New-York tribune., 1900-10-01
High Low. Sept. .2s Sept y Ich'gesI sales.
THE WEEK IN WALL STREET.

Considerable liquidation took place in last
weeks security market, and in consequence
prices for the greater number Of stocks closed at
net losses as compared with the preceding week
Buying on the decline generally represented
operations for turn. In some cases stocks
were doubtless taken by people who are IN the
market for a long pull. but the general course
OF values reflected little beyond the operations
Of purely professional traders. An advance on
Thursday failed to attract the public In some
quarters efforts We're made TO convey the i'm
preston that the advance the day named
foreshadowed an active bull movement In
curities but dealings on Friday and Saturday
did not encourage the theory. In fact. the ad
vance had every indication Of being an artificial
movement. The failure of the public to respond
10 advances in the current market merely
fleets the unvillingness Of capital to move into
securities at a time when passing influences
favor lower prices. There are many speculative
holders who are willing to SELL but few oper-
ators who are anxious to go long" OF stocks
save for quick turn. Current rallies appear
TO be more the result Of overseIling than Of
legitimate demand for stocks.
Investment values are sound and they possess
the element Of stability. Market values. how
ever are very uncertain in their movements at
the moment. and long they remain under
the influence of political and money market un-
sustained advance in prices Traders are bear
ish The whole Street is bearish stocks, de-
spite the fact that it is bullish the pros
poets Of the Republican party. Lower prices are
desired because traders are short Of stocks and
because many bull operators anxious to Sc
cure line of stocks at cheaper prices. Presi-
dents are not elected every year, and as busi-
ness conditions areissouna bear operators natu-
rally are using the Presidential campaign the
- ,,,,f+ry
prices may not come again in many months.
With the reelection Of President Mckinley the
hear element will be without important ammu-
milton, save that afforded by the money market,
and it is therefore reasonable TO expect further
pressure against the market before material i'm
provement sets in. Money market factors may
be restraining influences throughout the fall, out
IL the Bryan party is defeated the market quota
ton OF securities should show steadyfappre-
citation IN values. with a big bull Yfovement
after the turn OF the year.
The banks have lost over S10GJ0000 in cash
In the last two weeks on Shipments Of cur
rency TO the West and South' and on payments
TO the sub-Treasury. DSfte the decline in re-
serves money rates hEe not been materially
affected. and there many bankers who be-
lieve that there will be nothing approaching dis
turbance in the money market this year. The
out of town demand ought not continue for
chances OF gold imports. sterling exchange hav-
ing dropped TO within fraction of the gold
importing point OF course. movement of gold
this way Will be actively opposed by foreign
bankers who may place effective barrier in
the way of shipments, just they did a year
ago. through the medium Of their own money
market. One year ago gold imports began, but
they were checked after the first shipments by
an advance in foreign discount rates The stua-
ton in London is much better than IL last
year but more or less uneasiness is felt over
the German markets. which have been unsettled
on account Of an excess OF industrial specula-
tions in the last two years. The money mar
kets the world over are in a position that win
bear careful watching.
The actual settlement of the coal strike should
exert further influence upon speculation, but
It is not likely to furnish the basis for a bull
movement II sentiment among investors does
not change declines IN stocks ought not be
heavy, as the greater number OF stocks are held
by people Of means and by large corporate in
stftutions. When these holders sell big drop
IN values will take place. But investors are not
frightened over politics money. and they GER
tainly see no inducement In business conditions
10 sell their securities. Railroad earnings are
remarkably heavy. Commercial agencies report
healthful trade conditions. The iron and steel
markets are improving. Foreign commerce con-
tinues TO increase It does not seem possible
that the voters Of the country will decide 10 sub
sttute poor conditions for the factors named
by eIecting to power the party that is commit
ted TO policies which would upset trade and
values Investors are trusting in the common
sense and honesty of the American people. 1t is
this trust that keeps capital in the channels OF
trade.