Evening journal., 1900-09-10
HOME CONDITIONS
Arb FAVORABLE
Investors and SpeCulllOfS in
Conservative Mood
FOREIGK SITUATION IMPROVED
Stock Market Stimulated by Vermont
Election Returns But Wall
Street Is Quiet
FORETGK SITUATION IMPROVED
snoclal 10 lne nvenIng IournaI.

speciai 10 the Evening journal
New York, Sept. S.-August proved
dieappointing month in regard 70 Dne
volume Of business on the STOCK IA
change: the total transactions peihs
the smallest Of any month IA seNeiai
vears What September Will bring
forth remains TO be seen, Tot po'h ia
veetors and spectators continue IN al
eonscrvative mood because OF the po-
liti,aI uncertainties both at home ana
abroad While these remain neither
bi,ers nor sellers are anxious 70 take
m initiative: the majority cf SINAI
oparators being chiefly influenced pyl
the probabilities OF the home elections.
-rle first Indication. Of tho course OF
hnlflr viii come from some Ct me eN
nnriana states which have eieellohs
elssa IA hand. Should these not CASE
a4,noint eXnectaUOus ln regard 90 tnei
.ntn,d moncy vote. the result 0ugnt tpl
be hnirnfl TO the Stock Market yet *
would he premature to anticipate I'D 7
result at barge upon the returns iiom
stcticn which is inclined 20 cons 'fa-.
hsm and usually changes but iltlle
fghe chief interest in the election Will
hq the news from sections Whcit tAol
silver craze waxCd iierCest lCuf years
ag8 lt will not be so much the de-
fesf OF the Silverites which by many
is regarded as a foregone conclusion,
as The growth or decline OF the SOUND
money vote that will influence values
of siocks and bonds. Should the sound
money vote not prove as large as iour
years ago il will be distinct disap-
poiutment and impair confidence in
bus ness circles.
The foreign situation has decidedly
improved. The Chinese question is by
no means settled, but the chances OF
disagreement between the Powers have
been greatly diminished by the opposi-
zion OF Russiat the dismembefment II
China. SO many conflicting interests
and forces are nt work however. that
enma tmn may elanse before this
element of disturbance win be remov-
"a. tension in the foreign money mar
kets apneara 10 ho less severe than sev-
orM weeks ago. vet London ia likely
to renew her demands upon us for eold
at any time. Supplies from the Trans
vaaI are still held back by the wal nut
fortunately the United States can
readily supply considerable sums OF
kcld In Wow of cur present largo stock
and the liberal receipts from various
sources Outside OF the possibilities OF
tne Chinese question there is nothing
in the foreign situation likely to have
any important adverse effect upon this
market.
Hence conditions are generally ia
vorable. A good harvest is practically
assured, and farmers are making good
profits better in fact on the average
than for many years This is true OF
cotton as wen as OF wheat, corn and
many other agricultural products A
striking fact Is that while there are
fewer "booms' in progress than a
year ago. and some lines Of business are
making very moderate profits COM
pared with 1899 yet prosperity Is more
evenly distributed and all classes are
receiving q more equitable share than
then. 1t Is many years since the coun-
try had witnessed so little discomfort.
this is demonstrated by the apathy re-
garding the antitrust issue. which In
times Of depression would prove an
inexhaustible source Of campaign
rhetoric. To-day it is almost a lost
issue; much TO the satisfaction Of tho
large holders Of the industrials. Goo.
harvests means a good demand for al
sorts OF merchandise this coming F'al
and Winter; this in turn means a gooC
westbound traffic for the railroads anC
continued employment for our mills
and furnaces. Now that iron products
are coming down to more reasonable
figures. enterprises which have beer
checked by high prices are being push
ed forward. confidence is again reviv
inl and as the process OF readiust
mcnt to the new level becomes morl
complete. the country is girding to
gefher for a fresh step forward. Hap
PLY the old hindrance TO industria
growth, overprOduction, is a lessene
menace now that foreign markets ar
belc ming eager purchasers of Ameri
car manufactures. Were IL not for thi
outlet our energy I'm developing Amer
ican resources would quickly bring IN
present era of prosperity 10 a close an
we should be instantly precipitate
into another period of overprOductio
with all its evil consequences. No sue
contingency is now In sight: and ther
is every likelihood that in future th
foreign demand will play an importar
part in preventing industrial distres
at home The importance OF preserN
ing these outlets should therefore nc
be overlooked even from a Wall strei
standpoint. The latest evidences Of on
international development arc the lara
foreign demand for American coal, an
the reports that Sweden has been seel
ing to place a loan in this market.
Railroad earnings are surprisingl
well maintained. We have now ha
three or four successive years Of lars
gains. Some decreases should cause Il
surprise. Net results have also bee
satisfactory as shown in the mar