The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-20

NEW YORK. Aug. I'm the dull mar
ket of the past three days there have not
been wanting matters for congra tulation
among the friends of ultimately higher
prices The fact that bad bank state
ment, an immense outflow of gold. the
death OF Mr.. Huntington a Brooklyn Rapid
Transit report that at least is not par
ticulaTly attractive. and the gradual loss
OF confidence among Wall Street Repub
licans tina: Mr.. Mckinley is certain of be-
ing elected, have not, altogether been able
to create panic is in Itself most elo-
quent of inherent strength. II seems to
show conelusively that while the important
people are not willing ct this time 10 have
a boom" they are equally unwilling to
sell out their securities. This is the stu
alton exactly 1t is almost the entire stu
alton in fact.
As one conservative banker said today:
IF stocks were not cheap and well held
you would not see such an inactive mar
ket on the eve of a Presidential contest
nor could so prominent railroad nan
and one so prominently identified with the
leading securities on the exchange die sud
denly and cause ne excitement and scarcely
a fractional change in prices. Such thing
was never known in Wall Street before.
The reasons for this confidence on the
part OF investors, and the reasons why
much higher level of prices may be eX-
pected in the course of the coming few
months are many and convincing Con-
tinued satisfactory railway earnings, the
immense exports of the country, the better
trade outlook told Of by the financial
agencies the certainty of good crops. the
immense supply of gold in this country.
practically making impossible any great
stringency in funds the great improve
ment ia the situation in China, the prao-
teal collapse OF the South African war,
are all matters which cannot be overlooked
by. people who speculate in securities. And
all these favorable items in the situation,
and many more that have been mentioned
repeatedly in this column, come at time
when the prices of securities have been |
forced down TO an unuaturally low level
Money market conditions present many !
problematical phases and authorities are
much divided as TO forecasts FOR the carry
future. In so far as the home situation is /
involved nothing disturbing threatens in
any quarter. but foreign exigencies are
evidently severe Great Britain's fifty
million -dollar-loan IS but preliminary TO /
probably bigger ones to be offered in /
France and for Russia. As TO further i'm |
mediate gold expectation, much depends
according to bsnkers-upcn what the Bank /
of France may choose to do or be obliged
TO do Russian necessities are to be
financed at Paris, and If extra allowance
for American gold be offered We are likely |
TO have resumption OF the movement
which was last week suspended when the
similar premium offered by the Bank of
England had been withdrawn. Thus, TO
calculate what may develop in the money
market here for the coming week or the
coming fortnight is largely to indulge in /
guesses as to what may be determined by
foreign policy or foreign necessities.
According to the commercial agencies
making a special canvass of business con-
ditions throughout the country some trade
bet;erment develops; even in iron and /
steel the seriousness Of reaction seems TO /
diminish and on this account there have /
even been two or three spurts in the metal
stocks attempted upon the stock exchange,
with results hardly encouraging. however,
for some substantial lines OF such indus
trials bought at recent bottom prices
seem ready to come out when new strength
develops Il is the estimate Of commercial /
agency canvassers that we will have early
in the fall a substantial revival in most
lines of trade. This summer has been for
as for Wall Street-a wait
ing time.