New-York tribune., 1900-05-28
THE WEEK IN WALL STREET.

The movement of values in the current securt-
ties market reflects the operations of boardroom
traders Public operators are not in the market
and substantial speculative interests not
engaged in securities transactions. Stocks are
well held and there is no disposition the
part of investors TO sell. Commission house
traders who are still in the market operating
for turns buying on the declines and selling
on the rallies but as a rule commission houses
are doing little in speculation. Sharp declines
are not the rule, neither are advances, and even
the failure of a large commission house last
week did not cause a material change in values.
The market is without animation. In the alb
sence of active public buying traders of bearish
continent are working for lower prices, and the
fact that prices sag more often than they ad-
vance induces the belief in bear circles that
bear campaign may be successfully followed
throughout the summer. The bear element may
find that bull activity will not develop for some
time TO come but expectation of liquidation and
panic prices is not warranted by conditions in
the business. financial and stock market situa-
ton.
Stocks have lost many points in market value
IN the last six months. The reaction in business
and alleged political uncertainties have been re-
fected in market values for long time and
many good Judges believe that the loss in quota
tions in the last few months has more than offset
declined to a point where good securities offer
attractive investment opportunities. Moreover
the decline has weeded out weak accounts, and
small margin holdings longer factors in
the market. The strength Of technical condi-
lions was indicated by the comparative firmness
of the market in the face of a big Wall Street
failure and by the absence Of liquidation. and
the strength of the general situation was re-
fected by the absence Of commercial disaster,
which might have been expected sequel to
a failure of such magnitude. 1t may be said
that probably no failure Of equal magnitude has
ever brought SO little disturbance in it's wake
as has followed the suspension OF the big grain,
cotton and stock house on Thursday. This fac
tor ought to be carefully considered by the peo-
pie who believe that the situation is filed with
weakness. 1t may not foreshadow bull mar
ket, hut it does indicate stability in conditions
governing values and confidence in business
and financial circles.
The tendency of the stock market may not be
IN favor OF higher prices at the moment, but the
outlook for the bear element is not promising.
The market is waiting Trade conditions are
being adjusted to Quieter basis, Leading busi-
ness and market interests are not engaged in
heavy operations, and many of the leaders in
Wall Street and commercial fields taking
long vacations Railroad earnings continue
heavy. and money is in good supply Panic is
not an accompaniment Of healthful business re-
action. Politics have not yet frightened invest
ors, and there is no reason to believe that the
fear and uneasiness that features of the
campaign four years ago will be incidents Of the
political battle this year. Business is likely tC
he comparatively quiet this summer, and stocks
under the influence Of boardroom traders, may
not return profits TO margin traders with 'long'
accounts; but, barring some radical change ir
the general situation, the stock market is not
and a quiet market" is the forecast which care
ful observers make. Advances IN the current
market naturally being used by some own
ers to sell speculative holdings that show q
profit, but II may also be said that declines are
accompanied with buying by people who are
willing and able TO hold good securities for ar
indefinite period.
Money is growing easier the world over. Al
this centre rates practically made by the
borrower and in London and Paris lower dis
counts IN sight. In the week both the Banl
of England and the Bank OF France reduced
their official minimum rates of discount and the
reduction in Paris will doubtless result in check
ing gold exports from here that point. Sterling
exchange shows an easier tendency in New.
York and domestic exchange in this centre is II
favor Of heavy receipts Of currency from the in
terror The only active features in the stocl
market last week were the industrials and
few Of the more prominent railroad issues
Prices weak the greater part of the time
and closed at net losses in the majority OF issues
GOVERNMENT BONDS