Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1900-10-12
BRYAN IS THEIR HOPE
.FILIPlNOS MAKING WAR
HOPING FOR HIS ELECTION
McKihley's Election Means Failure Of
Their War on American Troops
Meetings Of Anti-Imperia-
lists and Their Effect.

New York, Sept. 29.-Just now, Wall |
street is in the uppromising predica-
ment of being divided against itself
II lacks leadership and definite drift.
There Is no controlling agreement
about the nature OF the situation or Its
tendency for the near future. Theie
may be the material out of which u
more animated market could be shaped;
but there are few indications Of any
movement in that direction. The truth
Is there are many things affecting spec
ulative movements about which opin-
ion Is uncertain and conflicting.
Everybody realizes that the great in
dustrial revolution of the last two
years has thrown considerable uncer-
tainty over a large mass Of Invest
ments. 1t can hardly be said that those
changes have created much positive
distrust; on the contrary, It is quite
generally recognized that, outside of
some of the new issues of industrial
stocks Of very dubious value, the re-
constructed industrials represent
most important aggregate Of securities
destined, to considerable extent, to
ultimately command a fair amount OF
confidence with investors.
The things that are uncertain about
these new securities are, "a the extent
to which their distribution has already
reached its final adjustment (2) the
extent to which they will become
permanent element in the speculative
transactions Of the Stock Exchange;
| go the extent to which they will prove
acceptable as collateral in speculative
loans; ca how their market value will
| compare with their rate OF earnings:
and 60 what will be the effect upon
other securities Of this very large Access
sion to the list of stocks negotiable
on the Stock Exchange.
| These questions are neither very
readily nor very easily answered.
They cannot be regarded as satisfac-
torily settled until it has been ascer-
tanned how far the new issues are to be
absorbed by permanent investors. On
this point, there Is little definitely ma
tured opinion; and for the present
therefore, the market Is harassed by
the chances OF an over supply Of indus.
trial stocks coming from the original
holders in their desire to transmutt
their investments. This is an ugly un'
certainty, which 1t may take some
time to get rid Of.
| At present, railroad stocks brlnl
much higher prices, relatively to theii
earnings, than are obtainable for thu
industrlals. Some take the view that
when the finances of the new corpora
tons have been tested by experience
their issues will rise in public apprs
citation and therefore In price; an
hence they reason that the industrial
, will advance and railroad securities d.
cline. This opinion may be confirme
by the event, or it may not; but !
can have no material effect upon tn
immediate course of the market, 70
considerable time must elapse befor
s the problem is settled; still 1t Is
card that may do some service for tn
"bears" on railroads. The uncertaint
about the outcome of this sort OF CON
petition between the industrials an
the railroads Is really one Of the mo-
important elements now affecting tn
S course OF the market and is producin
the waiting attitude that so prom
nently characterizes the business OF Il
Exchange.
Another cause OF the quiet In specl
lative operations arises from the ele
ton canvass. Though not by an
means an exciting campaign, 1t y
touches very sharply the pocket ner'
, OF the country. II raises the questiC
r. whether we can take II safely for gran
ed that there can be no disturbance
h. the gold basis; and the financial int
- ests are so exceedingly sensitive abo
In that vital Issue that chance OF ey
4, one TO ten In favor OF Mr.. Baryn's ele
Az ton Is sufficient to deter not f.
a. from investing or specializing, tt
M possibility might count for little we
nj there any strong bullish tendency
he force; but, In the absence OF any ~
he cial indictments 10 buy, II Is 10 be REQ
N oned as one Of the influences maxi
10 for dullness,
The banklng position, as usual at u
is season Of the year, Is not enc0uragi
IN to speculative buying but neither dc
~ It's decidedly encourage selling Eyel
he body takes II as matter 0f course u
ls- We must have more or less slringer
lr and high rates pi Interest durIng
q tail months hut there Is little cap
tallun NJ more Than The usual aulu
.ed lual activity In money During mo
m- uurl period az mo nrop movement
la- shipments ul currency haNu hrrp
outflow huayuagg volume lur tNr Hr
p Iwlug la lhu auuudau.r NJ ipr lupu
4rI M Ibu mutH u, Ihn Interior 1872 haN'
uu buvNu anruluN ul money
a. IIluHIuH MU lN. IRI MONTH Ur