The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-01

NEW YORK, Sept. 90.-The ending of
the month sees unmistakable improvement
in Wall Street sentiment, and there are
many that are making their plans with
reference to an expected advance in prices
during October. The non-fulfillment of de-
pressing predictions on account of which
the market at various times has been put
under pressure helps this feeling of hope
fulness. Bugaboos THAI strut and tumble
down induce cynical observation Some
betterment Developments, moreover, are
appearing in the situation.
What has more International influence
than ANYTHING else is the resumption Of
gold mining in South Africa under auspices
and on a scale which forthwith assure vast
expansion OF production. Once under full
Roadway this Increased gold output-mak-
ing rast Transvaal operations look small
Will appear as a factor at every European
financial centre. Effects. however indirect.
must also figure here. An actual period Of
gold initiation may sven be at hand.
The first important result touching
American affairs may show in such
change in the sterling exchange market as
will NO: merely cheek exports of gold from
America but lead tc an import movement
of extraordinary volume So much gold is
due 10 this country from Europe that the
resumption of normal gold production con-
ditions abroad must have the effect or
starting heavy payments to this country
so heavy that in the aggregate they would
pass all precedent.
IL is needed that some new heGlthful ele-
ments come into the foreign financial situ-
alton. While recent his -Jry has made very
plain the phenomenal strength of the
United States, and its readiness to finance
Europe in her exigencies, there have been
signs of a much more serious state abroad
than generally is openly discussed. Espe'
cially has the strain been severe at Berlin
and apparently little has so far happened
providing or promising relief During re-
cent months, indeed there have been fre-
quent disturbances in financial markets
throughout the Empire, and panieky con-
ditions have over and over again ruled upon
the Berlin Bourse.
Fortunately. the Germans have done
their own gambling in their own stocks,
have not attracted foreign capital into
them; but the result of enforced liqulda-
tion recently under way has been that
German holdings of outside securities have
been thrown overheard by wholesale. Lon
don was first to find this depressing fac
tor. The consequences of it just now be-
gins to be effective here.
The notably weak railway stock on the
New York Stock Exchange during the past
week was Northern Pacific-and leadership
in the selling was on orders from Ger
many, an exceptionally large percentage of
Northern Pacific securities being held not
only in Berlin. but by German investors
generally ever since the property was first
exploited by Henry Willard. So far Ger
man holders OF other American railroad
stocks have not let go on a large scale,
but unless marked improvement comes into
the Berlin situation more severe Hquida-
ticn is to be apprehended. 1t is urged, how
ever, that Berlin selling OF Northern Pa
eifie, while still holding on to other Amer
lean issues. has been induced by the grave
crop damages suffered in the territory
along Northern Pacific lines and by Presi-
dent Mellen's pessimistie utterances, and
that the outlook is good that other stocks
may rot suffer.
Wall Street continues TO be much exer-
cised over the coal strike. Reports Of set
Element scared spectators on the bear side
into covering Two or three days ago, but
at the end of the week there was reselling
for the same account. With the strike
settled at this juncture the big coal-pro-
dueing corporations (the oal-carrying rail-
roads, at least would be slight losers.
They have cleaned up SURPRISES have been
able TO market a good deal of ordinarily
understandable product. and have made
higher prices for coal seem something else
than a mere arbitrary imposition. It is to
be hoped that there win be a settlement
and the street has great faith that there
will