New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-20
Total % cos 81 72oses s2o2osso Inc. s2ooli2 10
TILE WEEK IN VAIL STREET.

In this column last Monday the following re
marks were made: There are evidences that
the bear clidue will endeavOr 10 take advantage
Of Some small gold Withdrawals 10 bring on
decline. and ii is just as well TO warn investors
10 keep their equilibrium, and hold tnelr stocHs
II they should see any concerted attack upon
values Certain bears are not above employing
any questiOnab Bile thods to provoke fear among
holders Of stocks aE1 ii is not at all unlikely
that they will ende.vor to circulate tielr slo1h h
impre ssions on eve~y possible occasion. Inc
Evolutionary tactics and agitation or the Demo
cratic free-silver party have placed the market
In most sensitive Co-dition, ana mace IL sus-
ceptihle 10 the vicious influence Of bear pressure
This was strongly pronounced last week, anu
the bears carried out the programme loresnau
owed in this column in the weekly reVie" last
Monday There no panic, but there was
falling market. and prices reached leVeI peIoM
that OF the Venezuelan panic in December' ana
a large percentage Of the leading STOCKS aver
aged only a few points above the lowest prices or
the July panic in 1893. The conclusiCh ma, pe
wrongfully reached that Wall street IS Worhihs
on the suppostion that the friends oi AIai sn'
and unsound money Will come out OF top III W
vember discounting now the worst when may
happen: but, as a matter OF fact, no suCh SUP
position is tenabe. because the street does III,
really believe that there Will be any such result
In the fall and because the decline mas Deer,
brought about by active bear manlpulatoi anu
not by a general disposition TO liquidate by hoId-
ers Of stocks A certain class OF holders "h9so
fears override their common sense ana Juus
ment have been frightened into LIQUIDATION D.
the gloomy forebodings OF the bear cl,q1 , Du,
over their possessions. On the contrary, theE
have to certain extent taken advantage or
the decline TO Increase their holdings. Ihere
has been no extensive selling by the foreleh
element and purchases for the foreign account
while small have again been features or current
trading. There has been nothing in the pusi-
ness situation TO account for the slump In prices
and there is nothing in the so-called pOltlcai uh-
certainties in favor Of lower prices. There nave
been uneasiness and unrest among certain
class Of operators. and the bear element has IN
tensifed this feeling by It's pessimlstic utter
ances. and the great stress II has laid upon tne
condition OF the gold reserve and the illness Oh
Cornelius Vanderbilt. ST.
Apprehension over a falling gold reserve AT
this time would be excusable II the Withdrawals
were largo or made by the withdrawal or for-
eisn capital, or by an extensive movement TOT
noarding purposes. The facts In the case 90 not
)uftify alarm, and II those who are exciting
themselves and others because the reserve Is
sder the actual situation there would be less
1neasiness and a far better sentiment in all
quarters. In the first place, Il can be put down
az q certainty that the Treasury's gold holdings
VIII be protected If they reach a dangerous point
Ihen, II the Indications In the foreign exchange
market to be considered, the view can rea-
sMaply be entertained that the gold reserve !
an not reach dangerous limit The recent
asmand for gold has not arisen from trade obil- /
s,ations or from foreign liquidation OF securi- /
, ..es. The Withdrawals which have brought the /
ssserve below the $1O0.OOO,OW point have been /
a annost entirely due to the demand from the Imi |
Ia Bank OF Germany, on account Of the de-
p suon Of It's gold holdings by demand from !
a. Inie movement appears to be approach /
~ q end, and the Withdrawals which have
- mads . satisfy The Asmand Tor The rstusa