New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-15

Confidence in financial circles IN the Ie-eIeC-
ton Of President Mckinley was an important
factor in shaping the course of values in last
weeks securities markets. The condition Of
n,blic opinion on the election outlook is reflect
ed in Wall Street betting which now favors the
Republican party at odds of and to odds
which Bryanite supporters not quick to &C
cept despite the alleged confidence OF the
Democratic rainbow chasers in the election OF
Mr. Bryan. Wall Street betting may not be Of
interest to people who do not understand the
Wall Street life but the course Of betting In the
Street has however, a significance which 1t is
not well to disregard. Money placed in Wall
Street on President McKinleys chances Of re-
election comes from men who do not take
risk unless they are convinced that their beliefs
are based upon substantial foundations. And
the very fact that the attractive odds do not
sppeaI TO Democratic voters is a virtual admis-
sion on the part of the latter named that they
have no confidence that Bryan will be success
ful The willingness of careful spectators to
lay big wagers on the Republican party inspires
confidence among the holders Of stocks in the
political outlook, and it is owing to this conf
dence. that so little stock has been pressed for
sale. The bear element has been disappointed
in the movement of values, but it believes that
even If politics does not reduce prices the money
market will
The condition of the money market is not IA
vorabIe to a bull speculation in stocks, but the
situation presents no occasion for alarm or ex-
cuse for selling securities at a loss. Speculation
has been so quiet for many weeks that the mar
ket is not in a weak technical position, or in
danger of collapse from any Of the causes that
generally lead TO heavy speculative liquidation.
Stocks are in strong hands. Lower prices may
be brought about by passing fluctuations in
money or by change in political sentiment,
fF In ,a1y
would cause more than temporary weakness.
II is not of course a propitious time for specu-
lation on small margins. Bank reserves will
probably remain weak for some time to come,
despite gold imports, and it is quite likely that
an advance in stocks incident TO a Republican
victory will result in heavy realizing sales. fol-
lowed by an irregular market, until bank hold
ings again reach a level upon which bull specu-
lation can be conducted in safety. Nearly
100000 Of gold was engaged for export last
week but cash holdings of the Associated Banks
declined over S5OO00O0 The drain due to the
demand for money in the South and West is
lot yet over and if last years record is taken
5 a guide the loss in holdings on interior ship
lnents will continue until December. year
ago the banks began to lose money on August
II and from that time until December the
total shipments including direct shipments by
the banks and Sub-Treasury transfers, amounted
to S40000,O00. This year the banks did not be-
gin TO lose currency until September Z. and
since that date TO the week ended Friday night
the loss reac hed a total of upward of S36O00000
The fact that European banks also losing
money while European nations are engaged in
solving grave international problems lends little
announcement to the belief that the gold import
movement that began last week will reach i'm
portant figures. Foreign banks will certainly
not Jet their gold come 10 TINS country If they
can put effective obstacles in the way. That
they are not inclined to assist this centre is
reflected in the advance OF the seIllng price OF
gold in London and in Paris. And it is prob
able that this week will see an advance in for
eign discount rates. The local market Will be
helped to some extent by gold receipts on the
Pacific Coast. which will soon figure to the
credit of the city banks and by heavy pension
pavments in the middle of the month but ar
important increase in holdings appears out Of
the question for the present The banks viii DC
well If their losses to the interior offset by
receipts from other sources, and If they are no
called upon to support an active bull speculation
IN stocks they will have no difficulty IN supply.
ing funds at moderate rates-say, D or per cent
a per cent money market does not denote
panicky conditions especially when bank re
serves have been lowered by demand rol
funds for trade requirements.
General conditions governing the intrinsic
north Of Investments are sound Trade through
out the country is heavy for a Presidential year
and the position Of business shows no unhealth
ful symptoms. Exports continue remarkab l!
heavy. Railroad earnings for the first week il
October make hattering exhibits compared
with the heavy receipts Of a year ago. Brad
streets" compilation OF bank earnings shows 70
the last week an aggregate Of S1,51l, 400, 7O6.
decrease Of 90 per cent from a week ago AM
Of 14.2 per cent from this week last year. blu
they exceed those Of 1898 by - per cent. of 1879
by 20 per cent and Of 1896 by 81 per cent Out
side Of New York they aggregate 1854, O74, 146,
decrease of = per cent from last week, but o
only fraction Of l per cent from last year.
Perhaps the most important development o
the week in iron ard steel trade circles was tn
taking Of 10000 tons Of rails by the Pennsyl
vania company ~ S26 a ton order which
doubtless will be followed by other companies
thus settling in a satisfactory manner the ques
ton Of rail prices. for the present at leas
Agreement in the iron and steel trades between
the producers and the consumers should have
good effect upon industry in general
The stock market dull throughout tn
week but prices were generally firm. WITT
marked strength at the close. Trading was il
great part professional