New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-08-12
financial.
The Financial World.

moved but the balance remain Just about
where they were. They could not very well DO
otherwise seeing that nothing Is doing year
ago. the Stock Exchange was breaking the rec
ord for activity; now we are looking back 20
find records OF duiiness similar 70 the present
Only there Is THIS difference between the stag
nation now and what IL was few years ago
then II caused the most dismal feelings IN the
Street, for there seemed no end 70 Il; now we
look upon the lack OF business as . temporary
incident OF midsummer, and have a sx-
pectation that with the fall there win be, 10 not
a boom. at least a satisfactory revival Of ac-
tivity So the general feeling 10 to take things
easy now because there will be plenty 70 DO
later on
There has been no lack OF news through the
week: and news which II the public were IN thu
mood for speculative action. would have caused
some lively movements in prices; but when one
notes that Sugar has had a quick rise Of several
points and Lead preferred = 3<.eksr drop %
great many more-and tbs ,sts about CON-
prises all that the market Sa= done outside OF
the traders elghths and quarters II may be
surmised that the public Is not In mood 70
be disturbed. whatever sort OF news comes
along The rise in Sugar from 40 to 126. was
preceded by a decline from 129 to 40; hence
the latest move may be set down TO the same
speculative manipulation. The operators who
sold out around the higher figure undoubtedly
bought back at lower. and are repeating the
up and down process. The sudden fall IN Lead
preferred. usually very inactive stock, from
81 TO So was accompanied by rumors OF an
intended issue OF bonds by the company to pay
for some zinc lands recently purchased in Mis-
souri,. The rurnors were officially denied. but
no one pays attention to official denials when
the tape talks the other way.
About S. 100000 Of gold has gone out mainly
in connection with the new British loan. OF
which S2S.OOOOOO was allotted to this side-the
arrangement having been made between the
Chancellor OF the Exchequer and the American
bankers before the loan was brought out, that
not less than half the S5OOO0OOO should be al
lotted here The London market was stinened
to some extent Gt is as stagnant as our own tn
respect to volume OF business) by the announce
ment that money was coming from this side.
and London bought some stocks the Atchisons
particularly. In yesterdays bank statement.
the amount Of specie held by the banks actually
showed small increase. This was due partly
TO arrivals Of gold via the Pacific coast from
Australia and the Klondike; and partly 10 book
keeping, the average system upon which the
bank statement Is made Up being responsible.
It needs only to add that call money loans al
IL and III per cent, TO show what deeply duh
stock market will do in the way OF making in
terest rates. even when money is being largely
exported
1t Is an open question whether the market
would have been reused from its sluggishness in
any degree II Mr.. Bryan had made big silver
speech at indianapolis, instead OF talking only
Of Imperialism When he insisted on the Kansas
City convention putting the Is 20 business
into the platform, there was an immediate re-
Spouse IN a rise OF prices which interpreted
the feeling that he had made a fatal blunder-
Perhaps the real feeling in the Street when he
made his Indianapolis Grafton was a sense ~
disappointment II he had Grated about silver
extensively there might have been chance 20
put the market up some more. But he steered
clear OF the dangerous topic; and instead OF II.
only gave out his Filipino programme, viz. 70
call Congress together as soon as he is elected.
give the Filipinos stable government OF their.
own and extend an American protectorate over
the islands. That sounds easy enough II
would be easy IL stable governments could be
given as easily as apples. and if a protectorate
over islands OF the China coast did not involve
as many responsibilities as direct government
of them However, for campaign purposes
Wall Street would Ike to hear Mr.. Bryan talk
more about silver; and he has TO formally
accept the nominations given him by other par
ties who hold silver TO be the one only issue
before the country. It is difficult 70 see how he
can keep that issue in the dark, despite his evil
dent late recognition Of the fact that IT is no
longer a popular one.
The news from China ought TO have been good
for a couple OF points rise in the market, but
II did little more than help keep II firm We
find in the first place that the legations are
holding out CALAMITY up TO latest dates; and
secondly that the movement OF the allied forces
on Pekin IL retarded more by the difficult nature
of the country they have to move over, than BY
any power OF resistance the Chinese can OFFER
What this whole Chinese business Will cost
I Europe and the United States. may be summed
up as from three to four thousand men-kiLed
wounded and sick The latter item is the big
gest in war Say that II costs the nations I'VE
thousand men, each nation bearing It's proper
ton OF the loss-this is a bagatelle compared
with the awful fright the civilized world has
received over what has been heralded as the
yellow Terror The truth IS. IL there had
been a 1udicious press censor at that pestferous
centre OF cheap intrigue and nendacity, Shang-
hal the civilized world would have been saved
a great deal OF unnecessary pain. As 10 the
yellow Terror boyle, a menace TO the
world, and the boyle OF Imperialism menacing
this country-they are both stuffed with the
| same straw.
| The railroad earnings continue satisfactory
and seeing that the companies have been con-
/ sentative in the matter OF dividends declared.
it seems safe to buy on reactions. selecting the
/ stocks of sound concerns.
CUTHBERT MILLS