New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Against extreme activity of a week ago the
etock market now presents a condition Of acute
duness. Reason for this lack of life may be
found IN the near approach Of Election Day. It
is well for the market that soberness and con-
servatism prevail in speculative circles, and it
would be better for the market perhaps If a
dictionary tendency in prices should develop be-
fore the great National contest next week. In
yesterdays trading prices firm and gener-
ally higher in the early dealings, but advances
represented as rule covering of short contracts
rather than new buying for the long account.
Total dealings We're lighter than the proceed
ing day. and about one-third less than the record
OF the same day week ago. Some Of the
standard shares in good demand, but the
general course Of trading indicated little in
vestnent important speculative activity.
Money market conditions without especial
change Lending rates reflected light demand
for accommodation and improving bank
sources while the known movement of money
showed a rapidly declining demand for funds
from the South and West. A firmer sterling
change market was due to higher discounts in
London. In the afternoon market prices sold
down realizing and renewed bear pressure,
and at the close net losses were shown in the
greater number Of issues.
Commission houses do not encourage traders Of
limited means to enter the market this week
Brokers who have to supply the greater part OF
the purchase money for stock transactions for
customers accounts naturally do not care to
carry a large line Of margined stocks over II
important National election. Evening Of
tracts and liquidation by commission houses in
the rest of the week would be in line with
servatisnl, while they would minimize the chance
of heavy losses to brokers in the event of unex-
pected election results. When a panic takes
place in stocks brokers suffer as well
toners. owing To the failure ability of Gus
toners to protect their stocks and to make good
the losses incurred for their account by commits
sion houses. The larger and better houses are
now particular in the matter Of margins. Few
per cent accounts are taken, and in the case
of volatile speculative issues many houses Will
not buy for investment account. There
are, however, houses that in their greed for COM
missions accept small margins and permit reck-
less trading. and consequence intensity
market trouble in time of speculative disturb
ance. No in Wall Street admits that the
chances are less in favor of the Republican
party than they a week ago. yet the con-
sentative element urges caution.
The stock market has enjoyed big advance
and reaction Will not injure it, To prevent big
breaks frequent reactions may be prescribed.
Moderate and frequent reactions are the tones
that preserve the health of bull markets. Quiet
circulation now, with healthful commission
house Liquidation should result in active ad-
vancins values after the reelection of President
Mckinley. The market is in danger of col
lapse, and the only thing that could undermine
Investment confidence and values would be the
success Of the National dishonor and anti-pros-
peritE part next Tuesday. Distrust in business
circles will follow PopocratiC victory and dis
trust Of this sort means lower security prices
The industrial stocks will naturally receive a
big setback If President Mckinley is not re-
elected, for the simple reason that Bryan
cess will be followed by a decrease in the in
dustrial activities of the Nation.