New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-27
cTOCK MARKET POSITION.
REARS AFTER PRICES.
CONDITION OF TIE FEDERAL lHrA'-
rRY-RAILROAD EARNINGS.
Sunday. September 26-p. r

sunday September UP. m
-ho stock market situation has evidenuy
-..onsd a point where important market Nh'e'
favor n decline from the existing range VI
80 Not because they believe mat act"a
sr.i,ees conditions warrant lower prices 'u'
s.,ouse they are anxious to buy back AT i""e.
s,rss securities sold on the recent uP""
.,,o,ement The same interests are not 'h''''''"
90 avow publicly that prices VIII go lower '"''.
ha noint reached on last weeks uecH''' ""'
,hav are wiling to say that nothing c@h
:, ultimate higher price level Seh'i'"' a. 80
Ia Of last week unmstaKaDiy Oe'i7"
:. ras the first time In many WeehS '"''
-.u.,,,a,,t had been IN the ascendency' anu '"'S
q. tho first time excepting one since IN" spi"R
10. faithful chrOnice-s Of market oPera'io"'
ha,.e bsen called upon to note tnat the oe"i' "''
,ot b4ing strongly opposed ~ the usuai a"No-
o.,ss If higher prices. Wall street sentiment
changes rapidly. canvass % 'p'"'" ~"
-r,ursdav or Friday would have SHOWN tha' ''V
majority Of people in the stree eHpe''e" d" '''-
mediate resumption az the dpW"'" 'ou'''' "''
'.as,.rdav a similar canvass would have result
~ IN inst the contrary opinion. ferhaps sv III
nj NAV undergo a change over Nuh"aE
pnns predictions made Saturday ma! 4at -
"hnrt OF the actual course OF Ihe man, -,
o.',. ,nerators who are all short or STOCKS ma!
,sb in 10 cover at advancing values. lheic
IIsn,,,telv no ground for bearish sentiment oNeI
business conditions. Everything III wy Two
world is moving on IN mos ~ ~, nan So
- ;n,nroveu,ent and there can oe Il" All' NC, -
- "a 10 deny that securities VaIues VIII 20
tieher But before they go hlgheI Inv; "'aI
Yer this opinion being Dased upon '"r ttr1nrt
5ga in Wall street speculative sentiment
mans ,-,asdav's reaction in prices II was pc
;pa,.ed m the best-infOrmed circles tna' qu IN
~ mad run It's course. especlall9 dt1'i VIZ -
~ ,' LIVERY on Wednesday, hut the coui'e -
hc 4
la change n opinion and rehecteu '0'"'
tsance Of huh support in the maIhS'' ..,.o
,c'iva support may return at an! ll..M him..
w.. !, should be borne in mind that the maFke'
bes developed two sides, and that an uh' IN 49,
mn,ed movement in one way is no" oue vs. ~ ~
usstion Small operators should oose.av ., ~
qu.s, caution II is not a time for trusting
ssn,;ci,lv 10 tips" nor is il time for pugIhs
,orLs on light margins in the oe!ItI ina q,
snIend,d business situation VIII overcome a.
splehuo oreesjon Holders OF stocks on we'll
nrotected margins and people VINO nave uousi's
I.ocks outright need not rush into a PahlC a.
rsrv sign OF bear aggression, tor. no H'"t'V'
ROW great the activity and pressure Oh NV 80.
.nara cannot be a material OF lasting sctpa'"
70 prces Values MAY decline as huon a. ~
and ten points from ne oS'' Ipt t. should
bapre7 a higher level Than that YET rtacnru
will be attained. No one can ten "heh -
will go up or down. for II they coulu al -
80 no rich hut IL can he pretty accurate!
stated that in a time oi puSIheSS Stuh,r
securities values will gradually work h'shI.
Tho far has not ptcH GALL "e'''''
and there has been comparatively HttIS 80,
SPECULATION Speculative conditions based upon
actual operations and the extent 81 me 1uNa.Se
do not warrant o decline IN values. OF the WIZ
drawal of important market interests ahu ule
% brio Of values would not be weakened Ny az
Immediate advance At the same 'rle ceIta"
market interests want lower ,eVei FOR thei'
own individual profit, and no one shoaid VIII
or feel blue if these operators succeed III cai''
ing out their programme. The marie can ~ai
a further decline. and the su 'ceedns nu NOV
,,.flt l.r all i
la nix stat anpnt yesterday was bctteI man e.
pected according 10 bear traders. ard II none!
rates remain unchangei to-moiron p 'iCss ."a a.,
Ilace too much faith in a coniinuanc" OF 1he
i-overnent AT present. unless heavy QUIZ support
10 noticed and Stock Exchange sentiment SHOWS
more timdty on the pert or the bears than eX-
hibited al the close of the Week. II must not Dc
understood from the above remarks that reasoI-
pleved In this column. fo~ in company WIN -
the leading Observers n the street The Tribune
believes that this Is bun rear and tnat n"
combination Of speculative talent on the Stoch
Exchange can keep prices down for any length
Through gold was engaged FOR import las,
week the effect upon sentiment was not lmpor-
;ant-probably because the transactions were
made by banks in the ordinary course OF their
business. and not by regular exchange houses
And the fac, that these houses criticised the
oneratlons as premature and not legitimate hurt
the market situation. As matter OF fact none
II the favorable developments OF the week ex-
s~f
simple reason that prices We're without supPor.
and bear traders were engaged In reaping the
profits which for so many weeks before nad
passed them by. When stocks are unsupported
and traders are intent in hammering prices
throughout the room encouraging railroad earn
ings favorable bank clearinss. iarxe domestic
exports Improvement In genera! business-in-
Guiding marked gains in the iron and steel busl-
ness advances in railroad dividends ana many
other signs Of accommodating business prosperity
have little influence on prices FOR the moment.
ID ole bet
used effectively by bear traders in the week and
right money helped in their campaign against
values Money dearer. but the condition
OF the banks warranted 1t. There was no sus-
picion Of tight money. and every reason FOR
satisfaction over the advance IN rates. II Ia
poor situation that cannot stand higher money
marLe, than that recently prevailing. The
shifting OF loans incident to the advance In
money rates last week had a healthful effect
unon sneculation. The declines throughout the
week helped strengthen the speculative props.
and there should be no reason FOR gloom or de-
spair by careful holders OF securities II peo-
ple have speculated beyond the limit Warranted
~ their hank accounts they have themselves
10 blame for no matter how bright the pros-
pects OF higher prices, their enthusiasm should
not give way to making ventures wnlch they
cannot protect when a specuiatNe reactlon
makes its appearance. The fact that money IL
dearer naturally restricts heavy Dull specua-
ton and during the period or hlgher money
rates hear success in the market VIII not be IL
logical Gold imports will relieve the situation
OF any possibility OF strlngency, ana IN october
m. rs,ease by the Government OF large interest
Announcements will act an additional pre-
ventiye against any undue strain in the money
marriott Yesterdays bank statement showed a
Ice. In surpIus OF So S97, 615, which reduced the
reserve required against deposits to 20 per
cent. or % per cent above the legal require
ment In view OF all the very pright ieatures
IN ~ business situation. and Of the brilliant
prospects for the future, 1t Is far from logical 10
hsI,eve that the upward movement In securities
values has reached its limit
Tbs rnovaments OF the chief active stocks and
bonds In the week are given In the ioilo"Hs