New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-10-12
MONEH ANU RESINESS.

Wall Street. commonly understood. consists
Of many thousand intelligent and practical bust
ness men. capitalists railroad men, bankers. in
surance and trust company officials. brokers and
produce operators and their clerks and assist
ants In time like this. when all business IL
waiting and circumstances deter most men from
ventures Wall Street actually consists az few
hundred light wasted scalpers AN room traders.
who gamble with small means FOR small profits.
The eighth hunters" as more substantial trad
ers call them. have In tlmorous times what may
be mathematcally termed the second or third
bower OF "A scare: a little afraid Of themselves
more afraid that somebody else may be scared.
and much more afraid that somebody else will
be afraid that somebody else win be scared Ac
cordngy. apprehensons multiply like rabbits In
Australia, when the strong men are not In the
market enough to make common sense prevail.
Probably there Is no one In Wall Street who does
not expect Mckinley TO be elected. Some people
there are hunting for chances to bet four 10 one
that he will be. But the same mon when they
think about stocks spend their time considering
what n frghtful business II would be II by any
accident Bryan should be elected
II IL necessary to remember that on Monday.
August 10 just before Mr. Bryan spoke in Mad
son Square prices OF sixty most active railroad
stocks averaged only $40 81 per share. the low
est for about eighteen years, and prices of trust
stocks only Sil - per share and the recovery
began before his dismal hasco. Strong men
made up their minds that the war on public
honor and prosperity was going to be beaten.
and bought so largely that In five days 1.2OO00
shares were taken al rising prices. and that kind
Of buying was repeated after the election In Yer
mont and again when the light wasted people
| realized profits after the election in Maine. and
han hoo i'm NJ
financial outlook for the fall entirely clear. Thus
prices had advanced by October | nearly ST
| per share. about II per cent. and 1t Is not
| the strong or long headed men who have been
| taking profits and scares alternately ever since
| From an average of SIG o. railroad stocks have
| dropped to SD % and trust stocks from SiI :'3
| to Si6 81 and the men who have strength and
| sense would not be distressed to further
| decline.
| or course railroad earnings decreased. accord
ing to THE Financial Chronicle" less than half
| of per cent for September, though it's statement
includes Canadian and Mexican roads with large
| gains and these deducted. the United States
| earnings were S37 ,91O.3SO. with decline of 1.jI
| per cent. Duns Review" reports United States
| earnings separately as S:'S tlo3lS for September
| a decline OF l3 per cent from last year and TO-
| from 1S.,c the last year of full bu mess These
|
| the rate-cutting this year on some Western and
| Southern roads which has reduced earnings
| more than per cent. The volume Of business
| done through clearing houses is II per cent
smaller than last year in October against ID
| in September and is 1JS per cent smaller than
| I'm October 1892 against 2:iJ I'm September
| showing less severe shrinkage this month than
last: but the heavy decrease in prices. about "a
| per cent since 1892 makes a difference In amount
| of payments. On the other hand, the increase In
population, J.9OO,WO. or . per cent In four years
| IL also ignored
| The factor which should give most encourage
ment Is the rise OF about cents In wheat. an
| swering a strong foreign demand. No one would
have supposed that wheat would be shipped TO
| feed the Punjaub. in India, but cargoes OF 10000
| tons are already on the way from California The
usual exports from India to Europe will be cut
Of and In August We're not sixth of the usual
quantity and foreign estimates are that Euro
pean supplies from Russia, the Danube and
other countries than the United States wil! be
reduced about 150OO.OO0 bushels. The Atlantic
shipments to Europe-over 30 per cent more than
last year during the past quarter-are also a lit
tie larger in October. and measurably confirm
J the estimate. Western receipts In October have
AAAa nrAntinaiiy iarKa ~ In ne aAmA days