New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-22
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The Wall Street markets showed further i'm
provement last week Stocks and bonds were in
better demand at advancing prices, large gold
import engagements eliminated all fear over
the possibility OF disturbance in the money
market. while a lighter demand for cur
rency from the South and West add
ed strength to the money market stu
alton Wall Street sentiment was decidedly
cheerful. The practical settlement OF the coal
strike the end Of the gas war in Chicago and
the growing confidence In Mr.. Bryan's defeat,
together with the easier tendency in money
rates induced active speculation for higher
prices and caused a notable increase in outside
interest In the market. Prices advanced on the
DEVELOPMENTS of the week ard further improve
ment was predicted. Values. however, now ap-
peal to many operators attractive for sales,
and at the close Of the week some traders took
the bear side on the theory that gold imports
would not continue and that the favorable de-
velopments in the situation had been more than
measured by the advance in prices and that
Republican success in November had been dis
counted 1t may be well for intending buyers at
this level to pay some attention to the arguments
just outlined. A big short interest has been
covered. many large operators have sold and
reaction is not improbable
As the time for election draws near It is pos
sible that some spectators will not care to
carry stocks over November g. Indeed, In last
weeks market heavy realizing sales by big
men wero recorded, while .some important In
vestment interests were said TO have reduced
their lines materially on the advance Sales.
however, were absorbed by a good class Of buy
ers, and, while the small public operator was in
the market to some extent, his transactions did
not result IN placing stocks in weak hands.
Strong men bought stocks. II buying this week
is as good II last week q material de-
cline VIII hardly be possible. But the strong
interests that bought last week may now have
all the stock they care to carry, and traders
may therefore be able to force the smaller hold
ers into liquidation. Further bull ammunition
may be needed to sustain prices at the current
level AT the moment new bull arguments are
not in sight. Additional gold imports do not ap-
pear probable, and active public buying at this
level with the election so near at hand, is doubt
full At the close Of the week selling for the ac-
count of Mr.. Keene, Mr.. Wormser and other
powerful spectators was noted, but sentiment
in commission and banking houses continued
bullsh, brokers advising their customers to pur-
chase stocks on all reactions. A factor in favor
of prices maintaining their improvement is
found in the failure of realizing sales to offset
the pressure OF new buying. The buying came
from people who not in the small margin
crowd.
The money market is on the mend, but ag-
gressive bull speculation at this time might
cause a higher range Of money rates. Surplus
above legal reserve stands at amount suffi-
Gent for ordinary requirements, but 1t is hardly
large enough to finance a big speculation in
stocks. The chances do not favor further gold
imports at the moment, but the demand for
funds from the interior has fallen off to an ex-
tent that warrants the belief of gradual in
hanl hO1d
TO be no reason for uneasness over the money
market although an easy market may not de-
velop for some time TO come Money should be
In good demand throughout the fall. If Presi-
dent Mckinley is reelected the demand for
money incident to trade expansion viii be heavy.
If Mr. Bryan is elected there may be a big de-
rnand for money from people who would rather
hoard their funds than leave them in trade or in
the banks. The fear of Mr.. Bryan's election four
years ago caused gold boarding and a gold pre-
MUM His election would have caused a panic.
Conditions this year are far stronger than they
were four years ago and better protected to
stand the shock Of Popocratic success; but they
Will be materially weakened nevertheless If Mr.,
Bryan goes TO the White House. Fortunately,
the country is alive to the danger Of Bryan sue
cess. and current indications point to big Nc
Kinley victory Wall Street betting seldom fails
10 indicate the way the wind is blowing.
Railroad earnings commune ID SNOW hano'
some results as compared with a year ago, ex-
ceptions being due to special causes rather
than 10 developments affecting the general
situation While trade reports indicate some
besitancy in business, owing TO the political
campaign, many important lines show improve
rnent and the outlook as whole is extremely
satisfactory. It may be said that trade is un
usually active for a Presidential year, and from
this condition Of affairs 1t may be correctly In
ferred that the business Of the country
are convinced that the election will not up
set the existing favorable position Of the Ma
tions industries. Foreign trade reports show
enormous exports from this country and
constantly growing Of exports over i'm
ports
Exports Of merchandise IN September were
r. value s5,747,533 larger than in the same
month a year ago. while imports were ST., 149.
90 smaller than in September, 1899 Imports
were also lighter IN September than in any
Ssseafh Of the year, but exports the heaviest
M any month since April Total exports were
- value E1I5.634.210, the excess over imports
sezne 1901 .204 against S39174,712 in the
saE1e month last year and $42 1S9 $50 in 1898
EoF fls nine months Of the year the excess OF
ezgoFfe oyer imports has been S407 224 S95
compared with $316.575, 102 in the corresponding
EeFtoc q year ego. In the nine months ended
k<,sfeF.5.s-r IE9a. total exports Amounted ir