New-York tribune., 1900-09-17
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
There has been little 10 break the dulness in
the stock market. It is contended by some
brokers that the quickest way 10 a bull specu-
lation will be through declining market, as
It is thought that nothing but lower values will
stimulate good demand for stocks Unfortu-
nately for brokers and advocates Of cheaper
quotations, stocks are held by people who show
no disposition TO sell. There is no big floating
supply to attack II stocks were held by the So
called public-if the market were filed with
weak accounts-pessing adverse developments
would be followed by declining values Politics
has not disturbed holdings. fear of higher
money has not reduced many sales. and the
proposed coal strike has not materially injured
values These and other factors have failed
70 make any notable impression upon the mar
ket save IN respect TO dulness; and the con-
clusion is naturally forced that stocks are in
the hands OF people who DO not intend to sell,
and that declines of importance can only be
brought about through investment liquidation
The bear element is trusting in the labor trouble
IN the anthracite coal fields TO cause a dis
turbance in Wall Street and a arrangement OF
values.
Wall Street bears are disappointed the
Indifference of the public and the market TO the
political campaign. According to bear logic, the
market ought to suffer from q political scare,
and, according to bear ideas current confidence
among business men n the reelection Of Presi-
cent Mckinley ought to give way TO acute alarm
over the situation. A break in stocks will, it is
argued IN certain quarters, kill present alleged
political apathy, and impress upon the country
al large the necessity of harder work for the
gold standard campaign It is contended that
politically the proposed coal strike will be q
most undesirable affair, and II is thought by
those interests who are working for lower prices
that If general decline can be forced from the
labor disturbance politics viii then be more
deeply considered and possibly accelerate the
downward movement Such view is, Of course.
worth consideration but unless investors
confident that Mr.. Bryan will be elected and
that labor troubles will permanently paralyze
the productive energies Of the country, they
should not sacrifice their security holdings.
Good stocks are worth holding. Conditions gov
erning their real value will not be upset by pass
ing adverse factors. while the course Of the
campaign gives no indication that the Novem-
Der election Will decrease the intrinsic worth of
securities.
II is a Wall Street maxim that stocks should
not be sold q strike. In the case Of the coal
stocks this maxim may be set aside, owing to
the fact that the coalers are not particularly
cheap at ruling prices, and 70 the great desire
Of professional traders TO bring about a lower
level Of quotations. There may be enough weak
holders Of the anthracite coal shares TO form the
basis of decline; but it should be borne in
mind that powerful financial interests are be-
hind the hard coal stocks. and that the position
Of all the companies has been vastly improved
this year by heavy earnings. Stocks that come
on the market in the next six weeks will be
absorbed by substantial interests and there will
be little profit in getting out Of good securities at
this period. Some traders believe that big
movement is near at hand but few traders pre-
tend to predict its direction The fact that
prices are well above the level Of four years ago
induces the belief in some quarters that in order
TO have a bull market before or after the cleo
tion. lower level must first be established
Other people assert that bull market can start
from the ruling level as prices are not above
actual worth, and in many cases they are lower
The market in the greater part Of last week was
obstinately firm and obstinately dull. Trading
was purely professional.
Money market conditions at this centre prom-
ise startling changes IN the immediate
future. harder tendency in lending rates NAV
be looked for, but the prospects do not favor
stringency. demand for funds from the in
terror has developed. and shipments Of currency
are now about heavy as at this time in former
years. The West and South are better supplied
with money than ever before and in conse-
quence the demand upon New-York should not
be abnormal Money in circulation amounts to
S2096, ,6S3, ,042. exclusive Of S274, 1913 122 in the
Treasury. According TO the Treasury Department
the circulation per capita is S26 IS, based on an
estimated population Of 100000 but if the
preliminary estimates Of the Census Bureau are
correct. namely. 75.500OOO people the circula-
ton per capita is S27 "a Sterling exchange is
weaker under the influence of heavy offerings Of
grain and cotton bills and the chance of gold
exports is rather remote unless the placing in
this country Of the German loan should call for
the metal. Exports Of merchandise continue
largely IN excess Of imports, the August report
JUST returned showing an excess or exports for
the month in value Of Sal 636474 making for
the eight months Of the calendar wear a total
excess Of 1851 037. .219 against an excess in 1saa
Of S211 1,4003@o, and in 1898 of 1881. 100 639 For
the twelve months ending in August the excess
Of exports was $3.50 1924 and for the same
time IN the preceding year S54G. .272. 500