New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-25
THE WEEK IN WALL STREET

Stock market business N the week was made
up IN great part of professional traders opera
lions and liquidation Of small commission ao-
counts. Prices w e heavy and irregular, with
nst losses predOuinating at the close. Bear sen
tnleDt shows 10 indication Of decreasing among
the purely professional traders, but in conserva-
tive banking houses cheerfuIness has not been
baIished by the gloom and pessimism that pre-
vah IN speculative circles Moreover, many
careful buyers are quietly absorbing good stocks
at ruling figures while some shrewd spectators
who only buy when bargains are offered, are
accommodating lines of stocks which they believe
viii show big profits a few months hence. The
most optimistic bull does not argue in favor Of
immediate sustained advance in securities
but he contends, nevertheless, that conditions
governing the value Of stocks are sound that
he Presidential campaign VIII not hurt int-in-
SIC values and that conditions underlying values
VIII be stronger n the fail, barring Bryan's
election, And the careful thinker IN Wall Street
does not believe that the Democratic candidate
can be elected. The possibility Of a political
misfortune IN November IS not strong enough 10
induce holders Of investment securities to sell
The possibility Of an active demand for money
has doubtless induced some liquidation IN stocks
by people who intend 10 employ their funds in
the money market, and who expect TO buy back
their securities around going prices. The pros
is good, and, as a. consequence Of this predic-
ton, some holders have sold high priced Sc
curities in order 70 have funds in hand with
which TO pick up the hoped for bargains Nearly
everybody IN Wall Streets speculative circles
is preaching lower prices, and the anxiety OF
certain interests 10 establish a cheaper level ~
values seems 70 reflect belief that much higher
prices viii be seen later on n the season There
is plenty Of money in waiting for lower Quota
for an,
handsome profits wiz be made by The DeorTa
VINO secure securities in the summer market
ZONE operators who are waiting for lower prices
go SO Tar as to say that bargains as good as
those that prevailed in the political Campaign
OF 1896 VIII be made this year Wall STrSat
HP0cU-ttIoTs are becoming silly on the question
OF stock market declines They ere fhirlrfne, TOO
much about things that DO not exist, and which
VIII never happen, and they are backing a hear
campaign which has already run beyond ~
limits OF sense and reason II the c0untrzyss
business interests become frightened over - .
political outlook. further bear success win he
certain. and the Possibility Of such q si+ua-iG,
Is OF course worthy OF the careful attention ~
ato[s VINO nave not ample funds 70 protect
Trade conditions are healthful. and rea6tust-
tlent 70 a io"er price level Is not accompanied
py q material dwtndlng IN the actual volume az
business. Exports to other countries sTn-y y
steady gain over last year. and railroad earTfneq
continue 70 Increase over the records ~ 500
WIN me exception Of the New-EngIand and
Middle States bank clearings thro1lgr0-It 80
country are larger than 5n arv T,-ace5ir,e, - 80
on record Closing Of some manufacturing, CON
ceFLs IS not an unusual feature for this period
OF the year Damage 10 the wheat crop Of the
NoTth"eht VIII doubtless be found as usual less
tIl|n current reports Indicate Damage now being
zone IS confined TO certain parts Of the spring
FheaL section, while the loss to the winter wheat
crop II certain sections IS more than Offset nv
Ihs splendid harvests IN Kansas Oklahoma and
IexaR A yield Of enormous magnitude Is being
gathered N the last named sections OF the
country, and in Nebraska and Iowa farmers
predict larger spring wheat crop than last
year II ls too early 10 estimate the effect Of
Damage IN the Northwest upon the yield as a
whole, but the chances are that the Wild Dredfc
ions from Chicago regarding the crop outlook
VIII not be followed by a combined winter and
wheat harvest much below the average What
IS lost In wheat may be made Up IN corn. And
even Il the harvests fall below the average
farmers VIII bs able 10 sell all their crops at
high prices ~