New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-31
1,ShI Low. oct % Oct 22lCh'gs Sales.
THE WEEKS BUSINESS IN STOCKS.

The, movement Of stock values last week was
excen.ionallv encouraging TO the advocates Of
higher prices and to the holders Of American in
yestrnent shares in general Wall Street re-
Elected conditions that should be gratifying to
every business man in the country. The
strenC1n1 OF this Nations financial situation
often within the last year has been indicated
by the course Of Wall Street markets, but at
no time-11as that strength been demonstrated so
clearly as in the week just closed. The week
was flied with unfavoraole news. Foreign
financial and political conditions were almost
nsnickv Selling OF American held stocks for
European account heavy. The local po-
1ittcal situation contained elements Of un-
certainty that were not particularly encourag-
ing TO the cause Of sound money, and the Su-
IIreme Court handed down a sweeping decision
adverse 10 railway traffic associations. few
years ago these factors would have caused de-
moraltzation in the security market. A year
and half ago a Supreme Court decision IN
the Trans Missouri case similar to the decision
rendered last week followed by violent de-
clines in stocks and in bonds. And in the
,nerioA covered by the business depression which
began in 1893 foreign selling Of American Sc
curities was accompanied by heavy gold exports
snd great uneasiness in financial circles.
The. developments Of the last week had no
3rnpOr1ant effect upon the Wall Street markets
because Of the strength Of financial conditions
ruling in this country. The American markets
proved their independence of foreign monetary
and p6nical disturbances. rejecting the mo-
rnentous.chanGe in the American position toward
the OUTSIDE world An abundant supply OF
money gn, enormous credit balance abroad that
IS constantly increasing. plentiful crops and an
urgent foreign demand for breadstufs growing
railroad earnings and expanding bank clear
ines tell the story Of this countrys financial
strength. All of these factors did not. however
induce. a heavy public demand for securities or
excite an active speculation, but they accom-
rlished NOR. important results In establishing
The fact that our financial interests are olsen
tangled from those Of Europe and we'll able to
maintain a firm front in the face Of factors OF
a most disturbing character.
The possibility Of the silver men gaining in
creased power at the coming elections doubtless
continues the restraining factor n STOCK specu-
lation as far as public traders are concerned
but il issnoteworthy that the purely professional
element began In the week 10 take a more OPP
Timistic view OF the outlook, and, as conse-
nuence the market presented the appearance
os disooun1ing a sound money victory. In the
a,,nd market evidence OF good investment buy
sne WAS furnished The market may have en-
1oyed only temporary speculative rise ou' II
certainly proved itself impervous TO develop
,nents that ordinarily might be expected TO pro
,duce profound depression The best answer
that can he given for the markets failure to
collapse on the Joint Traffic Association de-
Lcision is found in the actual position Of stocks
stocks have great actual worth. their value de
.pendin, on the factors enumerated elsewhere IN
ahis column. and then the decision comes at
a time when speculative holdings are in strong
hands. and the decision loses much OF IT'S sig
11ifcance on account OF the absolute failure OF
srafic associations to maintain rates