New-York tribune., 1900-07-30
High Low July 2siJuly 21l lCh'gesl Sales
THE WEEK IN WALL STREET.

A condition Of practical stagnation prevails IN
the Wall Street markets. The stock market, the
bond market and the money market are with
out animation. and indications not at all
promising for any decided change for several
weeks to come. On the Stock Exchange the
bear element believes that dulness will end in
liquidation and lower prices. So far. however.
prices have ruled remarkably strong, while hold
ers have shown no disposition to part with their
possessions. Investors apparently do not believe
that II will pay TO convert securities into money,
and the banking community in general is conf
dent that the uncertainties in the situation do
not warrant pessimistic view OF the future.
Bear traders and bear organs have been talking
cheaper prices for the last four weeks but
about every stock on the list IS several points
higher to-day than the ruling level Of q month
ago Even the characteristic fuminations of
James R. Keene have not shaken the fabric Of
values or convinced security owners that the
country is on the last lap Of prosperity.
Stock market values are strong because the
market is not overbought or loaded with weak
speculative accounts and because the greater
part OF the floating supply OF stocks is held by
strong interests and because investors are not
selling. The stock market had a big decline
early in the season and securities passed into
strong hands. OF course If developments of
particularly adverse nature arise and powerful
interests refuse 70 support the market, prices
viii weaken But good margins ought to carry
eny good stock over any decline that may take
place this summer. The bear element hopes to
shake confidence. and with the assistance of
political managers It may be able 10 develop g.
politkSsl fright before the campaign is over.
Lower prices, however, will not be permanent
features OF the market, current underlying
conditions possess elements OF stability that are
MT crumblng, despite trade reaction and the
y
poets are improving every day, and, for corn,
il may be safely said that the rains Of the last
week have practically insured a bountiful har-
vest throughout the States In which corn is the
staple product. Bear factors are losing their
strength The Chinese situation is thought to be
more promising, the money situation is sound
and general trade IS making progress safe
basis.
The course Of business affairs throughout the
country as measured by railway earnings and
bank clearings is extremely sound, while the
actual volume Of business is unusually heavy for
a Presidential year. It yet remains to be seen
whether or not current optimistic sentiment will
be changed By developments in home and foreign
politics to an extent that viii involve nquida-
ton OF investments and acute contraction in
trade. Sentiment is buoyed by the confident
expectation that politics will not upset the hnan-
cial and Industrial prosperity of the country.
AS stock market arguments for lower prices So
called uncertainties may appeal to many people,
but the fact remains that prices refuse to go
down and holders refuse to sell. New buyers it
IS true. refuse to come into the market, and as a
consequence Wall Street enjoys a period Of
record breaking inactivity.
The outlook for money Is encouraging.
Higher rates will naturally prevail when the
crop movement demand begins and In case Of
the refusal OF the Chinese to come to their
senses before the allied troops reach Picking the
money markets Of the world will OF course be
affected Local stringency does not appear
probable, even with gold exports and an active
demand from the interior. A per cent money
market may be looked for by September at this
centre, and possibly higher rates before Novem-
ber. The city banks are adding to their re-
sources IN expectation Of an active demand later
IN the season. and also IN order to be prepared
for possible emergencies arising from the Chi
nese situation. Bankers the world over are TAX
ing IN sail, so 10 be in readiness for storm
Money on call representing bankers balances
averages IA per cent at the Stock Exchange
but trust companies and banks quote IL Der
cent the minimum. There is a fair demand for
long time contracts but most commission
houses are well supplied with funds secured two
months or more ago. Time money rates are !
per cent for sixty days, 31k per cent for ninety
NosS ! Pe4 CENT AOI AOuT Hlontns ana 4u41a pei
cent for longer periods The commercial paper
market Is inactive. There is a liberal supply
OF paper the market, but few Of the banks
are buying. The foreign exchange market is
firm and moderately active. The supply of
commercial bills IS not large, and all offerings
quickly absorbed Bankers bills are in
good demand for remittance. London's selling
Of stocks IN the local market in the last week
has been factor in exchange quotations.