New-York tribune., 1900-11-04
Gnaurinl-
The Financial World.

unless they be cash instead of regular" will
not be completed until Wednesday. when ths
result OF the election will be known Business
based on knowledge OF that result will not have
to wait till market opens at ten O'Clock
Wednesday morning II will be started on the
London market. five hours before. A number Of
Wall Street houses with foreign connections will
be open all night Tuesday. for the convenience os
those early birds of speculation who win be ou+
to catch the worm. This done for the first
time at the last Presidential election The early
birds on that occasion. however got cauzbs
themselves; for most OF the international stocks
opened with such rush the London market
that they had lost couple of points by the tirna
our market opened: and for some OF those
stocks, the first London prices were the highest
they were quoted for quite considerable
period This experience is still fresh in the
minds OF the majority OF traders. and there ia
likely to be less of rush buy this time. But
the rush to sell. if the election should go wrong
would be something to remember
Suppose, now. that the improbable but yet ot
course possible. event happened. and rryan were
successful. What would be the effect? In tbe
first place. nothing at all like what would have
happened had he been successful last time His
success then would have meant the immediate
inauguration of measures to put the country,
on silver basis. and they would have been
driven through at any cost. That is not tbA
case now. If elected. he would find not only a
body OF law in the way OF carrying out his sill
YER theories; but compact force in Congress
which never for moment would concAde thar
campaign fought the issues as presented ~
the country in this contest meant endorsement
of the doctrine Of free silver The Populfst sla
ment in the Democratic party would find Itself
confronted with the conservative business ele-
ment OF that party. and by the united RepubIf-
can party. There would be renewal OF the con-
troversy in Congress, possibly; but it would as
suredly end again in the defeat Of the silveritss
AS to other matters Bryan represents which ia
mainly what policy shall be pursued towards
the Philippines. that sort Of thing would nor
affect securities There is good deal OF noisy
but vague denunciation Of trusts: bur that
frightens no one There is nothing in it
So far. then. as Bryan represents free silver
he is the threatening force. and from the fright
over this. the first effect of his election would
be drop Of five 10 ten points in prices TO bs
followed by quick rebound. Then would come
an unsettled and hesitating market. while people
gathered themselves together 70 measure ths
exact degree of danger his success involved II
is not comforting thing 10 reflect that a posi-
BILE event-although improbable oue-next
Tuesday, would violent fall In the
prices of securities; even if that fall should be
followed. as it most surely would be. by a speedy
recovery. Nevertheless, that is the situation
Bryan or no Bryan. however. this country Is not
in danger of going over to free silver. That
special fight has been made The trouble would
come from renewal Of Bryan's efforts TO get
it there.
On the other hand. aking the highly probah hIa
event of Bryan's defeat what can We look for
ward to. First and foremost absolute ending
OF all efforts to unsettle the standard Of value
Our currency laws may hereafter be modified
in detail, experience may show 10 be expedi-
ent; but the International gold standard oe
value. will be as far beyond controversy as ths
payment of interest the government bonds.
cit may be remembered that hct political fight
had to be made once this question: ThiS
will give rest and certainty which is really aIl
that the business community asks or needs. The
industry. energy. and intelligence of the COM
munity alone create property. The discussion
of colonial policies may proceed What ought
to be done for Porto Rico. Cuba or how the
Philippines ought be handled-aH this may
continue warmly before; hut dsentanged
from the currency question. there is nothing
in these matters to cause unsettlement OF husi~
ness.
AS to the much howled about trust question,
it is all sound and fury-a pure humbug; and
TO prove that it is So it is only necessary point
to the fact that industrial combinations have
grown steadily under the pressure of ever in
creasing competition. while the political Clamor
about them has been the loudest.
Repeating again, then. the question what can
in business way. look forward 70 as the
result of Bryan's defeat-the answer is, simply,
rest-rest from the agitation OF questions whose
discussion unsettles business That is all there
is to it,, and all that is necessary In this view,
must regard any sudden jump the market
may take his defeat being announced. as ex-
pressing the sense of relief from apprehension:
and the movement Will be measured by the
depth of that apprehension. Truth To say II
does not seem to have been very deep. II Is
nothing compared with four years ago.
If this reasoning be correct there ought not &c
be much of jump in Wednesdays market: but
there ought to be, and will be, very satisfactory
bull market this winter. The condition Of the
banks rather precIudes the idea of million share
ness of that magnitude with the bank reserves
in the money market The Street will probably
a moderate rate of advance The stocks which
may be bought with the greater surety Of safety
are those which have been named before Union
Pacific preferred and common are sure pur-
chases The companys report for the last dsca'
year shows about per cent earned on the COM
mon stock. which is paying only I per cent.
Atchison preferred is cheap at these figures OF
the showing OF earnings the company is making
and on the business in sight. The common is
as good a speculative and trading stock as theirs
is on the list There is persistentIy repeated
statement that at the next meeting of the North.
ern Pacific directors the common will be made
a quarterly per cent stock