New-York tribune., 1900-07-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Wall Street sentiment follows Stock Exchange
prices. and the rally in stocks is creating bull
enthusiasm. So far, however. the public has
not been intoxicated by traders excitement. but
It is possible that a continuance Of the current
advancing tendency in stocks will attract out
side buying. IN yesterdays market commits
sion houses reported a better business. while
substantial interests showed a disposition 10
support values The "big men" hold stocks that
were purchased above the ruling level. They
also hold stocks that were bought at cheaper
prices. and ii is not likely that they will dis
pose Of their possessions except at handsome
profits. A more optimistic view of the political
situation has developed, but there are not
few people who believe that this Improvement
in spirits will change into acute pessismism be-
fore the summer is over The possibility Of
Wall Street political scare later on in the sea-
son should encourage caution in stock market
undertakings, especially among people whose
financial backing is limited TO small margins.
Further buying of Jersey Central and Reading
was noted in yesterdays market. but before the
close profit taking sales were heavy. In fact,
throughout the list early advances were taken
advantage Of to sell stocks bought at cheaper
irices and as consequence prices became ir-
regular. with reactions in many issues. At the
close the greater number Of active shares were
below Thursdays final level Foreign houses
again sold stocks in this market.
The European markets are more upset over
the Chinese situation than are our own, and
IN the event Of continued serious trouble in
the Eastern situation the money markets Of
Europe may show considerable disorder. But
there should be particular trouble here as
IL is not likely that the United States will be
called upon to throw a great army into the
Chinese Empire If Europe is compelled to
employ big armies in China, European gov
Ind q
enormous amount of money and as conse-
quence money will not only command a higher
price, but foreign securities markets will suf-
fer heavy liquidation The influence OF the
foreign money markets upon the markets or
this country is not powerful enough TO cause
Il local panic in case of panic abroad, because
the United States is now one OF the greatest
creditor nations in the world, but the foreign
Powers may find il convenient to borrow
money in the United States and TO sell their
American held securities to help them out of
monetary difficulties.
Wall Street at the moment takes the view
that a continuance of the trouble in China will
be of direct benefit TO this country. 1t be
lieves that the United States will be the great
base Of supplies for the carrying on of a big
war, and il holds the opinion that the march
of the Powers into China will open up the
channels Of trade in that country more quickly
than would be possible under the continuance
of recent pacific trade conditions IN the East.
The United States VIII naturally benefit by i'm
proved commercial facilities in China. 1t should
be borne in mind, however, that trade VIII not
flourish in China as long the country is
Under arms, and that while a settlement of the
Chinese question by war viii eventually give
a great impetus to Pacific commerce the
Immediate prospect does not extend the prom
iSe of immediate benefits Wall Street, how
ever enjoys the discounting process, and the
Chinese situation certainly supplies a great
opportunity for speculative imagination and
speculative probabilities. Wall Street traders
are at present bullish over the Chinese situa-
tion, but their sentiment is susceptible OF
change, and they may turn bearish next week.
The reaction in prices yesterday afternoon
carried quotations for the more active issues
well under Thursdays closing. but the mar
ket as a whole showed about many net
gains losses Chicago sold the steel stocks.
Louisville and Nashville weak selling
from quarters said TO be well informed regard
ing the next dividend and the grangers de-
Cllned on an advance in wheat.