New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-23
THE WEEK IN WALL STREET.

poor traders on the Stock Exchange mace no
rrogress in their campaign against values last
week. In fact they lost ground, despite 'he
fact that the leading bear IN the street Sent
ont a voluminous and pessimistc argument
AGAINST the contention OF the advocates "a
higher prices that business and techhlcdi lai
ket conditions warrant a higher level 1or secuii-
ties prices. In their efforts 10 lower 'a'ue'
..uo,.ss,ora, traders expected assistance from
gold exports but at the close OF the week 'te
s,.r,,nq market declined and other factors in
Tho situation were distinctly against an outward
movement Of the metal. OF course, If London
,v,sbes TO borrow In this market and Is Wiling
TO pay a good price for the privilege, gold snip
roen,s can be made irrespective Of exchange
Yates And II gold should be needed abroad the
limited States could spare the metal despite the
.a,,norarv scarcity of available lendable funds
at this centre.
Money rates promise TO rule firm here and
easier in Europe. Last weeks bank statement
was not especially encouraging, but its chiel
significance lay in the suggestion the hgures
contained that active bull speculation IN
stocks Is not desirable at the moment But II
presented no argument for lower prices Lower
prices In stocks can be brought ABOUT oy nqu'-
dalton. The market has already gone through d
period Of severe liquidation, and the course u
values last week indicated that professional OPP
orators for the short account were uhapie u
make any decided impression on values fTices
went up more easily than they went down. "'ui-
eating the presence of q big short interest and
scarcty Of stocks available for covering pui
noses When the market Is sold 10 s'anus'i"
n IA time to cease operations for the down sue
NJ snsculation II well protected holders shouiu
suddenly decide to sell there would De o's
ypnGn
decline but as we'll protected holders are men
NJ common sense they are not likely 10 get OUT %
stocks at time when conditions pro'''s0 ="
higher level ., ,o.
Ruv,ns Of good stocks. as Vanderbilt issues
>or instance, was a feature in last weeks mar
~. rh. bond market was more active, and
.,as yars better distributed. rejecting a
rood sneculative and Investment demand An
oct,ve bond market Otter precedes an acIi'e
s.ocl market The current bond market Is hiieu
with attractive issues, especially ainone INC
cbeaper class Of Issues selling under par Donu
houses report an excellent demand TOT the ilo' =
goea securities that sell under par put WHICH,
return from to 8 per cent on the investment
In the current market the new Cenrrai RACINE
az ner cent bonds yielding 412 per cent are III
active demand Baltimore ana ONO o12s anu 10
ore being heavily dealt in at advancing p'i0es.
..oA,sor ,ssues command a good market. and
g, louis Southwestern lists and Zds are leaI-
.o. az the industrial bonds DE BardeieDei
CnoI and Iron Is are the most prominent OM lhs
~ douht To- the fact that at ruling quotations
they return over j per cent to the puyel, anu ,r
, .ne. they are guaranteed, principal and IN
80, nv the Tennessee Coal and Iron com
,ereS'' There are good grounds for expecting
higher prices M the bond market ana d eI e
~, t6e hest prices of the year because OF
business conditions If they had there wOuid De
htu,e o,,rnert of some advocates or lower
.ridns ;s that prices are too high. and that th'
present level repre- imitation WIN the qA
Pao,tnn Of a few stocks the return on the IN
ceP.io" ., current prices does not bear out tl'
eser,ion that prices are too high ana IN tn'
case Of the industrial issues ,he o me vea
Eao 'a All that may be said against thSi,
Gdseoult.S Of this decline is shown in the 1oi
loving table