New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-16
fluaurlaI.
The Financial World.

would reflect to some extent. There was a b,,,
weakness in Southern Pacific and the Stoke ).
other roads which lose property and will l,s
traffic from the practical wiping out Of Cal
weston. Prices stiffened to a slight extern :,
Tuesday when the figures from Maine can
in and showed that the Republican maiort,
was above the average. though smaller tina,
that OF four years ago. No one of course az
pected a duplication of the phenomenal resur,
Of 1896 in the State and attempts TO figure ON.
a similar percentage OF gains for Bryan in thu
country at large from the increase OF the Dan,
ocratic vote in Maine did not meet with rnBc,
attention In the Street. In speculative circle.
it is evidently considered that the elections =
the two early voting New England States. in
VoIve particular change in the political ONT
look.
There another factor which the straa,
riveted its attention and which is supposed %
have a decided bearing on national politics
severe and protracted labor trouble in one ~
the large industries can be readily considera5
as likely to aid the Bryanite cause with thu
labor vote and to nullIfy the full dinner pair
argument of the Republicans. The prospac+
that the anthracite miners would strike xas
hailed with unconcealed delight by the man
ayers of the Democratic campaign and tbera
not a little talk about the possibility tina.
the heads of the Mine Workers Labor rrnio,
have received encouragement from political
quarters in their apparent effort 10 precipitata
n struggle. There may be no reason for tba
stories that were also circulated that attennt,
were also on foet to stir up trouble in the iro,
and steel and other industries Wall Strsa,
however by the end OF the week was in a
frame Of mind. in which it was ready TO nav
attention to such intimations, In short tia
tendency of prices to decline which became
very apparent on Friday and which on satur.
day began to assume the guise Of an incfpisnr
break looked as if the hitherto prevalent opin.
ion that the election was "cinch" was being
revised in speculative quarters.
This phase of the strike situation seemed m
impress itself on the market more than anv
loss that the anthracite coal roads NAV suffer
from having their mines shut down or from
the other complications which a possibly long
and bitter fight with labor may involve Even
temporary scarcity of and high prices for coal
would however be a very disturbing factor In
general business. Germany has been going
through a coal famine which is no inconsistent
BILE item in the strain upon the finances and
industries of that country With danger OF the
infection spreading in other quarters. the actual
occurrences Monday when the men are ex-
pected to go out en- n'aSSe throughout the an
thracite region will be awaited with anxiety by
the Street, in spite OF its well remembered
maxim that labor troubles are a poor founda-
ton for short sales.
a good many people however have evidently
reached the conclusion within the last few DAYS
that there is a possibility that the news about
the strike and its superadded political bearings
will look much worse by Tuesday than II I'D
at the end Of the week The liquidation on Sat-
urday was much more general and positive than
at any time in a long while 1t was not confined
to the coal stocks but extended TO all parts OK
the list. Some Of the little bull pools evidently
lightened cargo and trimmed their sails FOR
rather stiff wind and commission houses let
go part of the stocks that their customers have
teen carrying along in spite OF the constant
rostponement of the hoped for Improvement
Such action OF course tends 10 put the whos
market in better shape and TO diminish the dan
ger OF serious trouble But it must be admitted
that some experienced and influential operators
who have held aIoof and shaped their course
without reference TO the popular belief that the
market would go quietly through the whole
election period. seem 10 show a more aggressive
spirit. Some Of the selling on Saturday came
apparently from such sources and made it look
as IL the market was about 70 be put to a test
such II has not had since dulness settled
upon IT with the advent of the summer season
In other quarters where there is no belief that
the market is unsound at bottom or that any
very serious break is imminent there IS now
ever a we'll defined idea that lower prices are
necessity. The outside public can only be al
tracted into the Street extensively by rise.
But IL is repealed and discouraged by dull.
Hfeless steadiness such as all have recently had
10 endure. A somewhat lower level of prices
would however afford basis from which 10
start up fresh manipulation in various stocks
groups OF securities. Offers Of bargains are
captivating to everybody and it is argued that
that is what Wall Street has 70 do IN order
drive a brisk trade again.
Pressure on the market has consequently as
summed a new and wider form. II is no Longer
confined as II was fortnight ago 70 a Few
stocks like Peoples Gas or Brooklyn RapA
Transit II is OF general character and WIZ
its appearance there is again bear party N
the Street. Just at present it is too early 70
say what the larger class of capitalists Vho
are identified with the management OF rallroau
corporations and who hold large blocks Of their
securities will do Presumably their support
will he extended TO their stocks when the neces-
sity arises. But II is uncertain whether they
viii not for the moment consider the rene"e"
bearishness temporary matter or even
benefcent process. \ great deal will depend Oh
the developments that take place in the political
situation. If Wall Street at large comes TO INC
conclusion that il has been too cock-sure aoou'
the election and has been living in FOOLS para
disc since the Presidential campaign began anu
Il this is followed by awakening OF the gen
eral business world to the peril that II must
not simply sit down and wait for the presen.
sound money administration to reflect i1seA
there nlght be a sudden and very marked To-
assertion of confidence in high financial quarte''
with corresponding effect on the market ms
probable enlargement Of the short interest hA'
a bearing in the latter connection