The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-29

hoANN RAbcRtANy ~ hHN
coming yer than an enactment by Congress
Of measures of this kind.
There is no denying that the sagging ten
dency which in the main governed the stock
market last week wa due to some extent to
real liquidation, although in general II was
90 be accounted for in the conviction that
spread among the trading element that
financial interests Of the first rank were moi
willing to encourage any movement for the
rise in values until current monetary and
political uncertainties had been cleared
away. There was, therefore, n good deal
Of hammering Of the market with the view
of catching stop loss orders and stimulating
selling by uneasy holders of stocks Of small
financial resources. On one or two days
during the week there seemed to be a definite
effort to create an election scare that was not,
however, highly successful. Sentiment in
the financial district is as strong just now as
it has been al any previous time that there
is no chance W crth reasonable consideration
of the success Of the Democratic party for
the Governorship in this State. and that
against this candidate an overwhelming
vote will be cast. II il almost incredible
thnt there should he a contrary result. But
let il be supposed that the inconceivable
thing may happen and that Mr.. Hearst
should be elected. Just what effect. mar
ketwise, will such an occurrence have? Can
il reduce by one jot the years splendid
harvests, the output Of the gold and copper
mines Of the country or the consumption OF
iron and steel? Mr.. Hearst a. Governor
would find avs and courts. and a Constitu-
ton and a Legislature TO contend with, and
that ho ht,naalf e In kha tpnapoHorfah la
position of having to make good the Jack
Cade promises with which he has been de-
luding his followers. There are observers
Of Affairs in our State who feel that for
broad reasons Of political philosophy il
might be a blessing in disguise IL Mr.. Hearst
was permitted TO sit in the Governors chair
for a couple of years. The power Of harm
vested in demaSogues is in this only, that
they are voices OF disorder. Once so
placed that they are compelled to sustain
the laws rather than rail against them and
to do things for the fools who have trusted
them rather than to continue to talk about
the things they are going to do in future,
they stand forth exhibited as the impudent
knaves and impostors that they are -promis-
ers Of the impossible, and willing doors OF
all the evil that they affect to condemn.
The American people like to be deceived,
perhaps, but they like ever more to be I'M
deceived; and what il very much wanted in
this country now IL a species OF complete
public undeception regarding men OF the
Hearst and Bryan tyne.
As has been stated. the money situation
during the week suffered 10 appreciable
change. Financial affairs not only in our
own country but throughout the world
are passing through that period Of strain
which is almost invariably felt in the fall
Of each year and goes on in England, France
and Germany as we'll al in our W land.
as the result Of necessities incident TO the
gathering Of the arrests and to the seasons
trade. II may perhaps he conceded that
financial interests both here and abroad
underestimated this year the amount Of
money that would have 10 he withdraw n
from the leading financial centres for the
purposes described. This is the time OF
the year when. more than any other, actual
money is needed in circulation. and business
throughout the world is now more active
than ever before known. II is clear that
the last straw on the ca mel's back, so far
as the directors OF the Bank Of England
we're concerned, was not overlending to
this country, but Withdrawals OF gold from
the bank for shipment to Egypt that were
very much larger than any one had
anticipated. The movement of money
from our Eastern cities to the West and
South for the crop moving exceeds all
previous records. despite the fact that the
bank Golfers in the agricultural districts.
or at least in the West, are more abundantly
filled than they ever we're; and the idea
seems TO obtain that this movement of
money west ward and southwark will go
on throughout the greater portion Of the
remainder of the year. After that time,
of course, domestic exchanges will once
more turn heavily in favor OF The Eastern
cities and there will be a plethora OF m )ney
here during the winter and early spring;
and then unless unwonted disasters arise
we should expect to see rising prices for Sc
%curities, based upon the ease with which the
banking institutions can encourage such a
movement and the immense and substantial
prosperity of the land. The present money
s~tringency, if indeed it can I've called such, is
in other words only OF temporary charac-
ter and is a sort Of penalty that we have to
pay for our business afiuence. II our
great bankers end our very rich men are
not rushing IN TO BUY STOCKS at the moment
at advancing prices there is no one who has
the slightest familiarity with Wall Street
affairs who is not aware OF the fact h
they are steadily buying securities whenever
these are offered a; concessions. For these
men appreciate far more keenly than do
the great majority of investors and specula-
tors how firm and deep the foundations of
prosperity are in his country and how
brilliant is the promise of the business future
of the twelvemonth to come. Neither, it
may he said. is there the slightest expecta-
ton in these quarters Of anything like a
serious decline in prices during the present
year.
FINANCIAL AND COMMERCIAL.