Arizona republican., 1900-10-12
Wall Street Moves in no Par
 tiCuIar Direction
It Has no Great Fear of Bryanite Success, Yet It Is Content to Take a Vacation Until the Votes Are Counted.

now bear" in quick succession, and
 nobody caring or daring to undertake persistent action in either direction. This is not surprising considering the many elements of uncertainty that control at the moment. There can be
 no doubt that the preponderate estI- mate of the situation is fundamentally
 "bullish;" but few are satisfied that the occasion is yet ripe for action on that
 assumption. Operators, great and small, are conservative, yet most of them incline to the expectation that good times are coming, postponing op- ! erations, however. until the improve mcnt is within nearer and clearer rec
 oSnition.
 The prospect of the money market, 1 though not threatening, yet lacks en- i enlargement to buying; which is an | element favoring the bear" side. The 1 surplus reserves of the local banks are | diminishing at the rate of three or four millions d week, under the withdrawal J of currency to the interior; but two out of the usual three months of the movement have already passed and We l are nearing a point at which the out | flow may begin to relax; meanwhile | the surplus stands, as per last weeks statement. at $12,9O0,000. That may not | be a protection to swear by; but it is i equal to the average al the same date , of the last six years and the condition ! of the foreign exchanges places within sight all the gold we might need ! should the pressure on New York make | specie imports desirable. Europe could perhaps ill afford to part with much of l its cash resources. The remarkable ! showing of the Imperial Bank of Ger | many last Week is very suggestive. i Within the week, that institution in ! creased it's note issue by $lL00O, ,030 ] while within the same time it lost $26.- l 400,OU0 of coin and bullion. True. this
 remarkable exhibit produced no special i effects in the other European markets; | but if suggests that. unless free clls- ticily is developed in other quarters 1 thereway be some sluilminG among the great foreign banks. Europe is largely G-hfor to the Unite-I- -S--L-s--a4+.i if We i should wand money from thence. We have the power to get all we need. IL l + only d question whether New York
 or the foreign markets will pay the highest rate for these funds. This sit-
 uation is only a matter of a. months to1Eearancc, however. and for the pUrros" of keeping the rate of interest as high as can be conveniently endured our 'Gauks may he disposed tn snow the l European banks as much consideration [ as they can. In the present. situation, it is not an cncourag ging fact that the increase in national bank currency is beginning to decline. For the five months of March. April. May June anJ | July. tn" new issues @rcgttcd $10.- 1 6oo.ce0, or at the rate of $l41OO,G00 p=r ! month, while in August the notes put out amounted to only $f.2O0 OOO II is unfortunate that the elasticity of this currency should prove sp feeble at the ! pcriel when it's expansion is most needed; but it is to be kept in mind that under our redemption system. notes once issued come back to the issUcrs very tardily: it may therefore Ie calculated that the $15, GOO. 600 cil.cu- , lation put out since February last is still. for the most part, doing active service in moving the crops This is d consideration not to be overlooked.
 The stagnacy in the stock market is
 m no small measure due to the unset tiiES effect of tine presidential election. i The canvass is not an exciting one, but 1t IS one to which the public attach an unusual degree of practical importance. 1 The issues are not of d kind that many people are willing to act upon in the way of buying or selling stocks. The only question on which the public in terost is real and deep is the money question. The so called "imperialism' issue is at bottom regarded as only a party prctense. calculated to afford material for stump oratory and for pseudo patriotic tirades. but in truth devoid of any significance about which one in ten of the voters has any com prehension or convictions. So with re- spcct to the trust question also.
 II is a good theme for appeal to the minimizing; but practical men regard it as beyond settlement through lcgis- Iati"n and to be finally disposed of only through competition and experience Moreover, bcth parties are against the system. No;rrs are becoming more and
 more aware that thes, two so-caIIed leading issues are tictions designed to mislcad; and therefore these questions Fare not calculated to influence either speculation or investment.
 The one question in which any real, vital and common interest centcrs is the i6 to | Esresy. about which it's sup portCrs ohs rye discreet silence lest its open advocacy should land them in
 dvfgat. In this, the whole conservative
 business community feels serious. not
 {" s1y anxious, concern. However small the chances may seem to be for 1 tn" l6 to 1 advocate being elected to | throw the country on the silver basis, it is thought by many as not beyond l the range of possibility that such may ' be the result. The election has no ter lorS for Wall street beyond what may center in that remCte possibility; and
 ro matter how low the possibility may
 be rated, it is so supremely serious in l it's nature and putentialities for evil that the supporters of the great finan- cial interests may be expected to post pone their purposes until that uncer-
 tainty has been disposed of. In view of this fact, and despite the probability of