New-York tribune., 1899-09-25
BONDS
Hisb. Low Seq p >,p, ie Gigs sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
The stock market suffered sharp decline
early in the week and enjoyed a marked ad-
vance at the close. Liquidation incident to the
calling Of loans and aggressive bear pressure
were responsible for the early week setback
I'm values while rapid covering by the shorts
and the strength OF technical conditions, as iAe
result Of the passing Of stocks from weak 70
strong hands accounted for the end OF the week
recovery. Weakly margined holders were forced
out Of stocks and their place was taken by
people who buy outright Bargain prices We're
made last Monday advantage Of which was
taken by the intelligent men with money who
hought stocks on the confident belief that prices
will sell materially higher before an extended
nerjod Of decline sets in The covering move
ment in the last part ~ the voek doubtless
eliminated a large short interest. and the mar
ket NAV now wait for some new influence be-
fore making pronounced progress in either d.
rection In the current week business Will he
restricted by the holiday at the end of the
week but unless the money market or the
Transvaal situation develops an alarming phase
there will not he much chance for an active
selling movement
Stock Exchange traders have recovered from
their fright over the monetary situation, I'M
rortant speculators who worked energeucaHy
to bring about last weeks decline have mace
their profits and are again operating on 'he
long side. pools and banking syndicates hold
more stock than ever before. the public is not a
large holder and the investor has adden ma
teriallv TO his possessions. The techhl'A poi
tion of the market could hardly be better. An"
ss far as conditions governing the actual "oiIh
80 securities are concerned. the most ardent
sort Of crank property could no' nope lor
= ho,,or sitnation. As IN money there need he
no fear Of actual trouble There has oeeh TO
,rouhle so far. save among the foolish specu-
lators who carried more s'~cks than they co'i'
handle and from now on the market pr"mls- $
- r,le easier under the influence of gradual
,,,o-oaea fl, reserves l. has been denied I'm cor
tain circles i'm Wall street that gold vii come
.,3e ,,.a,. This fan in any amount. The fact that
areaeer,ants Of the precious metal already ar
ranged for are called special transactions does
MT irnnlv that these engagements are not 'hr
beginning Of a big fall movement of inc "''''I
his way. Special transactions so called hS"'''
as the beginning Of the gold export movement
last June. which amounted to he''f ''a'
Recause rates at this minute do not look iI"''-
~ tor gold imports II should not be assumed
that the sterling market viii not rea'h d 'r'''
at which imports may be made az " pi'"''
Tho tendency of the foreign eXchanse mar
ra, ,s toward E. lower level. and IN the "p'n'o"
- ,be hest inforn>d bankers gold imports J"
ooreiderable volume will take place 'hiS IAN
As long as international exchange op'i"
ran he conducted without the necessity W an
actual transfer Of gold. imports are un'N'S' i
but The market is rapidly Approaching p''''
ot which decline IN rates VIII make al d. .'U"'
..,o,.or,en+ NJ the metal advantageous 70 local
Of
,,a+ heinp exhausted a movement OF eoid l''-
,a,.. ond this is what IS going 10 take place
,tjs fall unless all signs fail, or the Irans'aaI
si,,,o+ior should develop into war. Without sola
tr,rorts however. there would be no money pane
o -rha market will be materially helped 10y
.a,..o,oo IN the shape Of gold from Europe
49,. ,.,.bort II there is enough money for al
- ,ooitiroa-e reauirements or the S'udN'H'
I, now looks as II the money ma IN.l 80 ,'t.
tion had ceased to be bear la't'i il" ','' 49,
market LiQuilauOn oI SpeDu.l@tt-' -, -,
,-sad bv money market conditions mas pee"
o,orn,oue the effect Of when mas Uee" "oIi
6cial both 10 the stock market anu N'7 i''''''
market ..1,s continues stocks
49,. o~s ceiling well under par are being an
sorhed by an excellent cas- 81 p "I' ,,',.ir,.
cause "'V - dav Railroad earnings are
eatirg neU records every week lfaIi' i'-
reints are heavy on the small roa's ~ r'l as
ON The big roads. ana dlNldehu
among the cheap stocks are sIoW,ns .,,,r.d .tr
r.. roai frade stocks promise to ne f"at"icS'
m -, a. tho etocks.of the Southwestern roads,
SO SO aso aus oxicsn To roads and Of the better cas Of
Industrial properties In the qnF faE To9 or ,no praat gH
Slue % .ta5 mo hear side Market values must
sole SHTo '1 in response 10 actual values and actual
,n',oe ave improving Temporary setback KS
IN market values only add force 10 me cond,-
,"o,'e making for higher prices. Speculation IS
e'O'' ~. 1u,o1, ~ run intO huoyant booming bul
rin, nv i''t - nresent but according 10 the best
r'erilot Judges who base their opinions upon
o I'IoI ,o1t conditions rather than passing in
aanas The current period of business pros
oritv Wiu not end without witnessing an active
n1,a1cing market Big fluctuations are likely
ana big margins should acc'rohE' '' p"