New-York tribune., 1900-10-29
High. Low, oot-27 Oct, 20 ch'gss.l Sales.
THE WEEK IN WALL STREET.


Growing confidence in the defeat Of Populism
and Bryanism at the November election was re-
hected in the course Of stock market trading
last week An advance in values, started by
the professional element, attracted good class
Of public buying, which on several days of the
week reached a total Of transactions OF above
100000 shares. The character Of trading was
excellent. Buyers not weak speculative
operators whose margins cannot stand a two
three point decline. OF course, there was
buying for small spectators, but the greater
part Of the weeks business for the
count OF interests who are fully able to protect
their lines and who are in the market for the
profits Of the future rather than for the gains
OF an ante-election bull rise. Heavy realizing
sales were made in the week. but the buying
good the selling. especially in the
shares OF recognized merit. Bull pools are at
work In the market If the support derived
from their operations should be withdrawn the
bear element would doubtless be able to turn
the market in its favor for time but unless
the substantial holders Of stocks sell important
declines are not considered probable.
A moderate setback IN values would carry few
regrets among the interests who have the most
at stake in current speculation. Big spectators
do not care TO encourage a runaway bull mar
ket. The money market is not yet in condition
10 support enormous speculation in stocks
while the chances that il will not reach that
position until later on in the year Conservative
spectators working for higher prices on
quiet lines They believe that higher prices are
warranted by actual conditions but they do not
believe that the market should be forced. The
reelection OF President Mckinley will doubtless
be followed by a rise in values in the course Of
which heavy profit taking will likely occur and
in consequence, a considerable reaction may
take place in prices before q sustained bull
movement develops. The situation is promising
but il is filed with ifs" that will bear careful
watching AT the moment there is great
technical weakness on the bull side Of specu-
lation' for the simple reason that stocks have
not been absorbed BY people who deal on shoe
string" margins. 1t is therefore unreasonable to
expect a crash in values 1t is a good time to be
provided with liberal margins. 1t is a good time
for hopefulness. It is good time 10 be long of
the cheap stocks Of great intrinsic merit
Speculative Wall Street worked diligently for
reaction last week, but results were far from
satisfactory. Recessons brought in new buyers
and higher prices did not attract sales by sub
stantial holders. Wall Street has evidently under
estimated the financial character Of the greater
number Of owners of stocks. Realizing sales so
Tar have reflected the operations Of spectators
VINO make quick turns in the market Declines
brought about by such sales increase the chances
Of further strength by improving the markets
technical position. II hardly seems reasona BILE
10 expect that strong financial interests who
have been carrying stocks for many months will
sell the first advance if conditions suggest
that the public appetite for speculation can be
excited at still higher prices later on in the
season.
Assuming that Bryan will be defeated, there is
no factor in the situation that should frighten
investors. And there many factors that
should naturally encourage confidence in the
value Of securities and confidence in the belief
that as measured by existing and prospective
conditions the greater number Of stocks are SELL
ing in the market under their actual value
Looking to the near future the effect of Repub-
lican victory must be followed by Improvement
in the country's industries. Growing industries
mean growing value for investments and sooner
or later this expansion in actual worth must he
followed by expansion in market quotations
Trade reports from all over the country give
many reasons for encouragement Railroad
earnings continue heavy. especially in the South
and Southwest. Conditions IN the iron and steel
trade are improving, and the companies are
making money despite the. so-caIed let up in
trade activity The railroads are so well con-
WINGED that the big steel concerns are enjoying
big profits that they naturally believe that steel
rails under $26 will still return handsome gains
70 the steel companies. The iron and steel trade
does not as a rule issue statements of earnings.
but inside information encourages the belief
that the business is on sound and substantial
basis. The companies that are paying conserva-
tive dividends will not be forced TO reduce their
payments this year. The settlement Of the coal
strike is important factor in the industrial
situation Indeed, all factors appear to be
working in favor of further industrial activity
in the country at large. The local money mar
ket is not oversupplied with funds but it has
enough money for all legitimate reouiren1ents
and later on il will have enough money TO
finance big speculation in stocks. The actual
position Of the banks is sound, and even better
than reflected by Saturdays statement of aver
ages. Cold is on It's way New York from
all over the world, and by the middle of Novem-
Der local holdings should. be largely added to by
a heavy return movement from the interior