The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-15
RIVIEN 0F Wall STREET
COURSE CT TIE MONEY MARKET
NOT FREE FROM MIS-
-GIVENGS
rEssIEIsTs ALSO CAUTIOUS
Railroad Earnings beginning to
Decrease, but That Was Only
TO Be Experimentation
the NatchW0Td.

NEW YORK, Oct 1S.-(Special )-Ien-
~ Clews in his weekly financial review
says:
As indicated in my last advices, affairs
in Wall street have been held i'll check,
during tn past week, by the uncertainties
incident to the situation of the moment
The underlying feeling of confidence has
permitted occasional upward sDurts, but
they have been only momentary The
unexpected loss OF $4,000, 9G0 In last week S
surplus reserves of the banks precipi-
tated 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 a
whole, it favors an ultimately higher
range of prices, there is among those
who cherish these bullish anticipatlons a
disposition TO so Slowly in buying for a
coming campaign. Certain features
which might easily be turned to "bear"
account are watched with some TIM dlty !;
and yet those factors are Of such secon-
dairy Importance that the pessimists are
as cautious about selling as the bulls
are about buying. Hence, a dull, hest-
tating market, with a feeling that there
is nothing a the moment to encoura ge
taking important risks on either side.
The immediate course of the money
market is not entirely free from misgiv-
ingS. The exchange marketes have ad-
mitted of some moderate imports of gold
and the free supply of bills on Berlin and
London is causing some apprehension at
the European centers that quite i'm
portant shipments of the yellow metal
may have TO be made forthwith to New
York. The pressure of such move
ment would bear heavily upon London,
and from the Bank of Eng.and's advance
In the price of double eagles it is in
10 h,,o
resistance TO parting with its gold, and
1T may be expected that all means will
be employed to force up the rate of in
terest at the Bank of England and the
Reichsbank. a few days more of for
eign maneuveTing will show what may
be expected for the New York money
market. Should the probabilities favor a
free importation of gold here, all ap-
prehensions OF stringency may be dis
missed, no matter what may be the
course of the currency movement with
the interior. Meantime, last Saturdays
large drop in the reserves has acted as
a sharp shock to the market
Certain features from which an i'm
portant contribution to a ''bulr' market
has been anticipated are now showing
some loss in their value The railroad
earnings, though still at a good rate, are
showing moderate declines as compared
with a year ago. To those Who have
calcula ted upon an interminable increase
of traffic, this is a disappointment; and
yet it cannot be pretended that, at the
current scale Of prices for railroad prop
critics. stocks are not, as rule, a good
investment and promising as a specula-
ton; and, in the absence of any unfore-
seen adverse influences, it seems a reas-
enable expectation that when the cleo
tons arc over and the uncertainties
surrounding the situation are past the
unusually strong undertone of the mar
ket will find expression in an active bull
campaign. This, of course. pre- opposes
that the election will afford an emphatic
and Iinal endorsement of the gold bass
as now established by law. Whatever
tmprobabii.ty there may now be of pop
ular vote adverse to that result, vet
nothing short of the recorded vote of
the country can surely protect us against
the incalculabe misfortune of commit
ment to the silver basis. The friends of
sound money. therefore, stll need to
exert their utmost influence to avert that
calamity.