New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-05
SEX Interest.
THE WEEK IN WALL STREET.

The stock market was not active last week.
All Of the Wall Street markets were quiet. and
with the exception Of a furry in call money
rates on Friday the course Of business was
without important incident Declines in stocks
took place on several days, but losses made
were small and not significant. Evening Of con-
tracts. selling by people who did not care to
carry stocks over the election and quick turns
by professional traders on both sides Of the mar
ket made up the bulk of the Stock Exchange
dealings Substantial interests were not active
in the market, while the general public showed
no disposition to buy securities, save for invest
ment account. Indeed leading commission
houses advised their customers to stay out of
the market and in many cases speculative
operations would only be undertaken extra
large margins Caution rather than fear in
spired this attitude among commission houses.
Caution practised by customers and brokers
because OF election uncertainties, but the conf
dence in favorable results tomorrow remained
unshaken The belief in financial circles that
President Mckinley will be reelected
hected last week in the refusal Of owners Of
securities TO place their holdings In the market.
in the ease with which borrowers found banking
accommodation. in the scarcity of Bryan money
in the betting market and in the general cheer
fulness in all quarters Of the Street.
The bear element is naturally talking lower
prices and urging people to sell stocks, but it
has no confidence in the bear outlook. If Bryan
should be elected the bears would find difficulty
in counting their profits. Operators for q de-
cline however are not looking for Bryan's cleo
tion their expectation OF lower prices being
based upon the belief that Republican success
will have only temporary effect upon prices
and that the market will suffer a material de-
cline before the end Of the month. 1t is con-
tended by the bears that prices are high. and
that A vast number Of holders will take profits
Immediately after the election. Then it is point
ed out that McKinley's election four years ago
followed by only three days Of advancing
values, after which a decline took place. Con-
ditions far different from those prevailing
in 1896, and fair basis of comparison can
be made between the two periods. Prices may
decline from realizing sales, but there is moth
ing in the argument that declines must take
place because Of the current so-caued high level
OF values. Based actual worth, general mar
ket quotations are not dear. With Republican
victory there will be no sound argument for
lower prices and unless unexpected develop
nnents arise declines will most likely be confined
TO speculative reactions.
Call money ran UP TO 20 per cent last week.
but the rate was artificial No one was fright
ened by the advance, and SPECTATORS COM
pairing the quotation with the 127 per cent level
at the same time four years ago. reasoned that
the chances Of Republican success, as reflected
in the money market. were six times better than
they were in 1895. The supply of money at this
centre is not large enough at the moment for q
huge bull speculation in stocks but there is
nothing in the monetary situation that should
prevent a gradual appreciation in securities
values. Moreover, the prospects are promising,
for steady gain in bank holdings in the rest
Of the despte the hat Sat
misleading bank statement showed a small de-
crease in cash and surplus. The known move
ment Of money in the week was in favor of the
local banks. and reports from the West and
South indicated practical cessation of the de-
nand Tor currency Further gold imports will
be made If the situation needs this kind Of helm
and foreign exchange conditions may force addi
tionaI shipments. whether not the metal is
required here There will doubtless be a sur-
plus supply Of exchange in this market for sew
eral months and bankers wondering how #
is to be absorbed If a Swiss Government loan
should be offered here a months supply Of SIR
plus exchange would doubtless be taken care of
The important investment news of the week
was the declaration Of an extra dividend of I
per cent by the pennsylvania Railroad Com
pany. 1t should be noted that the regular rata
has not been increased, and that the companv
makes the extra distribution because the earn
lnBs "arIanL the payment An extra dividend
at this time by Of the greatest railroad
corporations IN the country means that the
company sees nothing ahead but prosperity, and
that the best railway men in the United States
are confident that Mr.. Bryan will be over
wkelmingly defeated on Tuesday.
II is believed in Wall Street that Pennsylva MIA
stock will sell level with Chicago and
Northwestern before the end of the next calen-
dar year. The cheap Industrial and railroad
stocks are being absorbed by a good class of
buyers, and the steel stocks in particular are
being taken for big speculative profits.