The sun., 1897-10-13
VOL. LXV.-N0. 43.
THE SPECTRE OF SOCIALISM
HENRYG EoRGEASDB BRTANIsM GIVE
BUSINESS INTERESTS 4 CHILL.

TO Dccltuc-Condutonu OF One year ago
Repented-Thc Enort TO Split tho sound
Money Party in the Interest OF Lowe Po-
IiticaI Aspirntions-Net the Time for senti.
mental Pel,tics or Sentimental Votinr.
Tho possibility that the Populistic movement,
with Henry George at its head, may bc success
full has given business interests q chill. Ever
since 1t became apparent that Mr.. Lows polit
ical aspirations would split the party of sound
money, and particularly since some OF his ad-
mirrors made an open deal with the boss OF the
out.and.out Bryanites which confirm suspicious
of an alliance between the two, the market for
securities has declined
Securities OF all kinds were sold on liberal
scale last week when tho Henry George on.
thusiasm was at Its height.
Toward tho last of the week. when 1t was
realized that tho four-cornered fight might re-
suit in the election OF the Tammany Hall ticket,
with its array OF candidates who voted for
Bryan year ago. tho holders Of securities and
prospective buyers Of them took fresh alarm.
The situation ON the Stock Exchange. where
capital always expresses its fears and hopes.
has gradually become moro uncertain until yes
terday afternoon. when the selling was more
pronounced than at any time heretofore and re-
suited In sharp and important losses tor nearly
every stock and bond on the list.
The substantial buyers of securities. and the
actual holders OF them fear that the split in the
sound.money party may result either in the
election of George. the Bryanite, or Van Wyck.
the standard bearer OF the local organization
that welcomed Bryan with open arms year
ago and fought day and night for his election.
Those who have saved money, whether in
large or small amounts. now realize that they
acted wisely in laying aside their party afilin.
tions year ago and voting for sound money
All 80 81. l-ll. 81,
have saved, whether they have been intrusted
to savings banks. invested in securities, or
risked in business ventures. are worth as
much as thcy wero year ago. Because
of the decision which they helped to arrive at
last November, their money Is yielding them q
satisfactory return, and, what IL even moro i'm
portant, the principal is safe. They also realize
that tho certainty of their income and
the safety of their various investments
Is dependent upon tho continuation and
the permanent establishments of tho pres
ent monetary standard. The great majority
OF those who save are still working, and they
realize that tho number of people employed il
much larger than year ago, when the question
OF maintaining the present standard of values
In this country was In doubt They also know
that wages are higher and that tho profits from
trade are moro satisfactory than they were Q
year ago.
This condition Of affairs Ia largely responsible
for tho improvement in the prices Of securities
that took place during the summer and In the
early autumn. Other causes have contributed.
among them abundant crops and an extraor-
dinary foreign demand for breadstuffs. Those
favorable Developments might readily have been
moro than counternoted BY tho adoption Of q
silver dollar. worth less than half Of Its
face value. a. the standard currency of the
country. Tho plain people Of the country. az
Lincoln was won't to call them. showed their
common sense at the last election. and the only
disability of disaster now 10 that the voters OF
Greater New York may permit alleged local
Issues to cloud their vision. Tho market that
IL most susceptible to every change In con
dition or In sentiment namely. the stock
market, Is now rehecting that fear. Specula.
tion is, OF course, an important element In thai
market, but 1t never has and never can overrid,
underlying condidons. II those who contro
large amounts Of money. whether they be indi
vidual capitalists or the managers of saving
banks, are confident In making their invest
ments. whether for themselves or for the benei
Of the tens Of thousands Of depostors for whom
they act, no combination of nero Stock EI
change speculators can unsettle values. II, OIL
the other hand, those referred to become appre
hensive. and consider IL wiso to await develop
ments. as at present. they by force Of circum
stances arc compelled to permit tho purely spec
ulative element in the stock market to take sd
vantage of q possible disaster.
Tho above statements tho accuracy Of whicl
no intelligent laporing or business man can sue
eessfully challenge, explain why there has bee
constant decline in prices on the Stock Ell
change during tho last two or three weeks an
why there was an absence Of buying power a
the extreme decline yesterday afternoon.
may seem remarkable that o municipal electio
ahould aeaume the iUnortancA of tho nraaen
one. but broad-minded and farseeing bushes
men perceive that the Bryanites, whether unde
the lead of George or Of Tammany Hall. are ben
upon making political capital out Of an electio
In which more than half . million votes viii b
polled.
1t is also perfectly we'll understood in certai
quarters that Mr.. Lows candidacy 10 regarde
by himself as but = possible stepping stone u
ward the White House. For that reason he
apparently willing to split tho party to whic
he once belonged, and even place In leopard
tho maintenance of the gold standard in th
United states This In the minds of many bus
ness mon is the worst feature In tho preser
campaign.
In many respects the business situation
similar to that of year ago. Exports of me
chandise are largely In excess of imports, as the
were then. Gold is being imported from EuroI
In payment OF a trade balance favorable to ii
Cniteo StAtes' yet not upon as large scale as
year ago; for at tho end OF October last yet
nearly $2s00o.O0O gold had been importe
The money market. however. was stringcI
the creator part Of tho month last YET
because OF fears that Organism might be su
cessful at tho November election. Railwa
earnings were not as satisfactory as at preseI
because business WAS held in check by the q
tivity in the money market and by fears thi
the party which is now locally represented
Henry George. and which then had the open c
operation of Tammany Hall, might be success
ful at tho national election. The situation,
FAR AS business interests arc concerned. is tn
those who through their savings are able to su
ply the money for tho conduct OF business al
the DEVELOPMENT of enterprise are waiting to 3
whether the voters OF Greater New York w
assemble themselves on election day under Il
leadership OF the only candidate who stands (
the same sound.money principles thnt Mera IL