The times., 1899-07-24
STOCK MARKET GOSSIP.
Confidence in Wall Street Despite
the EuIlness

| New York, July est is becoming mere
and more the opinion Of Wall Street mer
that the stock market is a very strong one
and that little recession from the present
| level of prices need be feared Stocks are
held by two classes of people almost Who'll
ly, investors of Importance, who have beer
buying on all recessions in the belief that
| the level OF prices will be much higher
owing to the great prosperity of the coun-
| try, and insiders who have not yet hoated
the securities of the recenlly formed In
dustrial corporations. The smaller fry OF
| the public has little stock. Such being
! the case, with the entire force of the large
moneyed interests behind the market, it is
| argued that the next important movement
| in prices must be upward. For the present
| these large Interests are not making any
visible move in the market. They are not
supporting prices to any extent, and they
are not inau6ul ating bull campaigns. As
matter of TACT many of them are out OF
the city. The result is the usual mid
summer dullness.
The possibilities of the money situation
are the only reputable bear arguments
against the market. The view that money
market conditions are bad and going to
be worse is not the one taken by bankers
of importance, but it is none the less a
view industriously put forward. In some
quarters there have been developments
which to some extent could be construed
| into suggestions that apprehension might
be warranted as to money market pros
poets, and such bear helps have been
eagerly proclaimed by a group of traders
who are already heavily short of most of
the conspicuous stocks on the list. Early
in the week they made sure of gold ex-
ports and did not hesitate to quote the
names of bankers who they insisted were
to make large shipments, but the week
passed without the loss of any gold what
ever Even had gold been taken for ex-
port, and taken largely, the incident
could have had no i'll significance as to
the situation here, for we have gold in VOL
ume beyond all past precedent AS for be-
ing stock-market factor gold export
predictions are inconsequential; and
even the actual fulfillment of all predic-
tions cannot cut much more effective fig
ure.
ed worrier over gold export possibilities
that money market apprehensions ema-
nate. Among those who have been and
continue fearful OF the tightening OF in
terest rates to point where business. and
especially Wall Street business, may be
restricted, are some cool-headed calcula-
tors whose judgments are not warped By
pear speculative commitments. Their view
is that commercial and industrial activ-
lty have so much increased that the coun-
try will require all available funds in the
handling of Legitimate" transactions, ana
perhaps on such accounts make demands
even beyond what banking facilities may
readily provide-leaving Wall Street to bid
at advancing figures for whatever capital
it may seek However, this position is
not new; they who most are identified with
the argument of it have been similarly
disposed for months past.
Industrially and commercially the Ameri-
can record loses no fraction of its cheer
, fulness. The only changes are gains. Com
modify exports increase, current wheat
shipments reaching record breaking ng-
ures, and prices for agricultural products
being beyond the profitable prices OF q
year ago. Western farm prosperity is thus
growing instead of decreasing recent SEN
sational crop damage scares having been
unwarranted. The West has become a hold
er of surplus funds in large volume-the
extraordinary spectacle being presented OF
loans made not only in New York, but in
Europe for the account of banks repre-
senting interests beyond Chicago
Iron trade activity is maintained prices
staying at top notch, with even further
tendency toward advance. there being alb
solute revolution not only in iron but in
most other metal and mineral trade con-
ditions.
If railway earnings be taken for cri-
terion-and none could be better-there is
no excuse for pessimism in the business
situation. With practical uniformity in
creases are recorded. This is not at all
according to what Wall Street profession
al prophets have all the. year been fore
casting. But it is the sort of a record that
tells with thinking men.