The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-27

NEW YORK. Aug. 26.-The stock mar
ket has drifted fer many weeks without
definite tendency. The record is the worst
in recent years. The total of bushes:
during the past week was only about
$4,000 shares. or an average of 100000
shares for the full days. This entire
business equals not more than half that OF
some of the fast days in recent booms and
not a tenth of some big weeks. 1t is
probable that these conditions will give
way to something different in the not
very far distant future. completely
stupid market is not likely to continue
much longer, if the more careful readers
of market indications are in the right
The return of important people TO the
street and the climaxing of favorable
railway and industrial developments viii
almost certainly cause broadening of
speculation and a big advance in prices.
There is every prospect of a boom in the
autumn and winter, in other words. AS
TO this many people of varying views
agree.
Wall Street is asking itself the question
now, however, il this boom is to be pre-
Some people whose opinions are generally
considered good believe that the first
activity to be expected is that of the bulls,
the beginning of the upward movement
Others were taking the view during the
past week that preliminary decline of
two or three points or even more may he
expected. They say that the boom will
start from q lower level. They hint that
& professional bear clique of some strength
nd fe bofp
1t is probable that in such a narrow
market as the present the coterie which
first assumes active operations will be
given the leadership. The recent dizziness
means that brokers have made nc money
out of commissions. Il is doubtful if
even the professional traders, with no
commissions to pay, have been particularly
prosperous, and the inference to be drawn
is that both professionals and commission
brokers would welcome & change. no mat
ter what 1t might be. II bear clique is
beginning operations, in Chicago or else
where. ii may accomplish its purpose in
pushing down prices for this reason and
because there is no one now in the mar
ket 10 oppose il. The events marketwise
during the coming two weeks will be
watched with more than usual Interest by
the street for this reason.
The optimistic Mr. Clews says OF the
d
the possibility of lower prices Immediately:
The present state Of inertia in Wall
Street has been brought about through a
variety of circumstances. in which absen-
teeism figures largely. More of the lead
ing stock operators have this year left the
market to Jock out for itself than in any
previous yea:. Ths steadiness OF values in
the face of such dizziness is, Of course, en-
couraging. There is 70 pressure of stocks |
for sale, and, on the other hand, buying is |
very restri :ted.
Railway earnings continue wonderfully |
good, but factor in the general situation |
that will perhaps hear watching is The re- |
duction o. Surplus hank reserves. which /
are now not IS large as might be wished at |
this period of the crop year.
External influences are just Low favor |
able. The South African war has Gwindled |
almost to the proportions of the Philippine |
and cannot last much longer. |
The period of intense stress and anxiety /
in regard to the fate of the Americans and |
other foreigners in Pekin has happily /
passed.
While the general situation is thus
more cheerful, still the feeling of apathy |
IS hard to shake off. All things considered,
he market has the appearance of sagging /
10 lower prices. which is the best thing
hat could happen to shift it out OF its
present rut and create activity"