New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-24
: 11,rn Low oct % oct. 1ol Ch'gs Sales.
WEEKS OPERATIONS IN WALL STREET

Tho slightest suspicion that the basis Oh
,o,,as Is threatened or the least evidence tha'
.u,pre DEVELOPMENTS may involve the security
~ the existing monetary standard. fr'gh'ens
conita, No well-informed business man can
,ake an encouraging view Of the future II he
soes tho possibility Of renewed silver agitation
IN Congress or increased votes for the auNo
Gates of the Is TO l issue AND IL is espe'i"''
difficult for the business man TO look WIN ooiH
,ooa,c1. unon the chance OF the success OF
,h,, issue at a time when all the industrial con-
d;,iors necessary TO rcviving prosperity are SO
brilliant II would. indeed, he serious shoch
IN husiress II confidence were again dlsturpeu
IN, the election Of q Congress pledged 10 over
throw the existing standard of values. wall
street and capital are too sensitive and nervous
to discuss the outlook with any degree OF COM
nosure It is the same old fear and uneasiness
that Frustrated Wall Street business III 1851
tho same intense anxiety that was felt in the
campalgn Of two years ago Whatever the rest
Of the country may think about the dangers in
volved in Democratic success this fall there Is
m doubt at al about the position of wall
s.root sentiment And Wall Street sentiment
&c q fair barometer Of the condition of the busi-
ness mind in general.
1t is unnecessary to seek further for the cause
If security market idleness Wall street remem-
bers INST effects of unsound money agitation
upon the country's business The financial
mind is accustomed TO weigh the happenings or
the past and speculate upon the possibilities
OF the future. ii is a student or cause ana eI-
feet. and firm believer In the necessity TOT
thinking Of the morrow. Even in period
when conditions underlying the fabric or values
indicate industrial expansion fT q long Time
70 come possible developments OF an adverse
nature are carefully considered and soon
ns the first cloud is dscovered-perhaps very
dim cloud in the far-away future-arrange-
ments TO meet the effect OF that cloud When IL
fully develops are taken. Calm Judgment re-
gardjng present clouds and shadows helps one
10 believe that they will pass away without a
storm but until this becomes fact. until the
election again establishes the prepOnderance
Of good Judgment over bad. lively and conf
dent movement OF money into securities can
hardly be expected. There are however. not
a few optmists in Wall Street who believe that
market activity will be resumed before Novem-
Der =. their conviction being based upon the
theory that capital will be convinced before
that date that the majority OF the American
people will vote for sound money Congress
men,
Purely mechanical market conditions created
a better tone in stock values last week. Little
if any. genuine investment buying took place
transactions representing the operations Of
small professional element. but the failure OF the
advocates OF lower prices to induce good selling
was an encouraging feature. The public was
disposed wait Investors. while unwilling TO
place new orders for securities. were not suff1-
GENTLY disturbed to unload their holdings, and
substantial spectators. while not DESTROYS Of in
creasing their lines. were not anxious to sell
when all factors save politics were so reassur-
ing Although conditions in the foreign mar
kets were far from satisfactory. and European
sales of American securities the local Ex-
change heavy Wall Street was not upset or
panicky. The strength Of this country's finan-
ca relations with Europe and the indepen-
dence OF our markets in relation to foreign com
plications have been 40 fully established that
monetary or political upheavals abroad can be
observed without alarm. But local considera-
tons involving the stability Of the standard OF
values cannot be passed over without uneas-
ness. otherwise magnificent railroad earnings,
record breaking wheat exports and increased
bank clearings would receive proper response
in the securities markets. OF the individual
stock movements in the week little need be said.
Sugar and Tobacco again mOnopolize attention
in the industrial list. their course, however. hav-
ing little significance a reflection OF the gen
eral trend OF values or sentiment In the rail-
road list Manhattan received some speculative
attention, owing to renewed reports that the
company was about 70 make its long-expected
change in motive power. The Granger shares
held firm on covering by the shorts. induced, no
doubt by the advance in the price OF wheat and
the heavy buying OF grain for export Atchison
preferred sold higher on buying inspired by the
control secured by the company Of a road giving
the AtchisOn system an entry at San Francisco.
Elsewhere there were no important features in
the market.
THE MONETARY SITUATION