The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-10
Wall Street Glad That the Gold
Democrats
Are Going to Nominate a Sep
arate Ticket.
WILL INJURE BRYAN
Says Henry CleWs, Broker and
Politician.
Stocks Are Stagnant and Stock
Gambling Suspended.

New York, Aug. 1O.-Henry Clews is
sues the following circular from his
Wall street office:
The condition of affairs in Wall street
remains more or less Stagnant. Pubic
movements have reached a stage OF de-
velopment which scarcely admits of
anything but a large abstent1on from
operations. The convention phase of
the political excitement has passed its
elimination. The issues are maze up
and the candidates are chOSen-The hrst
shock of the Chicago convention and
POpulisitc platforms and nominees mas
had its more acute effects, in which
those factors have been discounted at
their worst The time for surprises is
therefore about past, and attention IS
now fixed upon the developments OF the
ante election canvass and the probable
tiles of the November vote This is not
exactly a stage for alarms, but for OBJ
servation and deliberations; and most
people are disposed to postpone opera
lions for the present at least.
So far as respects investments, hold
ers have already submitted to heavy
losses under the recent decline IN pr1-
ceS 1t is quite likely that they may
regard the present shrinkage as COM
mensurate with any adverse circum-
stances that have happened or are rea-
sOnably likely to happen; and for that
reason, in the absence of new threaten
ing factors, there seems to be q fair
probability that, as a rule, investors
will hold on to their stocks with some
when important matters now in sus-
pense will become accomplished GER
tainties. In the meantime, Wall street
is disposed to a reaction from its mood
of continuous excitement. The growing
stagnancy affords an opportunity for
operators to take recreation; and the
arena of financial and political discus
sion is transferred from the stock eX
change to the corridors of the rural
hOstelries. All this is conducive to
quiet. A few tiTnid holders of securi-
ties are still selling in moderate
amounts, which easily affects prices I'M
favOrably; but the cessation of alarms
is likely to bring forward others who
see in such realizings favorable
chance for buying back stock which
they had sold at considerably higher
prices.
As to the influences outside of politics
they have passed into a distinctly more
favorable condition. The London mar
ket for our securities has been much
steadier under the rights that have af-
fected our market than might have
been Observation-Disclosures that foreign
investors find reasons for confidence
which have been less appreciated at
home. The transfers of gold to the
treasury by the banks, and the wise ar
engagements of the foreign bankers for
warding off exports OF gold have placed
the treasury in a position of safety
against drains of gold for sometime to
come; and although these ameliora-
lions are to some extent temporary, yet
they ward off causes of disturbance for
a period long enough to admit of a re-
turn of calm and of making arrange
ments that will protect the future. The
suspension of gold exports thus effect
ed, will also have the result of checking
the tendency towards Stringency in
time loans, and viii enable the banks
the more freely to accommodate the
demand for currency incident to the
fail crop movement. Another whole
some factor is the halt in the southern
railroad war, with the proba ability that
the intervention of the court may result
in a satisfactory settlement of the de-
structfve hostilities between the COM
panieE concerned.
The drift of party movement is
tending rather to a1lay than to en-
courage public distrust. It is now
clear that there are to be three parties
in the field: the Republican, the Demo-
Gratis proper, and the POpulist-Democ-
raey The first impression produced
BY this new party distribution was
that 1T would be unfavorabIe to the
chances of Mr.. Mckinley and the
sound money cause; but the second