New-York tribune., 1900-09-03
THE WEEK IN WALL STREET.

The xureetx in Wall Street was without i'm
portant movements in stocks or money. and the
prospects for a striking change from current
Hulness cannot be said TO be promising. II is
believed, however in many circles that the cur
rent month will witness more activity on the
stock Exchange than recorded in the month
lust closed. In August transactions in stocks
we're less IN the aggregate than for any month
since April 1897, while in bonds the dealings
were lighter than IN any preceding month since
February, 1895. In the corresponding time in
1899 the business on the Stock Exchange was
three times as heavy, the decrease in stock
sales alone in August 1900, amounting to over
eight million shares. Business conditions are
tntrinsically sounder now than they were
year ago, but political conditions at home and
abroad have restricted actual business opera
lions, and IN consequence checked speculation
b securities Trade IN general Is sound, and the
various factors IN the Industrial field seem to
be gathering force for further extension OF
Industrial prosperity. With g Republican VIC
tory In November business activity will return.
Developments in the last week in trade centres
create the belief that the tide is running slowly
but surely In the direction of continuing i'm
provement
The stock market has had & reaction from
the great speculative activity Of the last two
years That current dulness foreshadows con-
Ltinued depression cannot for the moment be
granted and, although the Street pessimists
are doubtful about the future, no intelligent
observer believes that stock market speculation
for higher prices will not be seen again this
year. Serious depression In trade may be ex-
pected If the bowling Popocratic mob secures
control Of the country's Government; but unless
the country is made up OF cranks and rascals
the business of the United States will not suffer
by the election results OF 1900. Holders of Sc
c,lrities are not converting their investments
into cash Money IS not being buried and trade
IS not being frightened at the scarecrows OF
the Bryan party. II the business men Of the
country feared the election results there would
be big drop in security values. Perhaps the
mercantile and investment community and the
Republican party underestimate the election
chances Of the Popocratic candidate, but It does
not seem possible that this can be so when it
It recalled that the confidence Of the Republican
party is based On its great achievements and
on the good sense Of the majority Of the Amer
lean people
A stock market decline based on the politica
gituation has been advertised for many weeks
but values have not yet felt the influence o.
so-called political uncertainties. save IN respec
TO dulness- II may not be wise to predict mar
ket improvement until later on in the season
but It is well to note that the conservative ele
nent in the Street is bullish on the outlook
optimistic, despite the fact that London is evi
dently working to draw gold from New-York
This country can afford 10 ship more gold, a.
It's supply is heavy and Western production
and receipts Of the metal from the Klondike and
Australia are enormous Europe is q big Dor
rover Of money IN this market at a time wher
Foreign trade Indebtedness is increasing at tn,
rate Of $1,000000 day, as shown by oficia
records Money rates may go higher. they
market is not expected by the banking com
s1nunity. In fact, monetary stringency seems ou
of the question In addition TO specie and lega
tender the banks hold in National bank note
over $28.0O0O00, against $14.000,000 this time q
year ago. It Is not yet known to what exten
this increase in National bank note circulation
will figure IN the shipments Of funds from her
for crop movement purposes but 1t seems as /
these notes ought TO be important factors IL
preventing disturbance at this centre
The possibility of lower prices on the STOCK
Exchange IS promising from the bear point Of
Fisw; but it may be well for enthusiastic traders
10 bear n mind that stock values are not dear
ana not In danger Of collapse from any Of the
ssuses that affect prices when the market fl
,verbought and filed with weak commission
louse accounts. Public operators are not buy.
ng stocks. but people who own stocks are moi
elling and unless serious changes take place
IN conditions governing the actual value OF So
rurities well held securities will not be thrown
the market Traders are generally bearist
at the moment, but their failure TO make note
worthy impression on prices must be extremely
siscoUraging TO the people who want to cover AM
buy stocks at cheaper prices. The steel stocks
were in demand last week, owing TO the gooC
business reported by various steel and iron com
panies. Railroad stocks were not active bu
some investment buying noted. A better
inquiry for bonds was feature Of the week,