The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-09
STOCK MARKET GOSSIP
Tenor Of Wall Street Opinions Re-
gardius the Outlook.
BuIiish Effect of the Democratic Con-
NentiOn During the Pnst Week
action LIS Duc-Bu!inS for lnSc>t-
mcnt Continues ON n Small Scnlc.


NEW YORK. July S.-Thcre is much ii al
is encouraging in the stock market situa-
ton, for investors and spectators that are
willing and able to disregard the immed att
temporary fiuctuation of the ma. ket. sc
much cannot be said for those that make
small speculative ventures Oh the iong sid'
at the present Level of prices advance
more or less fctitiously by the R pub. ic.. nj
during the past week. In other words, II i
to be expected that there will be imm MS
advances in prices in the course OF the Lex
few months but the immediate future i
very much in doubt, with chances fayo. M
the downward tendency for the carly par
OF this week. or So at least. read the BIS
critics OF the market in New York arc
elsewhere.
Bryan is the Democratic candidate and
the Democratic platform favors '4t to 1.
Therefore, said the Wall Street Republicans
last week, buy stocks, for Bryan with this
platform has even less chance tnan ne
would have had on some other patio m.
The faultiness of this argument may be-
come apparent later. Wall Street when II
thinks over the situation will at Least be-
gin to fear that the thing is not an abso-
Lutte certainty. And uncertainty in Wal
Street is more than half the battle for the
bears. Such being the political situate n.
Il is certain that the Chinese trouble es
not improve London seems likely TO sell
- snrnn IL
feet of this may have bad effect on the
New York market Some traders look for a
strong market at once but their number is
limited.
The reasons why investors should buy
securities on every recession have been told
many times Railway earnings are large,
there are excellent signs of Improvement IN
the steel and iron situation, the coal roads
are prosperous. Prices are relatively very
low compared with dividends and earn
ings.
Activity has not marked the weeks
course of business. Market values rose on
relatively small transactions, many of the
stocks benefiting most having been least
largely dealt in. This seems to evidence
an exceptional scarcity of stocks in the
street" For a long time past it has been
insisted by believers in the market that
securities were being bought and paid for,
taken away from Wall Street. and the sit
uation thus materially helped. there being
left no large volume of standard stocks
which could be forced into liquidation
through the springing of manipulative
traps and scRres.
. Other testimony to this fact appears in
the difficulties met by borrowers of stock
Tor delivery against short contracts. Much
for months past has been heard of the
nf oh init ha
fact that many stocks could be borrowed
only by paying premiums has been freely
quoted as proof that the market was
heavily oversold. Yet it is probable that
this sign has been less certain than in
former times was the rule, for with
Stocks absorbed and taken by investors
away from Wall Street, the diminished
supply of loanable shares produces a sit
uation wherein borrowing demands much
less than formerly could have effect upon
loan rates. None the less, a short interest
Of size throughout the whole market
hardly any conspicuous market being free
from it, has been amply in evidence And
the operations of this short interest had
probably more than any other element to
do with the strength Of the past weeks
market. This short interest has reHre-
scented chiefly the commitments of rela-
lively small traders.
No really Important operator has been
discoverable in recent activity upon the
bear side: but the room traders have
largely fiocked together in making short
sales. and they have had followers among
those lesser spectators who hang around
Wall Streets tickers AS a matter of fact.
not only have influential operators not
been active on the bear side, but there
has been no sign anywhere Of disposition
.la 20 E,,.a- ,a;1
touch the market in any way-those whose
interests are biggest as holders of Sc
curities being apparently content to make
the current season complete vacation
time
The list OF vacation takers grows longer
In it are most of the effective names of
Wall Street. Mr.. Morgan is home, Mr.
Vanderbilt is here. but neither seems Of
fcially to be undertaking new commit
ments, scarcely needing, apparently, what
the market does. To the vacation roll are
added now the names of Mr.. William c.
Whitney and Mr.. Thomas F. Ryan. Their
trips signify. No other financiers have been
more active. none having in hand matters
Of greater consequence. That they are
finally able to take vacations indicates the
successful comoletion of transactions far
out of the ordinary. Mr.. Whitney sails
ioS Europe, MT. Ryan. as tne guest OF nlE
friend, Sir William Van Horne. traverses
the Canadian Pacific. Vacation time for
soeh alert and active fnanciers can be re-
garded. however. as but preliminary TO
harder work. closer application, and larger
accomplishments for the future. And In
fact Wall Street is really to be felicitated
rather than sympathized with over the
tact that So many Of its foremost workers
are making use Of opportunities in wealth
er like this 10 rest In preparation for buster
times to come.