New-York tribune., 1900-05-07
THE WEEK IN WALL STREET.

The last week in Wall Street was one of the
dullest six day business periods ever recorded
in the financial markets All markets were
Mfeless Money. stocks sterling exchange. cot
ton and wheat were inactive, despite the fact
that conditions governing these markets We're
strong and encouraging Wall Street operators
in stocks were heavy hearted. Tha whole Wall
Street atmosphere was charged with gloom, and
doleful predictions of disaster were heard more
often than intelligent discussions of the
situation. The Street has its of blues. like
individuals but perhaps its suffering is more
acute. And yet Wall Street can offer no plausi-
bIe excuse for its present doldrumish condition.
The great uncertainties of the future worry
ing the speculative mind while the memory Of
the Steel-Wire scandal is holding the public out
of the securities markets. but neither of the
factors named is of sufficient Importance to
warrant current pessinlism. Many small hold
ers OF stocks have been frightened into selling
by the bear element. which has encouraged de-
preston OF spirits and made dire estimates Of
the force Of the alleged coming trouble in bust
ness affairs: but II is a noteworthy fact that
investors and large spectators have not only not
sold. but have added considerably to their
curity possessions The last named factor IS
the bright feature OF the Wall Street stock
market situation.
Wall Street is so dark that light cannot be
far distant. The present condition Of senti-
nent and prices in Wall Street is unnatural and
IL will be succeeded by a radical change, unless
the business and financial situation should sud
denly turn in favor of poverty and bankruptcy.
There is big short interest in the present
stock market. based on theories than
facts. Traders selling short because OF
gold exports and the coming political campaign,
but their sales have not been accompanied by
important liquidation any evidence that sub
stantial interests are parties TO the movement.
1t seems If the short interest current
would prove the basis of a sharp upward move
IN values. The floating supply of stocks is
small, weak holdings have been forced out, and
stocks are in the hands Of people who not
selling notwithstanding the gloom in COM
mission house circles and the predictions OF
trouble that come from bear sources. Short
sighted traders believe that the closing OF GER
tain steel mills indicates coming depression in
business and in consequence they
thusiastic shorts" Their ideas may undergo a
rapid change when they attempt to cover their
contracts.
Putting aside the real evidence Of trade con-
ditions many Wall Street traders accepting
the opinion Of manipulators and bear organs as
a faithful reflection Of the existing state of the
country's industrial activities Enormous rail-
road earnings do not appeal the narrow
minded element in speculation. Sooner or later
however. this element will be forced TO realize
that market cannot be kept permanently de-
pressed when actual values increasing At
the moment the short side of speculation looks
dangerous. 1t has substantial foundation
and its own weight is likely soon to demolish H.
Trade reports prove that business is thinking
more OF money than of politics this year Busi-
ness men and laboring men making money
and they wish to continue enjoy the blessings
of prosperity. Current strikes are nothing more
than evidence OF prosperity. Labor wants more
money, and IL is straining every sue
ceed. Laboring men realize the prosperous con-
dition Of the country and. while they may strike
for better pay, they not likely to vote for a
change in the conditions that have brought so
much prosperity 10 the land. The business in
OF the country will not remain idle in this
Presidential campaign. Europe will not take
fright at the Bryan platform and call home it's
invested capital as II did four years ago. Rail
road earnings will not show deficits. and people
i general will not convert their possessions into
cash and take their money from the banks to
leave II IN idleness in their stockings.
There was little commission house business
in the stock market last week, save for the ac-
count OF investors and far seeing bull specu-
lators Price changes We're not important. and
many careful buyers endeavored to accumulate
stock without affecting quotations Exports Of
gold did not alarm intelligent men. Money
ket conditions were favorable TO activity IN
stocks and il was believed that the money mar
ket would remain in this position for a long time
10 come Gold shipments offset in part
by increased receipts of money from the in
terror. Holders of stocks who alarmed over
what bear traders assert is a recession in pros
perity should bear in mind that the readjust-
ment OF prices in iron and steel and other
kets. and the calmer progress of business in
general. are necessary to continued prosperity.