New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-23
TnanriaI.
The Financial World.

risk Of short selling this market. as 1t Is now
conditioned seems cut OF proportion to the
chances Of profit. There are weak spots in Il,
which in all probability will continue weak
but they are the exceptions. With the Septem-
Der set back, which comes 10 all summer bull
movements with almost the fxty OF the calen-
dar, there was plenty Of selling The market
fell from seven 10 ten points Tor the majority
OF the leading railroad speculatives and in the
industrials there were much larger breaks. This
exhausted the public selling. apparently We
have fallen into that condition Of dullness which
inevitably marks the end Of the speculative
movement preceding II. Therefr re 1t seems poor
policy non to sell, unless the seller should be
convinced there is something ahead which win
start fresh public liquidation
Is there In some Of the industrials. and per-
haps in the anthracite stocks there are cond!-
lions which may cause more selling but In
other departments Of the market, where are
they? The fact that business con the Stock
Exchange) is dull, and the public apparently
indifferent is no argument against an advance.
The dullnes5. as above explained, marks the ex-
haustion Of the previous speculative movement;
which. since the early part Of September; IN
fact from the date OF the disappointment over
the St Paul dividend. has been downward. II
the crop output were poor. II our export trade
were diminishing. with prices for our export
articles falling as the result OF IT, II We were
heavily in debt. and Europe drawing money
from us on the adverse trade balance II the
weekly clearinss showed a shrinking condition
Of general business; If railroad earnings were
making unfavorable comparisons with last year
II the elections threatened the stability Of our
currency system: then the short side q the mar
ket would be the winning side. because II as
suredly would be that the next outourst 81
speculative activity would result from another
movement OF public liquidation
Now the facts are that things are Just the
other way. The wheat Outturn IS large the
corn is fair though less than In good years; the
export demand for wheat is enormous. and corn
is going out also in quantities large beyond All
precedent; the prices Of these cereals are adj
yancing because Of this unusually large de-
msnd; all the western roads are reporting in
creased earnings over the large earnings 81 asst
wear. though all the eastern roads are not;
money is easy: and weekly clearings increase.
There is nothing in this to start public selling.
The cause Of the eastern roads showing
poorly in comparison with the western, the
New-York Centrars September quarters report
being a case in point, was referred to last week.
II is (apart from rate cutting), that the pros
neritv Of the West which came from the og
,vboat crops and the high prices obtained for
them. has not spread to the East yet sufficiently
"a set the local industries along the lines o'
roads into full activity. Through business IS
abundant: but the bigger money Is In the thou-
sand and one contributions Of local trahlc from
either side the lines Nevertheless. there never
has been period yet when the prosperity x
the erea, AGRICULTURAL sections did not eventu-
aI,v spread TO the manufacturing sections, thst
"a from west to east. The movement Is never
from east 10 west-for the reason that our
manufacturers supply in the main only nome
CONSUMPTION. while The agricultural sections not
only furnish the home supplies but feed the OUT
side world with their surplus. The eastern
roads. therefore. are bound 10 feel the eNect5
Of the western good times before the current
fiscal year runs out.
T-ncertaintv as TO the elections beyond doubt
has contributed not a little 10 keeping the mar
ket dull Investors and spectators alike are
trihe scary since the Democratic party aoan-
doned itself 10 the silver craze. Inc Market
however. is slowly creeping up as election DAY
anproaches This indicates growing oeler
that the Congressional elections VIII turn OUT
all right; that is, favoraby TO the RepubhceNs
| Leading Democrats are perfectly well aware
! how Wall Street REGARDS the DeIloStdN'N P"'N'
at this time. and what would be the eHec's vi
the market OF a House Of Representatives. VIII"
Democratic majority. They would scarcely ne
BUYERS now If they thought such Halo''S
probable. But they are buyers.
II was noted last week that with the inter-
national trade balance it was. the market
anpAared indifferent 70 foreign complications
This was strikingly shown on Thursday when
cry
snAech of Sir Michael Hicks-Beach on the IA
sboda affair. We are getting very independ-
ont" was the comment of a leading banker as
y, SOW how the market advanced in the face OF
tbss. low ouotations Despite the hullaoaloo IN
nortions Of the French and English press wan
street refuses 10 believe that war is possible
mr. rather IS probable. between England anu
Erance II Is believed the French Government
will acknowledge that France has no case 10.
u ia obvious that II Kitchener had not Wlpei
ont the dervishes, the dervishes would nave
annihilated the French expedition
Coming down to specific movements OF S'ooAS'
II Will he seen that while the granger s'ocNS'
and mos, other railroad shares are creeping up
there have been the usual erratc movements -
| the .ndustrials Tobacco rose over hNe POM.
Yesterday. 10 100. A to Sugar, the SITUATION u
,he trade which is reflected in the movements
Of the stock is simply this The American 'o'''
nanv or Trust has turned out an average =,
/ az 600 barrels daily. Before the AroucH'r anu
Dorscher refneries were built. II had 10 Ie'NV'
| only with four outside refneries. VIZ 'he ~
we're the Mccain. the North River anu "a.
Mollenhoeur with aggregate production -
| about 800 barrels daily. with THESE e0'
along in the most friendly way the Af'e'''a''
Company fixed the price for sugar anu VI.
small fellows never cut under thunder pal" u
castigation. Nor did they attempt to increas'
their output-under like penalty. "her Nv
demand for sugar fell off and prices deol.'eD'
# has been the custom OF the American 'o"''
] nanv 20 let the little follows have the maINe1'