New-York tribune., 1900-10-20
STOCKS UP; BRYAN DOWN
ADVANCING MARKET so NEAR ELEC-
TIoN A GOOD SIGN.
1T MEANS THAT sHREwD OBSERVERS IN
THE STREET BELIEVE THAT THE
PoPocRATIC CANDIDATE IS
DEFEATED.
DEFEATED

OF the signs and portents which are disquiet-
ing Mr.. Bryan and the managers of his reac-
tionary canvass for the Presidency of the United
States, the most terrifying must be the course
Of the stock market. For the stock market is
advancing, and Mr.. Bryan. however imperfect
his acquaintance with matters financial, at least
knows that a strong and active stock movement
with Election Day still more than fortnight
away reflects the unimpassioned opinion Of Wall
Street-that is to say, of the shrewdest and
clearest and best informed observers in the
country-that he is already a beaten man.
These men sell stocks when period of indus
trial unrest and depression seems impending
They buy stocks when the future gives assur-
ance Of prosperity, and they are buying now. in
the buoyant confidence that the country is to
have for another four years industrial peace,
undisturbed by the menace OF debased cur
rency. For they are all sound money men,
whether Republicans or Democrats on other Ma
tional issues. With stable currency and
protective tariff they reason, the vast indus
trial and transportation interests which have here
their financial habitation or representation will
enjoy an increasing measure of prosperity; and
so. in the firm belief that these advantages are
already secured to those interests in the virtual
certainty of the election Of William Mckinley.
the purchasing movement has started with full
vigor. Stocks of all classes are sharing in the
movement. New-York Central and other Van
derhilt issues have within the last week made
gains of several points. as have also such
stocks as Pennsylvania and Baltimore and Ohio
The granger roads-St. Paul, Rock Island. Bur-
llrgton and Northwestern-have made CORE
adx thary1 DaNi
Northern preferred the Union Pacific issues.
Southern Pacific and Atchison preferred, have
Joined in the movement. The steel stocks like
Federal Steel, American Steel and Wire, Ma
tional Steel and American Steel Hoop, have
moved upward with the railway stocks. Brook
lyn Rapid Transit. Metropolitan and Manhattan
have shown relatively large gains as have
Sugar and Tobacco. The coal roads too have
made marked advances. although these have had
the stimulus of the likelihood of a speedy ending
of the anthracite miners strike.
This upward trend has been noticeable for
several days. but 1t did not become pronounced
until after Mr.. Bryan's arrival here this week.
There was hesitation in the market on Tuesday,
due to some uncertainty as to the effect of his
oratory on the evening of that day; but the
candidates refusal to touch ever so remotely in
his series of addresses here on the dominant
question of the campaign, the silver issue, and
his recourse to the tactics of striving to excite
2he passions of the poor against the wen to do,
coupled with the reports from many States of
his waning strength. reassured operators and
investors and there began a period of stock
market activity which in the opinion of the
Street is to continue, with the usual occasional
recessions. until prices once more measure
values.
There is saying, none the less true because
trite, that Wall Street is the financial barom-
eter of the Nation. AS the financial future is
vitality dependent upon the political future,
Wall Street is also pretty safe political barom-
eter, its operators think; and some of them, in
remarking upon the course of the stock market
after Bryans fourfold effort Of incendary ora
tory Tuesday night, have been reminded of
their experience in crossing the Atlantic, when
their steamer has passed from cloud and driv-
ing rain into clear weather, only to encounter a
freshening and roaring gale, which streaks the
sunlit pillows with a fury of foam-but the
barometer has already begun to rise and the
end of the storm is at hand.