The Washington herald., 1907-10-20
WALL STREET NOTES
Railroad List Stronger Than
the IndustriaIS.
GENERAL DECLINE FOR WEEK
Cotton Prices Maintained, but I'm
Practically Every Other Line There
Is n neutrality-suspicious. In Wheat
OveFdOne and Reaction Results.
Copper Causes Decentralization.

New York. Oct. 19-To-days market
was irregular at the opening. but with
only small variations in prices from last
nights closing level, the railroad list
presenting a greater degree Of hrmness
than the industrial issues. From the
first few minutes the tendency of prices
was upwards. but Improvement was soon
caused by a renewal of liquidation in
Amalgamated Copper and Reading, which
carried both those issues to new low
records for the year
Under the influence Of imposing forces
prices moved In an irregular fashion
during the greater part Of the session
advantage, apparently, being taken Of
weakness in some stocks to facilitate
the covering Of short contracts in others
until near the close, when an increase
in the volume Of liquidation in the Har-
riman stocks serving the general ten
dency in the direction of a decline. and
the marker closed At or near the lowest
points OF the day.
The bank statement was good. show
ing an increase Of $6,527, zoo in the sur
plus reserve, with a gain In cash and
a reduction Of loans decidedly larger than
had been generally expected. After the
closing OF the market 1t was announced
that an international banking house has
long engaged Sl500,O00 gold for shipment
20 Germany on Tuesday next
Taken as a whole, the week just
passed has been one Of declining mar
kets everywhere. on the cotton ex-
changes the quotations Of the staple there
dealt in have not fallen notably. be-
cause of the persistence Of the South
ern planters in holding cotton for high
er prices. as they are enabled 60 do by
their greater comparative wealth this
year, and by the advances freely made
TO them by the banks
In the Judgment Of conservative people.
however, the general state of the financial
situation and the fact that the reaction
IN business has at last visibly touched
cotton manufactured goods. not to speak
Of the indications for considerably
larger cotton crop than was estimated
earlier in the season, and the large
Stpth5 OF cotton now Htld D} European
consumers, do not Justify any SPECULATIVE
movement for a rise iu cotton values.
and such a further falling of in cotton
as would loosen money in the South and
accelerate exports Of the article. would
be a matter for rejoicing
The rise in wheat, which went on so
eXcitedly up 20 a little time ago, had a
much more substantial foundation in the
urgent foreign necessities Of the article
which are still far from being satisfac-
tory The speculation Of the Advance In
wheat, however, has been overdone. and
so in the main wheat prices have crambled
the week through.
II has, Of course. been a time of de-
moralization in the stock exchange, and
all .hat has been thought Of there has
been the excited selling Of stocks follow
ing the breakdown of the attempt 10
corner United Copper. Indeed, il seems
now very probable that the decline IN
copper and copper mining has had more
to do directly with the fall In values Of
stocks generally during the last two
weeks than has any other one specific