Evening journal., 1900-07-30

which requires the manual albor of
many thousands of people. There are
no people more easily bribed than are
the Chinese. which would make it prac-
tically easy for foreigners to send out
communications to the outside world,
and the fact that this has not been
done for nearly a month now is pretty
good evidence that the ministers and
all the foreigners have been massacred.
The speculative situation Is controll-
ed by conflicting elements. There is al
strong undertone to the market. and
manipulation succeeded in lilting a few
stocks to higher level last week but
neither the public nor investment buy
ling responded 10 the stimulus, and the
early half Of the week witnessed fresh
lrcalizatiOns which were perccptibly
stimulated by Mr.. Keene's bearish
statements. Under ordinary conditions
much importance could be attached to
Mr.. Keene's utterances but we regret
that his present state OF health Is such
that he may easily be tempted into TAX
ing unduly pessimistic views.
Much, OF course, depends upon the
lerop outlook In spite OF injuries here
and there the prospects are decidedly
encouraging, not merely because of suf-
hcient yields of wheat. corn and cotton.
but because OF what Is equally impor-
, tant, the promise of profitable returns
TO farmers. The latter are certainly en-
b ioying a period Of prosperity: so. too
are the industrial classes. for labor IS
everywhere we'll employed and wages
! are often higher than a year or two
e ago. SO long as these conditions con.
! unue, there will be no anxiety about
+ the future. Excessively high prices fol
+ manufactured products and Overpro.
n duction resulting from the rush o
n orders a year ago are working out thei
r own cure That was a buyers pani,
n IRON now on buyers win be more eau
|, lous and ere long more normal rela
d uon5 viii be established between sup
It ply and demand; II, indeed. the read
@ justment process is not already near il
/ completion.
e. The iron trade though still unsettle,
el rs in much better shape than three o
S six months ago, and new orders ar,
p already coming i'm with increasing free
!. dom. The textile trades are also ad
" lusting themselves to the new condi
= tons; prices have been reduced. pro
n duction is being curtailod. and thouel
a Interior distributors are carrying owe
N larger supplies than a year ago. still
e the consumptlve demand promises TO h
nl large, and this should give producer
,- another good season. Tho Fall trad
IN all lines promises to be liberal il
e volume and satisfactory i'm result.
t. though not attaining the over-stimulat
'r ing profits of 1899. The election has
/. remote yet important bearing upon tn
l. market 1t is generally conceded tina
ltl Mr.. Mckinley will be chosen for secon
isl term and strong efforts are likely Z
S. ne made 90 lift the market i'm anticipa
mi ton of that event. Elections. how
,tl ever, usually produce some unexpecte
is features, and no doubt certain operato-
Isl will welcome, If they annotmanipulat
T. scares between now and November
.ol Money continues easy but, later on a
"a crop and trade demands develop. high
leler rates can be anticipated. Fortunate
n ly the trasury will not be dis.urbin
re element in the money market. thank
to to Secretary Gage able administration
u Europe may be obliged to draw upo
Sc us for gold If the Chinese complication
Iy provoke any serious outbreak; but a
lr time goes on and evidences multipl
~ that tho Powers are working harmon
ed lously, the prospects of serious di.
as turhances diminish. We are in "a bett,
X position to spare gold than any 9th,
nation. and any serious outflow woul
D. be readily checked by higher intere.
e. rates. Very soon grain and cotton bill
n VIII be in better supply and this wi
nd restrain gold shipments The foreie
be trade balance continues to run heavil
", IN cur favor and this phenomenon ca
- only be explained by the fact that II
United States is lending large sun
abroad and that our securities. espe
- tally bonds, are being returned mo-
Freely than generally supposed TIL
is splendid testimony Of our fnanci
strength rre,r,, r,io,-,,