The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-09

The heat and the many uncertainties in
the situation have petrified the public and
the leaders are away on their vacations
and showing no disposition to do anything
And so the market grows duller and mar
rover and, at times, stops entirely, as ii
did yesterday afternoon more than once
for minutes together. The professionals
make the day to day fractional advances
and declines and the professionals and
those that follow their tactics are the only
ones that are getting any money out of
speculation. The outlook Is not rosy for
a change at any time IN the near future
The next small movement is likely 10 be
downward for number Of reasons which
are easily apparent. American capital to
the extent OF y25, 000 600 is to be invested
in British bonds, and the amount for home
stocks is to that extent decreased. The
outward movement Of gold is never a bull
lish influence on the immediate market
even when the metal is over plentiful, AS
Il Is said by 6nanciers 20 be at present
The magnificent Bryan speech Of accept
ance and the Republican leaders note Of
warning and appeal to the rank and file
Of the party are neither of them matters
that will tend TO lend confidence in Nc
Kinley's reelection. The Chinese situa-
tion is full Of difficulties and possibilities
Of disaster. Prices may go of = point or
two. Investors with view to the future,
rather than to any immediate profit, will
buy securities on any such reactions.
broker of experience and excellent
market judgment has this to say of the
professional character of present specula-
zion: THE market grows narrower and
narrower. The public is holding aloof from
speculation, and the professional character
Of the market grows more apparent every
day. 1t lie, however a safe market for
trading. for the reason that its fluctuations
are confined TO narrow limits, and the two
factors in the market are sufficiently well
matched TO make their operations balance.
At the present time, mechanical laws are
more potent than in a broad market, where
the influence Of public support frequently
overcomes Them. The rule of buying on
all recessions, and selling on rallies, is a
very safe one, at this time. There is very
little in the situation to cause any alarm.
The monetary conditions are Tot highly
satisfactory, because OF the great drain
On our resources which the English loan
will make. II must be remembered that
the drawing out OF this country of SIS, 000.-
00e in gold takes just that amount OF
money from investment in stocks, and its
absence is bound TO be felt more or less.
The campaign, Of course, is In its infancy,
and there are no signs that the public
will return TO the support Of stocks until
its issues are more definitely shaped.
Watch the course of Union Pacific and Su
gar very closely at this time: we think
both are purchases. We particularly like
Union Pacific. which we have every con-
ndence will sell at rs or better before
winter II should be bought on every re-
cession. Sugar is a purchase also, on
every radical recession Brooklyn Rapid
Transit appears to be due for a rally, and
we hear that the annual report will reflect
conditions more satisfactorily than those
which existed a year ago.
News yesterday was almost a minus
quantity. The gold shipments for yesterday
And today were estimated late in the after