Wall Street is spending its energy in talk; of action there is practically none. Total transactions on the Stock Exchange last week fell short of a million and a half shares just about the average per day during the corresponding week of last year.
With this dullness there is irregularity in quotations, those stocks which are most conspicuous showing not unnatural weakness through lack of support. Only the room traders of the Stock Exchange seem at all interested in the market’s immediate course seem to be almost the only interests disposed to operate at all. Of outside business practically none shows, commission house brokers being almost uniformly outspoken in advising customers to wait for better opportunities than now offer- their view not being so much that quotations are likely to drop as that there is small prospect of early gains. The situation differs from the apathy which comes not infrequently in midsummer, for financiers who then enjoy vacations are now continually at business. And this fact induces confidence in quarters where it is insisted that current quiet in the market will be soon followed by an activity to result from plans now being perfected by interests which see advantages in holding the market in check pending the accomplishment of important corporate purposes.
While Stock Exchange business stands still, all Wall Street drifts into philosophy, ofcourse; and the financial district crowded with theories as to what this, that, or the other possibility may effect.Of topics most in view, the British-Boer war cuts the largest figure. According to the professonal logicians who supplant the ticker, the course of events in South Africa must be consequential in the making or unmaking of values here. In the early stages of this foreign war almost any development in the Transavaal could affect our market; but it is different now– as was indicated by the utter refusal of Wall Street to arouse when British victory was proclaimed on Thursday, and as was indicated on the day following, when British disaster was the chronicle. Neither successes nor rout brought other than the feebiest response.
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