The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-13

New York, Oct. 12-Of the many
problems now being studied by finan-
ciers, stock operators and others who
study ante election indications, closely,
the most interesting is the steady and
further decline in the price of silver,
which today touched 65la cents an ounce
for certificates and 64ss for commercial
bars, against 64A. the last quotation
being the lowest price of the year. This
decline was partially due to similar
drop in the London market and was also
influenced by further delivery of certi-
tlcates and liquidation on the part or
the big silver pool which was formed
last summer, when 1t was supposed
that Bryan might have a chance or
election. In such an event silver would
naturally rise in value in jumps and
bounds.
While silver declined wheat remained
strong at the highest figure with a good
demand from abroad, and consequently
more rnld imports in prospect The ac-
tual amount of wheat on passage in
creased 2,72OO 900 bushels over last week.
From various estimates 1t Is figured
that fully $4,000, 900 in gold will arrive
here or been in transit on the Atlantic
by the end of the week. The announce
ments To-Day were of $500,O0O gold sold
by the Bank of England in American
eagles for export ana $l25,OOO consigned
to Muller, Schail & Co.. which is now
en- route here on the steamship 1umuri,
from Havana.
The amount of gold imported last
week was S2,213.296
AT the opening of business today the
treasury gold reserve amounted to
$l94. .250,O46. 1t was also said that the
IL Il h.. If
on Saturday decreased to $99.6OO Most
of this gold is said to have been with
drawn for boarding purposes.
Under these conditions the average
layman might naturally be surprised
that the predicted boom in the prices
of stocks in anticipation of Mckinley's
election. would follow. 1t did not and
the causes assigned were various.
BROKERS' OPINION.
One well known broker. whose Opin-
ions are always the result of thought
said:
while my natural position in the
stock is that of bull, | have not be-
lieved since the Maine election that the
market will discount McKinley's cleo
ton until the day after election. There
is large speculative interest in stocks.
and outside buying or selling is not
ing orders, and the general tendency is
to watch and wait. But of one thing
we may be certain. If Bryan's elec-
tion was in any way fOrecasted prices
would not he within an average of ten
points of where they are. Every one
would be rushing to buy silver and get
rid of stocks. Are they? No.
THE market is also largely affected
by various separate conditions. There
are rumors affecting Chicago Gas,
Sugar, Manhattan and various rail-
roads which cannot yet show an in
crease in business due to the grain
movement.
"The coining of still more gold has
little effect on stocks, | believe, be-
cause of the high rate of interest. Per-
sons argue that gold is flowing here to
be loaned: but they do not conside!
that every dollar sent by Great Britain
or Europe for that purpose is an evil
dence that foreign countries are con-
WINGED that their money is safe here
and that we are in no danger of rspu-
diation. To my knowledge prominent
"a very prominent banker-cabled to
his European correspondents last
week that McKinleys election is as
sured."
Other financiers argued that the stock
market was quieter than might be ex-
pected owing to the spirit of timidity
which tempts the boarding of gold.
They said that whenever gold is at
premium, however slight, stocks are
invariably depressed.
Even with these causes for advance
ment or depression the stock market
grew stronger as the day advanced and
held its own fairly well.