New-York tribune., 1900-10-08
High. Low. Oct. 8. lsept. 20 ch'gesI Sales
THE WEEK IN WALL STREET.


Increased dealings accompanied by advanc-
ing values marked the course Of securities trad
sng in the greater part of the week. Reactions
ct the close represented profit taking ana re-
newed bear pressure Wall Street sentiment
was cheerful owing to the rosy views OF Re-
rubIican politicians regarding President McKin-
iey's chances for reelection, and also 70 the
failure OF the money market 20 make material
advance The strike situation had little effect
upon values Money market conditions are
being carefully watched by bankers, but so far
signs Of trouble have not developed. In the race
of a weaker monetary position abroad sterling
exchange has declined at this centre to within
q small fraction Of the gold importing point,
and 1t is thought In some quarters that gold
VIII be engaged for import this week The
Bank of England lost over 100000 gold last
week and its proportion Of reserve 70 Liability
was materially reduced In view OF the TACT
that the German market is not IN q strong con-
dition. while London is rapidly losing funds to
the interior and the Continent, large gold ship
rnents to this country seem out Of the question.
THE peculiar point in the situation at the mo-
1nent is the comparatively low discount rates
IN London. That the Bank Of England will
make a sharp advance in its minimum discount
rate in the event Of American demand for
gold cannot be doubted
An actual necessity for gold imports from
London has not yet developed but Saturdays
bank statement indicated that this market might
need some assistance. Money continues to go
to the interior. Treasury receipts at this centre
are larger than Disbursements and the banks
no longer hold large reserves above legal re-
ouirements. Last year a demorahzed stock
market was caused by acute stringency In
money but the general situation was not af-
fected by stock and money panics Money now
going out of the banks to the West and South
is not lost Money is not being boarded but 1t
Is being used for the legitimate requirements OF
trade Investors have nothing to fear from
high money rates at this time. and spectators
who have ample means and who trade within
their means should not sell their stocks at g.
loss because of passing fluctuations In the money
market Money will not be dirt" cheap In the
rest of the year. Indeed, much higher rates
may be recorded. but advancing quotations VIII
not foreshadow financial depression. The stock
market is in good condition TO stand a pinoh IN
money, and it is in good condition to bear any
shock that may develop. Stocks selling un-
der their actual value. while the market Is not
overloaded with weak accounts.
The advance last week doubtless attracted
considerable outside buying, but the greater
part of the business represented professional
transactions Uncertainties in the political.
money and labor situations have not disap-
peared despite the better demand for stocks.
are more confident in the outcome Of the election
than they were a month ago, and in consequence
more willing to risk their money on their oon-
v4ctions. But the general character Of trading
does not indicate sustained bull movement.
Room traders have not been slow to use favor
able reports from Republican political managers
for speculative purposes on the bull side OF
stocks, while they have shown absolute indif-
ference TO the Democratic claims which. accord
ind ha
tion of Mr.. Bryan by 326 electoral votes. Per
haps the absurdity of this estimate has led the
Street 10 believe that the Popocrats already ad-
NIT defeat The election will be held four weeks
from Tomorrow and in that time 1t is possible
for Bryan scare to develop the Stock Ex-
change. Current indications, however, DO not
encourage this idea The bull element Is not yet
convinced that a genuine bull speculation can be
carried on at the present, but it has fear that
the market will go TO pieces. Bear traders ap-
pear uncertain over the future OF values, and
they show no disposition TO keep their contracts
uncovered for any length OF time The bears
are counting on assistance from Mr.. Bryan'e
forthcoming invasion" Of the East
Railroad earnings for the last week in Sep
tenber show a falling off from the same week
e year ago. and bank clearings well under
last years heavy totals. The actual volume OF
business is large for Presidential year, and in
view OF labor troubles and election uncertainties
the progress OF industrial activity is most en-
couraging. Comparisons are made with time
a year ago when trade was heavy, and the re-
duction in earnings and clearings is therefore
not significant Of any radical change in the
situation. Business is quiet but It is healthful
Manufacturers delaying active production
until after the election. Some large contracts
are being made. subject however, to cancella-
ton in the event Of Bryans election. The fallacy
Of the plea that Popocratc success Will not af.
feet business prosperity is shown by the present
attitude of the business world regarding the
making Of contracts.
GOVERNMENT BONDS