New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-21
financial.
The Financial World.

fore election In anticipation OF Republican 80.
cess. or whether il going 20 drag alone -
til success was recorded; but it was 80
from the indications at the close Of the week :,
seemed more likely that the rise was - -.
before election These indications proved -
rect. The rise is coming before election r.
market has been advancing more or less g.
day since last Saturday. II closed strong -
terday. and with evident confidence on the ns-.
Of buyers that the coming week viii see furtbs-
advance. Not only have prices risen. bBt -.
trading has broadened out 20 an extent =.
gratifying it unexpected and this a.
spite the fact that loans. as shown by yastar.
days bank statement, were reduced over s1o
100000. 1t is natural. under such circun,
stances. that the bank people should feel w..
cheerful which they do: while the conanIzs,o
houses are also feeling good over the fncrsas.
in business
The market paid no attention to Mr. BRYAN,
visit. It was recognized that Mr. Croker b,5
given him a great reception. as he was expac,.s
to do; but It left the political situation NJ,
changed. except Mr.. Bryan improved II f,-
the Republicans by the character OF his speech.
especially that part Of them assuring Us thai
the Government wanted to build a large for
near the city to overawe
Assuming that the market continues "a "A
Il promises to do. we must be prepared to sac
good deal Of realizing done on the election r.
self; and some people. being lame. may start
little before the voting begins Looking ove-
and beyond. however. the temporary setback
which speculative realizing will assuredIy brine
on Bryan's defeat. we may anticipate a gradual
advance Of prices afterwards which viii equal
anything we have had in Wall Street since the
Spanish war
The rise during the past week has been well
distributed The heavy trading was in the rail-
roads, including the fractions: and among tba
industrials, in the steel stocks. On a general
average, it may be said that the railroads are
up from to 3 points; the fractions about
points; the steel stocks about points Thers
was large buying one day OF the vanderbf,
stocks. giving rise to reports that the Wander
bits were buying: but our best information IS
that the Vanderbilts are not active in the mar
ket at this time There are plenty OF Interests
affiliated with .,.em. however, which are Yes
terday's market had the earmarks Of Mr. Nor
gan on 1t. 1t was the Morgan buying Of North
ern Pacific on Friday and Saturday a week agu
which gave the tip. so to speak, to other people;
who thereupon resumed the buying which they
had temporarily suspended on fears OF trouble
in the money market.
The buying Of Union Pacific and Atchison has
been thoroughly good. Both preferred and COM
mon stocks have been in demand. Union Pa
cfflc common was up to 81 yesterday. There
ought to be five points IN this and in Atchison
preferred between now and election, IL the gen
eral market goes right. If it does not come be-
fore Bryan IS defeated. such advance may
be looked for sure after It; and some more points
on the top OF the five. For Union Pacific 20 has
already been mentioned as a conservative esti-
mate The stock is paying per cent, and earn
ing much more than that Atchison preferred
IS paying per cent and earning sDnething for
the common stock - IS re
The Southern stocks also ought 70 Co wen IN
any general movement the MARKET f0r Nhe
cotton crop and the big prices obtained for Il this
year. should increase the earnings OF all the
roads running through the cotton growing sec
lions Louisville and Nashville, and the Southern
Railroad, are already reporting considerable il
creases. although comparison is made with big
earnings last year. Cotton is king again this
year. and is making exchange IN the mos
gratifying way
In the steel stocks. the buying IS credited
mainly to the people who are in the trade-thar
is. the people prominent in the Federal Steel
and Steel Wire companies. These companies
are not likely to earn much as they did last
year, because the prices OF their product are
lower; but they ought TO earn enough 70 pay
their dividends. Federal Steel common ana
preferred. have been carried by the latest up
ward movement. above the Steel Wire stocks
The latter were the first to move, but the others
have made better running.
When the Vanderbilt stocks were on the move
with New York Central in the lead. quite Htts
demand sprang up for Lake Erie and Western
for Canada Southern and the Nickel Plates
This gave rise to rumors Of new deal coming
credited, of course, to Mr.. Morgan 1t was SAD
OF Lake Erie and Western that the stocks were
to be retired and a low rate bond given fof
them; another Lake Shore arrangement, IN tac-
on small scale. Probably the Nickel Platss
will some day be disposed Of in this way Ins
present division into first, second and common
stocks Is very unsatisfactory. Pennsylvanl@
and B. & o. advanced, with considerable trad
ing in them. The soft coal trade is the speciA
bull argument now on these latter properties
The money question which two or three WeeAS
ago looked as IL 1t might become very trouble
some. is solving itself in a way most saus-
factory to the bankers and others. To what eA-
tent one country has credits indebtedness
with other countries is always matter OF con-
lecture until the test is applied; and the oanA
people say it has been found now that at 'n-0
time our credits abroad are so large that vs.
can draw money as wanted Only slight ~
vance in interest rates here sufices to import
gold. 1t is only question, In short, whether .
any time it is more profitable TO let the money
remain abroad or draw it home AuslIaN~
and South African gold is coming here diee|
but it ia drawn through London Just the sane
merely being diverted en- route. With such a con-
dition of foreign credits. a squeeze in money =
considered to be out of the question rare
interest from, 4 10 6 rar cent is Suficleht y