New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-04
high Low. june 2 May 26 Ch'ss. Sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
Dulness is the chief feature of the Wall Street
markets at present. Prices not making
rapid progress in either direction, public oper-
ators are not in the market and leading specu-
lative interests doing little Stocks remain
in strong hands. and weak accounts have been
eliminated. Technically, the market is danger
Gus for the shorts but this element is confident
in its position, and believes that the situation
will move IN its favor throughout the summer.
The bear element does not admit the technical
weakness of the short side OF speculation, but
such a condition exists however. and operators
who are now short OF stocks or who intend to
"go short" will do well to study this technical
position of the market carefully. With stocks
in the hands Of capitalists and conservative in
yestors a large short interest in the market
cannot be considered safe, despite political I'M
certainties and trade reaction. The two last
named factors have been doing service in the
stock market for several months and the limit
of their influence cannot be far away Values
are many points under the best figures Of 1899,
and go far as intrinsic worth is concerned.
stocks are more valuable to-day than they were
a year ago.
The end OF the Boer may figure as an I'M
portant factor IN the local market London vs.
already showing desire to pick UP American
securities and the chances favor an active
foreign demand for our stocks and bonds ss
soon as the South African war is over. If Eu-
rope buys heavily IN this market stocks VIII
sell higher. Foreign buying generally stimu-
lates local buying. and. with a good local de-
rnand for securities. prices will sell UP raploiv'
owing to the existence OF overextended short
account The fall of Pretoria Will mark the re-
sumption Of gold shipments from the South
African mines, and, with the beginning or these
shipments a heavy weight viii be nrted from
the European money markets. Local monetary
conditions reflect the dulress in speculation ana
the reaction IN various lines Of trade They do
not however represent uuhealthful conditions
or foreshadox trade depression. Money is COM
ing 10 this centre from the interior because the
reo,irements OF the West and South can be
met without help from this city. and because
the great supply Of money in the country forces
q certain amount OF IT into apparent ioleness IN
slack trade periods Rates for money are natu-
rally in favor Of the borrower. although the
borrower is forced TO offer good collateral One
Of the strong points in the situation is the
strength of the banks and the conservatism OF
bankers. While the country is prosperous ana
money is IL good supply loans are not made on a
dangerous basis The banks are not filled with
worthless paper and suspicious securities are
not accepted against loans The banks OF the
country are sound, and speculative panic IN
stocks would not affect them
The settlement of the gas war mas peen &c
cor1,pltshed, and the sugar trade IS prac-
ttcally over. Both of these trade troubles have
been disturbing factors in Wall Street, and
while their elimination has not yet had a. pro-
nounced effect upon prices II has helped sent-
raent and weakened the bear position. The end
Of the Boer war. the sugar war and the gas war
may prove important factors in the market be-
fore the year is If precedent is followed
politics Will restrain activity in the stock mar
ket in the summer. hut there are some people
who believe that the month of June may wit
ness a moderate bull movement in stocks. to be
followed after Bryan's nomination in July by
renewed bear activity Advancing prices in
June will furnish basis for declines in July.
providing the public, as represented in COM
mission house accounts, becomes active
buyer 1t is likely that many current holders
would be glad TO take advantage Of a decided
rise in values TO reduce their holdings. But it
does not appear probable that the chief owners
Of stocks viii sell June rally, that in
vestment issues will be thrown upon the mar
ket.
There appeared 10 be some good buying in the
industrial stocks of merit last week but the
chief part OF the business was done IN Sugar
Refining certificates Railroad stocks were in
fair demand, while the movement in bonds
showed decided Improvement. Activity IN bonds
is generally followed by activity IN stocks. In
the present case, however, too much faith should
not be placed in signs and Indications Good
bonds are cheap, and the ease Of money natu-
rally suggests their purchase. Factors govern
ing the worth Of stocks and bonds show none
OF the bad features which bear traders talk
about and current trade reaction cannot be
considered as any but a hopeful sign Of sound
business conditions and conservatism on the
part OF business interests Railroad earnings
continue heavy. and reductions from last years
1{.ry5a e.
year. in view Of the enormous traffic receipts
al this time last year, il is surprising that cur
rent earnings make such flattering comparisons
Good railroad stocks were in fair demand at the
end OF the week. and insiders appeared TO be sup
porting their specialties. Good industrials were
taken by an excellent class of buyers. and issues
such American Car and Foundry preferred
were quickly taken whenever offered. The last
named stock has merits that not measured
by its current market price. Like other good
industrials IL will become better known in time
and sell materially higher. Standard on stock
was cheap at time; also was Pullman
stock and several other recognized Industrial
investments. There are number of cheap in
dustrial stocks that will be gilt edged invest
rnents some day.
THE FEDERAL TREASURY.