New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-23
MONEY MARKET OUTLOOK
London. Stock Exchange Doml.
mated by Lombard Street.
u. S. THE UNKNOWN FACTOR
Berlin, Egypt and the Argen-
tine All Prospective Appli-
cants for Gold.
lily Gable TO The Tribune. J

London, Sept. 22.-The stock market
has been quiet for the last week and
there is not much likelihood Of any
great increase In activity before the be-
ginning of October. when the quarterly
liquidations i'm Berlin and Vienna will
have been accomplished. There has
been good deal of nervousness about
the Continental situation, but the feel
ing grows better as the time for the
settlement gets closer, with no evidence
coming to the surface Of fundamental
trouble. 1t is generally held now that
both Berlin and Vienna are sound at
bottom and that the settlements will
pass off peacefully. Still, the DISPOSE
tion is TO wait and see, and n general
recovery of activity is expected at tho
beginning OF October.
The situation in Paris is excellent.
II is now seen that there will be 10
need Of large importations If food
stuifs into France, and everything
favors Increased activity. More conf
dcnce is expressed In Paris than has
been felt there for several years.
The big boom, however, is expected
from the United States after the cleo
ton. President Taft's optimistic state
monts about business conditions In the
country have been widely quoted. ana
every one looks forward 10 a great re-
tsirHnl ~ Ia. raUuraiGcG II
the result. II is naturally believed.
however. that the country will not set
tie into its stride until the November
elections are passed
The money market continues in good
condition. The recent uneasiness over
the possibilities of stringency - wear
ing off and there are strong hopes in
Lombard Street that the bank rate will
not go far above its present mark Of 4
per cent. The withdrawal OF gold last
week amounted 10 S5.S6O.oDo, but the
inflow from various sources was SUI
hcieut 10 bring the net decrease down
20 - 50. 80. and the ratio OF reserve
20 liabilities increased 10 Jo's per cent.
There will undoubtedly be- n further
demand for gold from Germany this
week. but that should bring German
needs practically II an end. Egypt.
however, is still To Ice figured with,
and there are possibilities that the
United states and South America VIII
enter the market as buyers. Tho ex-
pected demand from the Argentine has
held of. possibly on account of the
congestion Of its ports ana railroads,
which has prevented any large move
mcnts Of crops Thls condition, II
course. may be- oased up. with the re-
suit of causing ~ call for gold later.
but II will be much better 10 have II
come later after the unoaslness over
the German situation has passed and
when the Egyptian requirements arc
definitely known and have ceased 10 be
matter Of speculation
The United states still remains -
the unknown factor. but the excellent
condition Of the treasury at Wash
ington leads TO hope that American
needs will be satisfied without any
particularly heavy drain Oh the Eu-
ropcan markets. Thus not only IL the
money market In good condition, but
the general outlook IL hopeful.
Discount rates remain firm, with two
months bills 1T 1915 and three
months paper at 311-f6 -Four and
six months bills are az 15-lG.