New-York tribune., 1900-10-14
finnurldl.
The Financial World.

y
Saturday before. The closing prices OF that day
were low. the market having dropped on the
publication OF a bad bank statement The clos
ing prices yesterday we're high having risen on
the publication Of statement much better than
had been anticipated Thus the market through
the week moved in a circle. finally getting back
to where II started from. Between the two
points 1t first declined and then rose again
The general movement. however. from start 70
finish was within a narrow range.
What the rather alarming statement OF a week
ago did was to give a sudden check 70 a buy
ing movement which had started among num-
Der of the boIder operators. who believed that
election prospects were looking brighter. They
stopped buying when they were confronted with
what looked like danger signal Of tight money:
and the crowd Of smaller traders VINO were fol
lowing. hastily threw over their stocks. The
market. of course. fell away; and then became
duh. 1t did not begin to pick up again until
towards the close Of the week, when announce
ments were made of gold engagements for i'm
port; and in addition to this. the money market
tended to get easier. instead Of working the
other way. 1t had been feared it would
There still much hesitancy. however until
yesterday. when a brisk rally with compare
lively large dealings repaired all the losses OF
the first half Of the week
II may be argued. Therefore that We have
resumed the buying movement which was tenn
porariy checked by the sudden fear OF a money
squeeze.
The gold coming in goes TO pay for the cotton
going out. All the experts are united on that
AT this time last year. some Of the bankers were
much disquieted by the slowness wlxh which
cotton was marketed: or, as they technically ex-
pressed it, the failure OF cotton To make ex-
change. Cotton was much lower In price then
than now; but the stocks abroad were compare
/ lively large. and the South African troubles ap-
parently had a deterrent effect the European
manufacturers. This year, the stocks are down
very low and the demand for the manufactured
goods is improving; the raw cotton must be had
and the price is high. Hence. exchange against
cotton is making fast. The gold engagements
of the week aggregate nearly 100000. Most
of II is drawn from London. and little comes
from Paris. An official OF the Bank OF France
is quoted as saying that the Bank will furnish
gold for export. otherwise there would be in
creased monetary tension in London which
would make serious trouble generally
The monetary situation at this time would
seem to be. in short that the great financial in
stitutiOns here and abroad. will do their best to.
prevent serious disturbance in the money mar
kets while the drain on money continues for the
movement of the crops-that movement extend
ing from the United States. the producer; to
Europe. the consumer.
The average trader in the Street is now puz-
continue to advance TO discount Republican
success in November; whether IL will drag
along with alternate small ups and downs. until
success is recorded by the count OF votes and
then go up He only considers Bryan's election
a remote possibility. like any other calamitys
not at all among probabilities But II Bryan
did happen to be elected-xell there are soms
people who might go broke If the market dis
counts NcKinIey's election by anticipatory rise,
nd T,oTr=
election will naturally be depended upon 10
make the market upon which stocks can be un-.
loaded If it is TO hang heavy until November.
we may reasonably look for. considerable ac-
tivity and higher prices after election
Judging by the way it acted yesterday. the
traders are more inclined to buy In anticipation
of Bryan's defeat than to wait for its accom-
plshment- For there be no doubt that a
powerful contributing cause 70 yesterdays rally,
were the registration reports. which were con-
sidered most favorable TO the Republicans.
They showed at least that there was none OF
that apathy which had been assumed to exist.
The voter may be less publicly demonstrative
than he was at the last election. but evidently
he is very determined to vote. Wall Street read
the reports that way. and was oorrespOndiugIy
elated.
Stocks which were an exception to the rule OF
general inactivity through the week were
Northern Pacific and Peoples Gas There was
a very large short interest in both Indeed the
borrowing demand for Northern Pacific when
the stock was hanging around IS was so large
and eager as to give rise 10 the suspicion that
most of it was made by insiders who were SELL
ing their long stock and borrowing for delivery
to make a better market for it However this
may be, firm considered to represent Wander
bit and Morgan interests came into the market
and quietly bought the stock for several days
On Friday it seemed to spread through the
Street that Mr.. Morgan was buying; and North
ern Pacific shorts became decidedly uncomforta-
BILE. The stock crossed 81 yesterday and NAV
be said to have led the rally which closed the
market The usual crop OF rumors about new
deals sprang INTO circulation; but there is no
of a stock which had evidently become heavily
oversold.
In Peoples Gas a more rapid rise took place.
and the rumOrs spread that a settlement was
being made between the Ogden Gas people and
the Peoples Gas settlement may be pend
ing-and BIT may not. The situation would ap-
pear TO be that the ogden crowd have been the
big buyers OF the stock When they have got
enough Of it, they may offer terms OF settlement
to the other company. They would not have
been buyers Of the stock unless they had some
such scheme in contemplation. New they NAV
in good faith offer terms which will be ac-
ceptable. and depend on the settlement TO make
market TO unload on; or they may negotiate"
working the negotiations to sell on. and call or
the whole business when they have made their
turn. The case is one of those familiar ones Of
ferng great opportunities for working the stock
up and dowr. II goes up on reported settle