New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-26
BONDS.
- n.1.s oprRATIONs IN STOCKS.


NIL s.oct market was dull and Irregular WIN
oa,,o1 segetng tendency the chief feature oi
49, dov Wall Street theorists expect 10 sec
.oaa,t followed IN the current market t'e1
=. .bav believe that the level reacneo III 'a''
-raek,s sharp decline Will be touched asa'n "e
fora nrices move steadily toward h's"ei
7, has often happened that after severe ue1.''''
che market has enjoyed sharp raliy al" 'i'e'
gradually worked back to the low point 81 '''
decline Following last weeks break 'heIe was
: ,n.+an+ial recovery, which was succeeoe1 Uy
i.--ao,,,a-,t, on Saturday and a slowly dropping
market Yesterday so It may be seen that 50 I"i
che theory has been carried out IN the movement
~ values According TO the expert tneorisls' ,i.e
segqinQ motion will run on until ABOUT 'he i'iu-
Ale ~ October. after which there VIII De 1"o
reuaI dulness and irregularity incident 10 '"e
election period, while soon after the eiecOo"
values will begin TO advance ana culIhliA'e ~ "
big bull wave in January
rrhis theory has many believers. and FOR many
~eoso,s # appeals 10 the conservative mind An
active bull market under present money nlalAe'
conditions does not appear probable. and irregu-
laritv and lower prices near the autumn elec.
+,ons are more than likely. In the mean While II
conditions governing the actual worth OF securl-
ties continue as favorable as they are at pres
+
and readjustment Of holdings that Will result IN
nlecing the market in admirable position for an
,,ru,ar5 movement after the elimination or
,oorav market and election uncertainties. Opin-
.on &c divided as TO the possible effect upon the
local money and stock markets Of war IN the
,rrarsvaal hut in view Of the strength OF condi-
,,ons here II would seem that the shock Of a for
Aien war ought not long TO be felt at this centre
war certainly will increase this countrys ex-
norris. and England will not be able to draw
gold from here at WILL because its holdings or
American securities available for sale are not
large while the trade balance is In favor or the
United States But it IS not likely that England
will need 10 look 10 the outside for financial help
in case Of war with the Boer Republic. The
Rank Of England has strengthened It's resources
for an emergency, and II is not likely that war
would last long enough 10 cut off for any length
of time the flow Of gold from the South African
mines.
Current market uncertainties are not reducing
the real worth OF securities. Knowing this. there
IS no disposition among public holders TO part
with we'll protected stocks. while on all declines
there is good buying by the richer public oper-
ators. who reasonably believe that American Sc
curiues are valuable possessions, especially in
times Of such record breaking business growth.
It is a noteworthy fact that while certain leading
speculative interests are fighting for the control
OF prices. each interest has in View the same
end namely, higher range Of values before
current prosperity runs its course. People who
have millions in the market, and they are
all working for the best position in order 10
make more millions. The bear element was ag-
gressve yesterday. and succeeded in depressing
TO a considerable extent the market prices for
the more active speculative issues An advance
IN call money In the afternoon TO u and 10 per
cent caused some selling. but the total days
transactions were small