New-York tribune., 1900-09-24
LHlgh Low. Lsspe22 Sept Is lcn.ges. Sales.
TIE WEEK IN WALL STREET.

The Wall Street markets are In a somewhat
unsettled condition, owing to the various factors
of uncertainty in the general situation. Stock
market values are working toward lower level
The money market Is tending toward a higher
Level. the tendency OF foreign exchange is not
decided in either direction and the next move
IN the recently excited market is hard to de-
ternine- Labor troubles IN the anthracite coal
regions have caused uneasness in Wall Street
because OF the possibility of an extension of the
strike to other fields Of industrial activity and
because Of possible effect OF the strike upon
the November elections. There is no proof that
tbs Popocratc party instigated the coal strike
but there is absolute certainty that Demo-
cratic orators, including the Democratic Presi-
dental candidate, are encouraging the strike by
word of mouth It IS Of course extremely un-
fortunate that a great labor strike should de-
velop at time when the country is preparing
for important National election, but the peo-
pie OF the country have learned much In the last
four years, and II is not likely that they will
permit their Judgment in vital questions to be
clouded because Of the Democratic efforts to
inject another paramount" issue into the cam
paign-
The coal strike Is already a serious affair, and
Il IL extends TO railway employees, who now
show signs Of discomfort because so many train
crews have been laid off pending the settlement
Of the strike, the loss In dollars to the countrys
business will not be small Strikes, however, are
often settled before they affect the country in
general and a strike situation Is not, as rule,
a wise basis for short sales In stocks. If the
labor troubles in the anthracite coal fields should
suddenly be settled. the effect upon security
prices would be considerable and traders short
of stocks might find themselves In an uncom-
Portable position The uncertainty over the coal
strike is marked enough to warrant passive
attitude in stock market speculation. Ordinary
traders who not long OF stocks would better
keep out OF stocks and traders who are not
short Of stocks would better not take position
the short side. Careful speculators who 1In-
derstand the business may find It profitable TO
operate for turn In the current market and
operators with big bank accounts can afford to
buy all recessions and hold for higher prices
The stock market is likely to undergo sudden
changes between now and Election Day, and
small margins VIII be In danger
The money market is changing in favor of
higher rates. Higher rates for money are not
bear arguments when money moves in response
TO legitimate conditions; but, on the other hand
they not q safe basis for bull market.
With big demand for money from the crop
section OF the country under way and with
heavy loans making to foreign countries, the
banks are not In q position to support an active
bull movement in securities. The banks are not
in an unsound condition, however, and in some
quarters an exaggerated Importance lie attached
70 the tendency Of the money market while un-
warranted predictions Of the course Of rnonev
ere freely indulged In Money rates Will un-
doubtedly rule higher. Present conditions do
not foreshadow disturbance and many leading
bankers believe that the demand upon this
centre for funds VIII not be heavy enough TO ad-
vance rates TO the point OF strfugency The
time may come when manipulation Of money
yS1l he 511ef
but as stock market speculation is different
from what II year ago the philantbropists
who screwed up rates in the fall Of 1899 'in
order To check unwtse speculation" NAV find
their occupation gone. In part the senot-de-
nnoranzation in stocks last week was due IN
liquidation by traders who had counted upoa
an easy market throughout the autumn It has
repeatedly been pointed out by authorities that
call money would not continue to rule under .
per cent for any length Of time, and now that
predictions Of this character are about to he
realized light wasted SPECTATORS are throwing
over their holdings IN expectation Of stringency.
The stock market received no support from
substantial interests last week. and it was gen
orally believed that the reaction had the tac,t
sympathy Of the strongest speculative interests
in the Street On the decline however there
was quiet buying by people who are always on
the lookout for bargains. This was especially
true IN the case Of the granger and Vanderbilt
shares Commission houses had large selling
orders in the leading speculative issues and the
course Of trading indicated that mora lono
stock was held by people Of small financial re-
sources than had commonly been supposed
Many commission houses have called for in
creased margins in the last few days and few
houses are advising purchases at the rulina
level Lower prices would be in line with gen
eral expectation.
GOVERNMENT BONDS