New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-27
THE WEEK IN WALL STREET.


prices in stocks, and the trading element is gen
e-a11x, inclined toward the down side OF the
market But values refuse TO exhibit distinct
tendency toward a lower level Intense oulness
IN stocks generally leads TO weakening market,
as speculative holders grow tired and olscour-
aged when prices are apparently unable TO ao-
vance. In the present market the raiiure OF
prices 10 register the VIII OF the advocates OF
lower quotations creates the inference that
speculative accounts OF long stock are light and
mat important holders are not inclined TO sell
IT IS doubtless true that very small amount
OF stock is being carried borrowed money.
who then. hold securities? The speculative
public certainly does not, and the conclusion is
therefore forced that the greater number OF
stocks are held by people who can afford TO
ycarry them through a period OF stagnation'
Current holders OF securities doubtless believe
Chat higher prices VIII be made this year. and
their judgment In keeping their possessions can
not be considered other than sound
There are no indications OF coming industrial
,urostration- Spectators nay be able to force
recess,ons from the present level OF values on
y,olit1cai scares and talk OF higher rates for
money but careful investors are holding their
securities on the BELIEF that industrial expan-
sion Is going TO continue. Indeed, they are con-
fdent that q wave Of Industrial expansion OF
greater volume than that OF 1898 and 1899 is
already forming If lower stock market prices
ere made now, they VIII not be permanent bar
ring Mr.. Bryan's election There is enough IN
certainty IN the political campaign TO inspire
caution in speculative operations, but specula-
tors and investors do not entertain the idea that
The Popocratic party will be successful at the
November election. The situation, whole, Is
satisfactory, and It must be reflected in higher
prices for securities after current conditions IN
money and politics have been eliminated.
Railroad earnings are heavy. and trade re-
ports tell q story Of good business In general.
The falling off in bank cleartngs is due more
20 the fact that comparison is made with a
period a year ago, when tremendous financial
operations were in progress. than to an actual
decrease IN commercial activity. The readjust-
rnent in the steel trade is proceeding on health
fui lines, and in all departments Of industry no
backward steps are being taken The position
OF tie money market is not alarming. In fact
IL is extremely encouraging. Rates Tor loans
WIN doubtless work higher, and more gold may
20 out, but such factors, when based on sound
conditions. are not good arguments for lower
security values. Gold exports from the Atlantic
Coast are offset by gold receipts from the West
ern mines and gold arrivals the Pacific
Coast from Australia and the EQondIle- This
country is practically financing the world, and
foreign nations draw metal from here as loans
1s-,d not in settlement Of trade accounts. Eu-
rope IS increasing its debt this country at the
xa4s Of S1-o0oO00 a day. shown by the in
Sensational trade balance Europe is taking
our breadstuffz. and at the same time It is Dor
rowing our money. The wonderful position Of the
Omitted States in finance and commerce offers
a strong contrast 10 conditions prevailing four
gears ago. and it does not seem possible that
The people who are opposed to the very factors
which are responsible for this country's en-
sstabie position Will find Endorsement at the
SsoveInber election
The efnect Of the last Presidential election on
Cha oOuutry's industries is reflected in the
c1ange n security values in four years. It is
Interesting. therefore, to study the quotation
level OF to-day and that Of four years ago, when
Organism was making strong effort to par
a1yze the nations trade and money. In the
following table the difference in prices OF q few
2eading stocks at the times named VIII illus
4raSe the growth OF trade and confidence In 4ba
last four years;