New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-10
THE WEEK IN WALL STREET.

Operations IN the stock market last week were
confined in great part to the transactions OF
Board room traders. In Wednesdays market
there was evidence Of commission house buying,
while moderate activity noted, but on the
other days Of the week acute duness prevailed.
With the exception of a few OF the leading
speculative favorites, price changes were unim-
portant Oldtime manipulation in Sugar Re-
hning stock efforts to depress Peoples Gas and
Brooklyn Rapid Transit, light selling OF the coal
stocks in expectation of a strike in the coal
region, sharp advance in cotton, easy money
and lower rates for sterling exchange were the
leading features Of the week The Vermont
election was considered favorable. but its in
fuence was not important as a market factor.
Heavy railroad earnings and other indications
Of sound trade conditions doubtless acted
sustaining factors in the market, but they did
not encoura ge outside buying or induce activity
among the bull element. Current dulness in
stocks is disappointing, but it is not bringing
out securities from well protected corners.
Investors are not alarmed over Popocratic
predictions of Mr.. Bryan's election. They are
not disposed to throw over good securities be-
cause Mr.. Olney and Carl schurz have decided
that the country Will suffer more from q Re
publican victory than from Democratic VIC
tory. Nor are they inclined to believe that Mr..
Bryan will be elected. If investors thought for
q moment that the United States would be
turned over to Bryan and his crew they would
convert their investments into cash. -Four years
ago the apprehension Of Mr.. Bryan's election
caused untold millions of securities to be
thrown upon the market, and the same thing
would happen now if the business interests of
the country were not confident Of the reelection
Of President Mckinley. People who own
curities will not sell at ruling prices. People
tations. The prospects do not favor a panic. a
sharp decline moderate liquidation. There
may be recessions from current prices, but
less conditions governing actual values change,
and investors become pessimistic over the politi-
cal outlook a big drop in values IS not prob
able. The strike outlook in the coal region is
a bear factor at the moment, but IL a strike
takes place II will find capital well prepared TO
handle the situation. While the miners may
cripple the coal companies for g. time, they will
not be able to paralyze the coal trade indef-
niteIy. It is a poor time for labor to attack
capital.
Local bank reserves are IN good condition. The
demand for currency for the interior may be
large enough to cause higher rates for money,
but bankers do not look forward to stringency.
The city banks hold more than S29,OO0,OOO Of
National bank notes. This amount is not in
cluded in cash holdings and legal reserve, but
DduhDOLes are gOOQ money ana IQere Is no
reason to suppose that they will not be used in
part to meet the expected demand for currency
from the West and South. II these notes are
used a suggested there will be no squeeze in
money rates, although current easy quotations
will doubtless be followed by higher figures
There is a large amount Of money in the coun-
try, and the official statement Of the Treasury
Department, which shows an increase in circu-
lation in August Of $685. $780, ought TO silence
the people who preach that there is not enough
money 10 go round Some gold may 20 out
this month, but the prospects do not favor i'm
mediate shipments If the foreign financial stu
ation requires more money this market will meet
the demand. The foreign markets, however, are
improving, and the necessity for gold exports
may not develop.
Trade reports show satisfactory conditions
throughout the country, save in the anthracite
coal territory where professional labor aeitators
are working to induce discomfort among the
miners. The readjustment OF affairs in the iron
and steel trade has been effected without dis
turbance, and prices for all kinds Of products
being re-established on a stable basis, while
OF the output in conformity with the demand.
A revival in speculation in the steel and iron
stocks ought soon to take place and industrial
stocks in general are likely to be active features
Of the stock market at the closing months OF
the current year. The supply OF stocks avail
able for speculative purposes is small