New-York tribune., 1900-08-26
fiuGHriaL
The Financial World.

week ending yesterday. the total number. Of
shares dealt in on the Exchange was less than
the amount done In one day in the corresponding
week last year. Last Monday year ago. over
10000 shares were dealt in: and the past wess
totals up for the six days about $4,000 Yes
terday the trading did not quite reach sOOOO
shares: and for the corresponding Saturday last
year II was over 10000. The effect OF this "a IA
make the subject Of dullness the most promf-
nent topic Of discussion in the Street II beats
China or politics. The common theory Is that
the cause is politics; we are supposed to be wait
ing on the Presidential campaign. II this be 90.
what are the London and Berlin markets waIt-
ing for? They are in precisely the condition
ours Is The cable reports describe them as
utterly stagnant They not waiting On a
Presidential campaign. yet there Is no life N
them. no more than IN ours
Since all the markets are dull alike, there nnus.
be common cause. That cause s. undoubtedly
the reaction which invariably follows as II
must follow. a period OF abnormal activity =,
business and speculation; such as Europe ana
the United States have enjoyed for three years
past. The revival from the long spell OF de-
preston which followed the collapse OF the great
Argentine speculation, when the house OF Barring
went down. was first experienced In Europe
Germany leading the way. Then Il came to us
and everything seemed TO contribute % make
good times The top Of the wave was reached
last Spring. Germany had already overdone its
speculation in indUstrials; England had been hft
by the Transvaal war; and the shock was com
munlcated to US. So here we are all down al
the bottom OF the hill together. each country
looking to something special to itself as the
cause OF the descent; and people arguing that
when this special cause Is removed. business win
start up again.
So it viii, for not alone, but several causes
contribute m a cornnror rasrJt a. gotr. o.
have plenty OF business again OverspecuIatton
has been checked, and the extravagant prices
which that speculation made have been brought
down Industry is adjusting itself to the new
level The readtustments which are necess-
| tated by a reactionary movement seem 10 Be
nearing completion; and there have been no
great calamities, like extensive crop failures 10
hurt the Industrial world. the revival OF business
may be confidently looked for az no distant
date The wars which disturb the world viii not
last long; and with respect 20 ourselves. the
! Presidential campaign ends the first week %
November
Some OF our soundest hnanciers shrewd and
farseeing men. confidently expect that the Street
will be as busy ever 1t was by the time the
Presidential campaign is overly which date
there will have been time for other disturbing
problems to work themselves out. In the mean
time. however. they do not seem inclined 10 do
pared TO see a good deal OF raggedness IN II
While confident Of President McKinley's re-eIec-
ton. they do not ignore the fact that the effect
Of a candidate running on such platform "a
Mr.. Bryan is and constantly preaching calamity
TO the country, IS more or less disturbing. Be
hind the Imperialism Issue. there Is the free
silver business. Studiously kept in the back
ground now-Mr Bryan having quickly recog-
nized the mistake he made in forcing it on the
Kansas City Convention-it is still there and
the effect on the majority Of people vine have
money TO invest or speculate with is TO naaks
them at least cautious Such people after con
sideriug whether they will buy. generally wind
up the discussion with, We'll, think I'll watt
In the last campaign, propertied men every
where were reused to the most strenuous eIeT-
ton by the issues at stake: and every one worked
and contributed OF his means to defeat the can
didate who represented attack the none
tary system OF the country This time. they
are simply in an attitude OF waiting. II Mr..
Bryan forced the silver issue to the front, they
would be reused as before: but while disposed TO
wait during the pendency OF the campaign be-
cause the silver business is still involved they
are Indifferent to the imperialism cry. 1t Is TOO
old story. We have had it too often before
The older men remember that 1t was the cry
raised against the second election OF Lincoln. Il
was loudly decIaimed then that IL Lincoln were
reelected. he would be the last President that
American citizens would have the privilege Of
voting for. In Grants time the same idea was
embodied IN the word "Casarisun." The changes
were rung on Cesarism. Just Bryan Is now
ringing them on Imperialism You can't expect
men to rouse themselves to the fighting fervor
that they did in the last campaign, over cry
which has been heard so often before. and which
the country has laughed at as often as heard
There is one interesting popularity about II.
however It is one OF that species OF cries which
have a sort of hypnotic effect on cranks- They
go crazy over it,
In a market so dull as above indicated. price
movements are generally insignificant. Here and
there some stock distinguishes itself BY running
up or dropping down several points. and con-
centrating attention on itself. Jersey Central
did this by going up to 1SS- Obviously this
could not have been done by any pool or COM
bination single operator. for effect on the
general list. There must be a special reason for
it. The supposition is that Jersey Central IS IN
the market and the people who control the
majority Of the stock consider their position as
sellers will be strengthened by making a high
quotation for the stock. II this suppOsition be
true. and it probably Is it implies that there .
a buyer for the property on the horizon-whch
is also probably true. Which may give warning
TO any minority stockhoIder 10 take heed 70
himself. On the other hand. Brooklyn Traction
went down. It was sharply hit yesterday Just at
the close. This was probably short stock, and
some reaction may be expected; but the stock
is not likely 10 recover very easily from the de-
pressing influence of the annual report Sugar
also had little drop Just before the close; and
IL is suspected that some recent bulls on sugar
have been selling out
The balance OF the list has remained almost