The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-18

NEW YORK, June 17.-Wall Street has
been terribly dull during the past week.
Business for the entire week has not been
equal to that on some of the most active
days of the bull campaign of 1899. The
total number of shares traded in from
Monday to Saturday was only 100000
shares. The significance of this stagna-
ton is that the speculative and invest
ment public have absolutely refused 10
get into the stock market. There was
never a week before when the profession
ais did such large proportion OF the bust
ness among themselves and the public
bought and sold SO little. Until yesterday
il might be said with little exaggeration
that the public did nothing. There was
some liquidation during the short session
Saturday under the influences of the
Northern Pacific dividend disappointment
and the news from China. Even then,
however, this business was not of signifi-
cant proportions. Ii may be said very
truthfully that the outlook is not good for
revival of broad strong market for the
present, but ii Is certainly equally true
that no great selling movement is to be
expected and that the declines incident 10
bear operations will be followed by equally
good rallies.
The dullness has not been of this week
alone. but of months, as market people
well know. II has not been due SO much
to unfavorable conditions prevailing in the
business world as to popular disgust with
the stock jobbery and manipulation OF val
ues which has prevailed among certain
cliQues on the stock exchange within the
last six months. These INSCRIPTIONS oper-
ators have hesitated at no expedient, no
matter how discreditable, when it would
serve to carry out their schemes. The
campaign against public confidence began
last winter, when one of the most promi-
nent banks in the city boldly manipulated
the rate for call money in order, as the
banks president himself admitted subse-
quently to Secretary Gage, ito force l:qui-
dation in highly speculative securities.
This system of curtailing the money
supply and forcing rates to abnormal fig
ures was one of the principal causes OF
the panic of last December. Public con-
fidence had hardly recovered from this
blow when the notorious attack on the
steel stocks followed. This attack was
planned by group of Western spectators
who two years ago foisted their inflated
securities On the public at prices at least
so per cent above their intrinsic value.
The public was seriously hurt by the de-
clines in the industrial shares which re-
suited from the maneurres of this clique
of operators. 1t has since suffered severe
ly in the campaigns against values which
have been carried out by operators equal
ly INSCRIPTIONS, and which eliminated
the other day in the circulation through
out every monetary centre of the world OF
false reports attacking the credit OF one
OF the Oldest and soundest mercantile
houses in the city of New York.
Through all these scandals the stock
exchange which poses as the temple of
morality in Wall Street, has manifested
an indifference which has caused much
surprise among the better class of its
members, as well as the better element
among the moneyed men of Wall Street. 1t
has conducted with great bitterness its
campaign against the bucket shops and has
made examples of several small operators
outside its membership whose success has
aroused the cupidity and envy of some of
its members, but it has failed to take any
cognizance whatever Of the evil prac-
tees which have been going on within its
own jurisdiction.
These have been the main causes OF
the public apathy at this time. though
the Transvaal war, the Boxer troubles in
China and the recent reports of crop dam
age in the Northwest have exe-tsd much
influence withal
It will be seen that big and important
buying of securities by the market lead
ers and good advances OF prices will be
necessary before the public can be induced
to enter the market again. And these
bullish factors are exactly those which
cannot be expected at present There will
be buying of securities at this level by
investors, but it will not be of senGa-
tional and apparent character and IL may
not advance prices much II any for some
time &c come
All the ;ipsters have gene over to the
bear side 1t is impossible to get any,
thing except bearish views of wheat crop
ruin. railway mems pessimiEm, the cam
paign influence. and the outlook for war in
China. The professional traders are all
on the short side All this is significant,
but II is not significant OF weakness in
the market but of strength. This is the
time for the investor to buy stocks, though
il may be dangerous for the Spectator on
small margins. Prices may go off a little
further. They may tumble today
The market has had its downward swing.
The game has been played again. The
public which got in at the top has again
cold out. Now is progressing the gradual
accumulation of securities by the long
headed people that always takes place
when there is nothing bright in the
market Ii has been with this in view
that the public has been treated to the
drubbing of the past six months. Else
how could the professionals live?