with decided prcpondciaucc
N bear influences. The African stu
alton had become ro critical that the
avoidance OF war seemed almost beyond
the power ~ diplomacy Tor although
England seemed tn be- Hpftrning her At
iltude, ygt the Beers were yielding 10
the impulse N a war fcvor which kru.
ger might prove unable To controi. The
hank N England had advanced It's
minimum rate uf discount from gI to
~ per cent. which was followed by "a
like rise In the London open market. In
symnathy with this expression - the
great banks estimate ~ tn situation,
foreign exchange suddenly became Arm.
&C.. and last weeks hopes of carly linz
portntlnnH 81 gold had to be- indefinitely
drforredi Indeed. ln the estimate a.
SOME, 10 had becuwe a question whether
we nilFht not have o. ship tho metal Co
London. Most people seem 90 have over
hooked the fact that on Monday. some
fihoo0.0oo had 90 b. Transferred
FROM THE RANKS
90 the city treasurer In the payment Tor
taxes, aud they only realized the Ina
poriance ~ this factor whom 90 per
cent had 90 De- paid fur money ON The
Stock Exchange. The stat. mcnt of the
Associated Banks showed a loss ~ 81
100000 In reserves, the surplus over 10 ui
requirements being only ft.s2tOoO COM
pared with an average ~ f3lfl0 COO 90
The Haine date % The five preceding
years. The expectation ~ falling on
ln The shipments ~ money to the Inter-
Tor was diFuppolntc1. and bankers had
come Go the conclusion. from the high
rates ~ exchange with interior points.
that we have 90 face o. Hiiil conrid ruhl
| outflow uf currency 90 the Wclt ~;
South.
This was the chnnred aspect of a..
f1lrH With which the week opened. Tho
1 eject amounted 10 almost paralysis
on the Stock Exchange For the nrat
Three days ~ tho Wrnf the TRANSACT n
aggregated only i.i0l 800 fhnrca. or ilule
more than one-thlrd the volume on an
active market Oufr'de apeculntura
stood ai0Of and the principal buyers
other than covering "hears." were a few
strong operators who purchased for "a,
| tue use un tho more extreme depraa-
rlons. To add To THESE
pEpRE ssINO CONDITIONS.
/ London WINS free seller 81 our Hccurl.
| ties ON Monday and Tuesday. while Ber.
| I'm was Understood 90 be carrying ii
| large amount 81 Americans. which
might be- thrown GA our market IN thu
/ event ~ the money pressure In London
| becoming more severe. During M
/ first half OF the week. money was cx.
/ trcmely scarce and. though there wis
70 large contracting " dlHcuunilug
| many uf tho ovor-oXtcnded stock house
! had tu pay aH high us 10 per cont clCl
% the three days in tho open market
ON Wednesday, however. there wcf'
! symptoms of halt In the dvmoralizin,
| tendency ~ affair. The money nnf
out in tlNfH was returning 10 The banks
/ foreign ulmora indicated possibility
| that war I'm Africa may after All hl
| avoided. and under Indications that IN,
| advance 100 tho Bank ~ England rnt'
! u turning the tide IN favor ~ London
I
that market aud comparatively frel
buying Of American stocks on Thurs
day. however. those symptoms lost thel
| encouraging force from the ncWa TIA
the Hank of England had lost ci,fO1 90
gold during the week and had furthc
advanced itg discount charge % pv
cent: while the Bank u Austria and tn
Bank ~ bombay had also put up thel
rate. This evidence u Increasing pres
sure IN Europe together with large cur
rrnt demands FOR currency from the IN
terlnr banks confirmed the impression
that the ntringoncy had ont pnssft
away. but tho eNtuunc rates Tor muncl
az the Stock Exchange however SEEM
tn hnyc disappeared.
Taking these happening as whole
they have proved severe shock {,
the Investment market; the more go be-
cause II had been. perhaps quite gen
orally, hoped that this week woul,
INACCURATE THE RETURN
of easier conditions and prepare IN,
way 10 n comparatively early reyivu
OF speculation. Under the clrcum
staucea. revision Of estimates ns {,
the early future become necessary. Th'
home money market 10 the command
Ing factor In the situation hnrci an,
/ that element II dependent ON the coIra.
81 the foreign exchanges ana the re-
naming demand Tor money from tn
Interior. The advances Of ~ Per cen
In tho Bank ~ England rate show tn
urgcncy of tho banks position and ~
resolution 10 strengthen itself form nj
. an possible sources IN preparation 10
whatever may come out ~ tho Africnl
position; no that. II these rises prove In
sufficient. % further advance may be- tx
pectcd. In the latter contingency a re-