The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-08
STOCK MARKET GOSSIP
Big Interests Holding Down the
Price of Securities.
Generally Prosperous Business Com
ditions Not Having Their Lcgiti-
ANTE Effect ON Account of Pro-
fessionnI Acknowledgements Fears
of Permanently High Money Rates.

NEW YORK. Oct There is a strong
belief among business men generally that
the business of this country is in pros
porous condition. and that the coming yeal
will see a continuance OF this prosperity.
II is a belief that cannot be shaken that
money now in circulation is abundant, and
will continue So for the movement OF
crops and the transaction of mercantile
business and with a sufficient residue for
Ne,- YoTk's financial needs. The fact that
two thirds of the season in which New
York sends money West and South have
passed. and that there is still a surplus Of
reserves in the New York banks and still
an abundance of funds for loans on call at
per cent and even smaller rates seems
to demonstrate this fact amply.
The public, too, has abundant faith that
the exports of the country, far exceeding
tbs imports month by month, are making
the financial standing of the country abroad
better and better Millions ARD added to
tbs trade balance in Americas favor every
week. The scarcity of coal in Europe,
amour ting almost TO famine, the increas-
ing favor with which American manufac-
tured goods are received all over the world,
the big demand for raw cotton and for cot
ton goods in Great Britain at the highest
prices, for many years are all making this
trade balance greater and ensuring its con-
tinued increase
Moreover, the industrial companies and
the railways continue to earn money in a
way entirely satisfactory to their man
ayers, and there is every prospect that
the coming year Will see the equal if not a
SURPRISING record to that of a year ago,
which was by far the best on record.
Notwithstanding these satisfactory con-
ditions in actual business. Wall Street is
rejecting them very little If any. The
stock market recently has been tickle and
erratic, with short periods of bull EN-
thusiasm" engineered by the professionals
and equally unimportant days of declining
prices. Neither advances nor reeessions
represent any large or significant public
interest in the immediate market
The reason for this is not obscure, how
ever much it may be deplored. The big
financial interests, in their endless game
of milking the public, have been holding
market prices down and talking a pes
simism regarding stocks that they do not
feel and that is not in accord with the
facts. They have discouraged purchases
by creating slumps in prices as soon as
there has been any public buying. These
interests have been accommodating stocks
mn hdft uOS AlsnSu PRICES 10 advance.
is probable that this game will be con-
tinued for some weeks longer Purchases
are advised on every recession
Henry Ciews, in his weekly letter. has
much to say regarding the political stu
alton that seems bigoted and unsound, but
regarding the general business situation
he, like the remainder of the world. is
hopeful. He says
Affairs are well situated so far as re-
spects financial interests at large. The
returns of the clearing houses indicate
q generally healthy condition of business.
AT this period of last year we were in
the midst of the enormous transactions
connected with the reconstructions of in
dustrial organizations, and the exchanges,
for five weeks dated in September, aggre-
gated 5000. 000. 900 for the whole country:
Tor the corresponding weeks of 1900 we
have total of s6,571 ,000, 600; the differ
ence OF s., AS, 000, 900, or 1877 per cent, rep
resenting a period of wild speculative ex-
citement compared with one of normal
business conditions.
Commercial conditions generally wear
an assuring aspect. From all parts OF the
country come reports of a healthy tone
in trade and profitable results of bust
ness. Prices are almost uniformly set
thing back to a normal level. There are
few instances in which the industrials
find it possible TO maintain their attempt
ed advances in prices"