Arizona republican., 1900-10-18
IA TRADE ARMISTICE
Both Bulls and Bears Content
 to Wait
The Exportation of Gold is One of the Many Causes Contributing to the Lull in Speculative Matters-The Election is Another.

New York, Oct -(SpeciaD.-As in dicated in my last advices, affairs in Wall street have been held in check, during the past week, by the uncer- tainties incident to the situation of the moment. The underlying feeling of con- fidence has permitted occasional up ward spurts, but they have been only mOmentary. The unexpected loss of $6,000,000 in last weeks surplus re- serves of the banks precipitated quite a sharp decline in prices, illustrating how ready the market. in its present mood, is to yield to untoWard incidents. Notwithstanding the strong feeling that taking the situation as whole, it favors am ultimately higher range of prices, there is among those who cherish these bullish anticipations a disposition to go slowly in buying for a coming campaign. Certain features which might easily be turned to bear account are watched with some tim idity; and yet those factors are of such secondary importance that the pessi mists are cautions about selling as the bulls" are about buying. Hence, a dull, hesitating market. with a feeling
 
 encourage taking important risks on either side.
 The immediate course of the money market is not entirely free from mis- giVings. The exchange markets have admitted of some moderate imports of gold, and the free supply of bills on Berlin and London is causing some ap- prehensiOn at the European centers that quite important shipments of the yellow metal may have to be made forthwith to New York. The pressure of such movement would bear heav- fly upon London, and from the Bank of England's advance in the price of double eagles it is inferred that the Bank will make a stout resistance to parting with it's gold, and it may be ex- pected that all means will be employed to force up the rate of interest at the Bank of England and the Reichsbank. few days more of foreign maneuVer- ing will show what may be expected for the New York money market Should the probabilities favor a free importa- tion of gold here, all apprehensions of stringency may be dismissed. no matter what may be the course of the currency movement with the interior. Meantime. last Saturdays large drop iE the re- serves has acted as a sharp shock to the market
 Certain features from which an inn portant contribution to a 'bulT' market has been anticipated are now showing some loss in their value. The railroad earnings, though snIl at a good rate. are showing moderate declines as compared with a year ago. To those who have calculated upon an interm- inable increase of traffic, this is a dis appointment; and yet It cannot be pre- tended that, at the current scale of prices for railroad properties. stocks are not, as a rule, a good investment and promising as a speculation: and, in the absence of any unforeseen ad- verse influences. it seems reasonable expectation that, when the elections are over and the uncertainties sur- rounding the situation are past. the unusually strong undertOne of the market will find expression in an active bull campaign. This, of course. presup- poses that the election will afford an emphatic and final endorsement of the gold basis as now established by law. Whatever improbability there may now be of a popular vote adverse to that result, yet nothing short of the record ed vote of the country can surely pro- tect us against the incalculable mis- fortune of commitment to the silver basis. The friends of sound money, therefore. still need to exert their ut most influence to avert that calamity