The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-02
STOCK MARKET GOSSIP
Wall Street Opinions RegardiG. :,
the Speculative Outlook.
The Chinese Situation-The Wheat
Scare Assuming Less Alarming
PROPORTIONAL Worst Only n Snnli
Portion of One Grain Crop Destroy
ed-Moucy Rates ut Their Lowest.

NEW YORK, July 1.-The indications
are that the stock market Of the present
week will be a waiting affair TO large
extent. owing to the uncertainties regard
ing the action OF the Democratic Conven-
ton, the possibilities in the Chinese stu
alton, and the wheat crop scare. 1t is moi
unlikely. however, that the general ten
dency OF the market tomorrow and Tues
day will be upward in a mild way, as il
may seem best to the bears TO cover some
of their short contracts over the Fourth
of July holiday. The most careful market
people on both sides of speculation are MOI
making new short contracts at present. an
have not been doing so for several days
past.
Conditions are nearly all favorable 10 a
large advance in prices, in the near future,
al some time within the next six months,
perhaps. 1t seems certain tia; this ad-
vance would begin at once. but for one fatal
weakness in the technical situation. The
large interests hold aloof from the market.
Professional sentiment in the stock eN-
change district is bearish now as it has
been for long time past; many grew
some predictions issue every day. some OF
them new, most of them in tattered old
age, and none gets verification. Instead OF
bad things coming to pass, niae out of ten
business developments are helpful. There
is, though. this difference in announced
events: Those which are disturbing get
ten times the publicity and parade that
are the portion of encouraging incidents,
however important. Thus. specifically. the
situation IS made continually TO look bad
facts counting much less than appearances.
Such conditions were, however. never any
thing else but temporary. Elections are al
ways transient Factors that can control
are sometimes revealed with wonderful
slowness.
a prominent stock brokerage house
stated yesterday that it had been re-
Gently able to gain quite an insight into
the condition of commission houses of
the leading stock centres, particularly
in the West, saying we found that in
addition 10 being almost universally
bearish on the market they also state
that they are carrying less stocks than
they have carried for two years. and
that their principal marginal commit
ments at present are on the short side
1t is unnecessary TO say that such con-
ditions must sooner or later bring ab3ut
a decidedly different sort Of market than
We now have. Eighteen months ago
these same houses were loaded up with
all sorts Of stocks at prices $50 to SIS
per share above present quotations.
These holdings have practically all been
liquidated at terrible loss. and short con-
tracts made at ruling prices will in all
probability be similarly treated"
One crop-the spring wheat CROPS
damaged liz the Northwest Some max
ers Of big figures estimate even that
there Is so involved a Joss to the North
west of something like 100000 Coin
cidentally si0,oO0.e00 of market values
are extingu!she6 On the New York Stock
Exchange
Trusting ordinary chronicles, II might
be estimated that the railroads of the
West, and especially of the Northwest,
depend wholly upon spring wheat traffic.
II is precisely upon a theory like this
that the market values of the shares of
railroads like ;he Northern Pacific.
Great Northern. Burlington. and ST Paul
are smashed. One group of railroads
alone has within month suffered recess
sions passing SS0.0OO.0G0 for no other
reason than that Wall STREET Spectators
have BEN tumbling over one another in
the panic theory that standard Western
railroads during the ensuing year would
nave 10 come 10 a standstill. Stiffness
gets strange attention here.
II is, Of course, not possible that such
foolishness can long have influence. Its
vogue can be but temporary. Seguels must
provide wholesome relief and contrasts
Business men viii begin TO comprehend
how big this country is By making calcu-
lations upon official figures, which the Gov
eminent provides, showing the tremendous
increase Of international trade balances in
our favor. Not merely agricultural COM
modites, but manufactured goods, are
going abroad in volume, net merely IN
preCsdented. but tremendously far beyond
what any optimistic forecaster has hither-
TO presumed TO predict. In commercial and
industrial history all world records are
surpassed by Americas accomplishment in
the twelve months ended on Saturday.
Authorities in the commercial and indus
trial world calculate that the ensuing year
Will materially outreach the one Just |
closed. This, though, is speculation; and
being uncertain, is not of dominant con-
sequence. But what is tangibly recorded
in the twelve months past is not at all
Hypothetical. 1t is real. And the record
Of it is controlling.
The fuanciers of Europe are now in
clinei to look upon the troubles in China
with less apprehension. There is little fear
that the allied armies viii be unable TO
cope with the Chinese hordes. which either
the revolutionists or the imperial Gov
eminent may hurl against them. There is
very much that is gratifying to the COM
mercial world in the harmonious relations
which the European powers have showa
in the operations in China. and there is
much 10 encourage the hope that the in
tegrity OF the Empire will be preserved and
that the dangers of international comDli-
cations which would attend its partition
will be avoided.