The daily morning journal and courier., 1907-08-26
E FEATURES OF
 TIE STOCK MARKET
General Review and Survey
 of Situation.
ERE'S LESS LIQUIDATION
E'ket Divorcing Itself from
 |olitics- Europe's Sale of Our Securities.

w York, Aug. 25,-The feeling of
 'ehension with which the stock
 ket began the week has been sue
 ed by calmer judgment. There was ! h less liquidation and few signs, l pt in isolated instances, of selling hose whose margins were impaired,
 7hose confidence in the future had
 n to a lower point. Such improve I [ as was shown, however, was
 ply sentimental, based on the belief
 prices have discounted all the \ adverse conditions that may arise,
 that henceforth there will be less political agitation, or at least less onse on the part of investors to
 t have formerly been regarded as Slrbing policies, The speeches of
 etary Taft in Columbus Monday of President Roosevelt in Pro- |etown Tuesday, were read with ft interest in Wall street, but their t on the market, was slight. |lch more interest attached to the I Iral credit situation since it became brent that the market was slowly surely divorcing itself from purely ] ical considerations. Bankers who at conditions from a better vant- point than the average outsider nmore and more impressed with the that the trouble through which the } Set has been passing is interna- stl in character, and that it is the relations between the money mar of this country and those of Eur
 that have produced the tension r markets have not only had to i've the liquidation of American RPholders, but they have been d to accept securities to the value zany millions of dollars from in rs scattered all over Europe,
 and, Germany, France and Hol- who have greatly reduced their ngs of American securities, until
 they are probably at the lowest
 in years. Further, the high rates
 Rd have reduced the borrowing
 pity of this country in a field from
 large amounts of capital are an- , y drawn.
 I ere has been quite sharp divid- line between the rates charged on
 in which industrial securities
 as collateral, and loans compos-
 railway issues. The rate has
 as much as to 1 1-2 per cent.
 r against the first named class. s months loans on industrials have J as high as per cent. Next to ! class, the weakest spots in the ! ct situation have been the local Aon shares, which have fallen to Eowest level in years. The de- s in these stocks has been accom- 5 d by reports that financial reor- 8ation and complete readjustment Be local traction system, organized
 few years ago, will soon be in- Srated.
 previous weeks advance in the # of England's discount rate prov Elective in keeping gold at home. &also in bringing funds into the
 bn market. As a result no reason abd last Thursday for another ad-
 in the rate. Paris again proved Elf to be the capital with the larg
 olumeof liquid funds. Coming to Snarket, the effect of the previous Els higher rate of discount by the Nsh institution was an advance in
 nd sterling to about ASS, a rise Mmost penny in the pound, and ngagement of $1,110,0 900 gold for 8any during the past week might Passed as a special transaction sh is in the same strained money ation as is New York, but an im- S lte change in the rate of the im-
 Bank of Germany will depend aly on the attitude of German
 brs.
 z umber Of weak spots were uncov- Fin the industrial and commercial 8ion here during the week The Ed of an d-established grocery
 resulted from the money stringen-
 Ind merchants and manufacturing #rns were experiencing greater diff in negotiating loans at the legal #bf interest In other trade quar- Sers, notably iron, steel and copper, #llied metals, the contraction in the E Sad for raw materials was said to
 i'm IS to 20 per cent.
 feature of the weeks late opera 2 was the announcement of a re-
 bn in the dividend of Southern
 ay preferred from a to a 8 per #basis. While such action had Agenerally expected, the short in-
 made most of the episode to at #the general list with the result Apractically all the gains of the T were lost
 retary Cortelyou's offer of treas- Belief to the money situation had Sttle effect on the stock market.