The Washington times., 1902-10-13
Probable That Liquidation
Under Heavy Pressure
Will Be Resumed in the
Stock Market Today.
Followers of Pools Must Sell.
Before Situation Can Be
Clear Money and Strike
Still Features.

as though speculation had stopped for
a breathing spell and then again started
with the same yigor as before. Forced
and peremptory liquidation, in other
words. was partially over, but the causes
that had led to it were still in ex-
istence and would inevitably, in due
course. again exhibit their power.
The spectacle of great corporations
paying per cent for the use of money
prophesies eloquently for the future.
Prices of securities are off considerably
from their high point, and to that ex-
tent the tension of the situation is re-
lieved. but these prices are still high,
and rest above the level at which the
infatuated attempt to bull them. In
the face of a tightening money market
began three months ago.
Does this money market show any
signs of permanent ease? Its rigor has
naturally moderated somewhat after the
reduction of bank loans and the marking
down of prices that have occurred. The
remark mas been very often made re-
Gently that Wall Street is the only blue
place in the country, and such a judg
ment is undoubtedly absolutely correct.
Wall Street is the one place in the land
where there has been notable SHINING,
and where there are fears of notable
punishment. The ordinary mercantile
and Industrial life of the nation was
never more prosperous than at this mo-
Ment: the woes Of stock gamblers do
not concern it in the least, and the
troubles OF those gentlemen have not
been brought about by any business un-
coundness or calamity.
Superficial observers have declared
themselves puzzled by the TACT that
travellers in the West and over the coun-
try generally report the supply of
money there abundant. How then can
money be SO dear in New York? Sim
ply because money is usually ,heap in
New York and dear, judged by Wall
Streets standard. in the interior.
Movement Not "PIblic."
The upward movement in prices of the
last few months has at no time been
public one. that is, the market never
presented the familiar phenomenon of
boiling" under an enthusiastic and un-
discriminating rush of orders from out
siders. But that the pools under whose
leadership the market advanced man.
aged to enlist considerable general fol-
lowing is now evident; and Until this
general following. as well as she pools.
has liquidated the situation cannot be
said to be clear.
For the professional spectators who
have suffered in pocket by what hap
pened there need be small sympathy
but more innocent folk who have sus-
tained losses through their blind conf
dence in the ability of rich and daring
men to stay, even by the tiniest scruple,
the slow but mighty pendulum CT nat
ural law. may find the experience really
profitable If it has taught them, once
for all, their error and the folly, like
wise, of adopting those canons Of finan-
cial criticism which have been Urged to
an almost criminal extent in published
writings this summer, and consist in
either minimizing the plain and certain
dangers of a speculative situation or in
denying absolutely that they exist.
Tie condition of the money market.
far more than any other matter, was
the depressing influence OF the week,
but the rank and file OF spectators
probably talked more about the coal
strike than they did about money. Many
of them. although perhaps fewer than
formerly, continued TO be possessed with
the conviction that at the crucial time
the proper pull would be applied to
The coal mine owners, and the latter
would accede to the strikers demands |
Some Compensations.
All evils have their compensations,
and the coal strike is no exception. One
such compensation as noted in a spe-
cial report published by Bradstreet's
is the proof OF adaptability of Ameri- |
can manufacturers in the ready way in |
which they have found substitutes for |
their accustomed anthracite fuel. Sol: |
coal, oil, and gas have been freely |
used. and there are few manufacturing I
businesses which the coal strike has |
really bothered.
Much of this new fuel has undoubtedly |
come to stay. The question is worth |
also, whether 1t is not a
good thing for us to get out of the idea
that any one sort of fuel is indispensable
for manufacturing and household pur
poses. In other parts of the world
people get along without anthracit.,
and in London anthracite is even uu-
popular.
Competent authorities in the world of
ron and steel declare that the enforced
shortage IN iron production caused by
he scarcity of coke fuel has happily pro-
rented runaway market in that indus
try and tended TO keep iron production
Itable.
The general news of the week was liz
lie needed, apart from that bearing
lpon the two great subjects that have
,een discussed. The report Of the
Reading road for the year ending June
% showed. naturally. that even in the
,arly summer months the coal strike
lad Begin to make holes in the roads
earnings. Generally the reported earn
ngs OF all the railroads unaffected by
he coal strike make a splendid show
ng. the only drawback being the con-