New-York tribune., 1900-07-08
financial.
The Financial World.

vance: and logic in this instance carried ..
day. The market did advance TIL Friday mo-
ing in the face Of large foreign selling. As..
that il fell back to some extent and rather M,
evenly. on realizing BY the smaller class :.
traders Yesterday 1t closed a little weak b,,,
with substantial gains IN a number OF stack,
over the week before. The best Demonstrate.
of the markets strength was the way II sfood
up under the selling Of the international s-ooL.
which the disturbed state OF the Berlin raarks.
caused The Pacific stocks AtchIson. and ~.
trunk line securities. came out freely on f9ral,
orders; enough, indeed. 70 percept6Iy stiffsn ,5s
foreign exchange rates The sales hovavsr
were well taken; and the evident willingness =.
the big houses to take stocks at the currsn.
quotations considerably encouraged the tradsrs
OF course the volume Of business c9ntfnu.,
small; and therefore the trading is. in the raj,
professional
The professional estimate OF the political stir
alton was disclosed when the market stsrta5
into activity on the announcement from Kansa.
City that the IS to I plank was 70 go into the
Bryan platform-it would be a misuse OF term.
TO call it the Democratic platform. That actin,
was considered to settle the business. II wa,
noted also. that the action OF the Tamma,v
leaders was in accord with what had been
known in certain circles In Wall Street before
the delegation started for Kansas Citv- nanA1v
that the Croker following would work 70 gfvs
Bryan everything he wanted. no matter what f.
was, so that he should go before the country
this time with complete outfit OF his own
make up II he can elect himself with this. All
right II beaten. IL winds him UP. ADparanrrv
the only thing the Tammany men could not Dc
for him. was TO make the convention sVaIIovv
Towne. who was Bryan's choice fer second place
The dose was too much and respectable non
entity was substituted. Tammany comes back
all right anyhow. If Bryan is elected or d.
feated its party position is regular" II has
not been understood in the Street that Tam
many's support of Bryan would extend beyond
the convention-with any degree OF enthusiasm,
A significant incident of the situation is thar
the foreign holders Of American securities =.
ceived the announcement of the Is 70 1 business
In the same temper as it was received in New
York We ali remember what flood Of selling
1t precipitated on these markets four years aeo
This time it did not make ripple All the selling
on foreign orders during the past week was
wholly due to the smash in Berlin consequent on
the troubles in China.
The Chinese loans have been made in the Ber-
lin market. and when a big drop in these Chinese
bonds was added to the strain already felt
through overspecUIatiOn in industriaIs there was
considerable trouble. Lest however, an exag-
reports that certain stocks dropped ten or Af-
teen points, it is we'll TO remember that they
had previously risen two and three hundred per
cent 1t was something like knocking ten or
twelve points off the $50 for which Standard OIL
sells in this market Better reports came from
Berlin on Friday and yesterday; and possibly ID
is safe to assume that the situation in China IS
now at, very nearly at its worst There
should soon be Improvement there with the ar
rival OF the foreign reinforcements There ia
only one end to the business When the Bosr
war was at its worst for the British Wall
street veteran was asked what he thought OF il
Il think said he that Mr.. BOer is running I'd
a big bill with Mr.. Bull which Nj Boer VIII
have to pay" That is the situation in China
John Chinaman is running up big bill with
the rest Of the world and will have TO pay H.
Indeed one can scarcely help feeling OF antici-
patory pity. thinking OF the terrible cost IN
blood and money az which poor John WIN have
to make the settlement.
Meantime, it must not be overlooked, that the
more troops sent to China, the bigger the de-
mand will be on our Pacific Coast supplies Food
for the armies in China. and many things be-
side food. can be obtained from the Pacific Coast
in half the time they can be obtained from any
other sources OF supply. They will therefore be
drawn from US; and the larger the armies. and
fact which will have some bearing on
Pacific Coast railroad traffic.
In the general movements OF stocks the
strength Of the anthracite shares when the mar
ket was weakest lately. was noted in previous
articles During the week. Jersey Central rather
surprised the Street by shooting up 70 133; az
the same time that the Reading issues became
very strong The tip to buy Jersey when II was
quoted above 122 some time ago, was given in
certain quarters, but its next move was TO 10
This was little discOuraging. but il soon picked
up again Its latest jump was followed by a
relapse below 1870; but this is no more significant
than the drop from 122 to 119. If the explana-
ton were to be sought in the general condition
Of the coal trade, Delaware & Hudson ought to
have gone up when Jersey and Reading did. bur
II did not On the contrary. it weakened The
Street therefore concludes that a deal Of some
kind is on. by which Jersey and Reading are to
be brought closer together: and It assumes that
this Will be carried out under Vanderbilt con-
troll AS TO the state OF the anthracite trade
that can best be understood from a few fgures
of production. For the first six months OF the
year, they compare as follows in round mum
bers: 1900. D. 100000 tons; 1899 20 zoo 600 tons
1S9S, 100000 tons. Here we have an increase
over last year Of LIS coo tons. and OF no less
than 62SS,O0o tons over the year before. This
SNeS some laea or the growth OF general trade
In these two years. If the figures on biJumilous
coal were ascertainable with the same degree Of
accuracy as they are with the limited product Of
anthracite should see far more startling 5lf-
ferences. The demand for bituminous coal has
increased in the past Two years away beyond al
previous records. and this demand is still q
growing one from the opening OF new markets
The stock market is likely 10 be dominated for
some weeks by the outlook for the corn crop-
July is usually crucial time for this cereal