New-York tribune., 1900-09-23
findncidl.
The Financial World.


week ended with every Indication OF approach
ing liquidation and lower prices. The action of
the market has fully sustained the bearish view
OF the situation. nearly all Of the developments
this week being calculated 70 unsettle senti-
ment check buying and induce selling Of stocks.
The transactions at the Stock Exchange have
risen again 10 nearly normal proportions. but
in this case the larger volume Of business rep
resents selling fo- either side OF the account
or buying 10 cover short sales. Indeed. one %
the points In the situation which has had the
most influence upon the t'mper of the profes-
sonal traders as a class was the discovery that
buying support only came from the shorts them
selves or to a very limited extent from pools
and other interests which took this course
merely for the purpose OF facilitating the process
Of unloading. There has. in fact. been pretty
general revision Of opinion. and the Street AZ
large has 10 all appearances made up IFS mind
to look at things as they are and not as il has
been hoped they would be
The strike In the anthracite coal mining region
has been the cause OF Wall Streets opening ia
eyes to the fact that the maintenance OF prices
at q high level in the face Of an uncertain slac-
tion and prospective hrmer money. not 70 say
possible strinsency, has placed the market In a
dangerous position. fortnight or so ago ONLY
A few people could be found IN the Street who
would admit either that there was any danger
of Bryan's election or that the complete with
drawal of the public from the speculative mar
ket had any particular meaning other than as
cause for a temporary suspension Of the up
ward progress Of prices We have seen this
week plenty of incidents % the kind on which
bullish enthusiasm was easily developed during
the past two year. The annual report OF the
Atchison road, which was made public a few
days ago, is a case in point. Such a showing
UP to this time might have served as basis for
/ the familiar predictions about approaching divf-
/ dsrds the common stock OF the company. AT
/ present, however. the Atchiso1 report ike that
/ Of the Northern Pacific for the fiscal year Just
ended and some other equally favorable exhfbf-
tions Of the increased earning power Of the rail
/ roads during the past year has fallen fa- The
market has recognized the lack OF present spec
ulative signifca7ce in such showings and has
centered its attention on the immediate disturb
ing influences involved in the election prospects
on the anthracite coal strike and its possible
/ consequences and on money market conditions
/ SO far as the election is concerned the indif-
ference Of the market and its over-conhdence in
McKinley's success have given place 10 a general
feeling of conservatism Mr. B-yan's letter OF
/ acceptance served at least to show that he has
not in the least abandoned his ideas IN regard
/ to free silver. This may weaken him with bust
ness people and all thinking citizens and drive
back into the Republican ranks many who were
I disposed TO regard imperialism or the trusts as
issues worthy OF determining the result OF the
election It does not, however. follow that his
financial unsoundness will be appreciated By the
laborirg vote now that such an important strug-
gle as that between the coal miners and the
/ anthracite operators and anthracite carrying
railroads has been injected into the situation.
I Some OF the Republican campaiguers were Sc
/ vereIy criticised for expressing view that the
present campaign would be a more difficult one
than that II 1895. There is no longer, however
/ a disposition. IN financial circles az least 20
speak Of these gentlemen as desiring 70 start up
/ needless scare 1t is SUFFICIENT to remark that
throughout the Street there is now a very prsFa-
lent feeling that It might be well to carry
few stocks as possible over election, and soma
houses are reported TO have suggested The ad-
visibility OF larger margins upon speculative
holdings between now and the day after the
election. Even where confidence in the ultiuats
result still exists there is nevertheless ten
dency to admit that caution as far the markss
is concerned is exceedingly desirable
News from the strike has as was to be az
pected become a little more disturbing in its
influence each day. The week ended with the
ordering out OF troops and with tendency 70
resort to violence by the strikers. which ALREADY
rendered this inevitable. In this respect the
strike is developing in line with the fears which
the Street entertained on that subject It IS
| also evident that efforts are being made 70 in
duce sympathetic strikes by the railroad men
employed on the hard coal railroads or to ex-
tend the disturbance 10 the bituminous minsrs.
Whether this Will amount 10 anything not il
adds TO the uncertainty which the Street expert
. ences about the strike.
In the last two weeks the associated banks havs
lost about SlOO00OOO in surplus reserves and
something more than that in cash holdings
The movement of funds 10 the interior has been
mainly the result of Southern demands due %
the high price Of cotton and the desire 10 take
advantage of it by moving the crop rapidly %
market. The cUTtaiIment of the supply OF Money
available for the market is not as Yet seHous
But in view of all the circumstances there has
been tightening OF the screws in regard u
time loans which comes at a moment when es
average stock brokerage house would Ike "
provide itself with money for all reduremsn's
until after the election. Higher rates and an
increased demand for time loans coming To-
gether have therefore led 10 much more attsn-
tion being paid to the money market. Thousa
there is perhaps some exaggeratioR in the tAlA
; of scrutiny OF loans and a tendency 20 rsjee'
collaterals which in an easy money market are
taken without question, i. would seem ths'
some instances Of this have occurred Whethe'
this induced the liquidation in some OF the N
duStrialS specialties is Olen quesuoh
At any rate fear of harder money has been ons
OF the disturbing factors, and il was noted tlA-
the market was quite weak after the unravoI-
able bank statement OF Saturday came out a.
though the results were fully anticipated Ih'
idea that gold Will be shipped from NsW-Hork %
London in consequence OF Berlin having used
$ the credit New-York has furnished IL in coz
! nection with the German loan just placed here
e and taken specie from the Bank of Enslana =