The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-10-13

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md pTir, iraliv IN New YORK IN fart n
10 veil known that slsput al tho pu,,l~
money thai can b~ tsk~n Nv tho small West.
rrn inst has l~-n already l~f, IN
ti.r care. AMI ~ a. The nlotnrui ihe pres
rure Tor rroucy ~ this crn,re ~ alvuo-'
.ntircly y conrcrn Of co'nmercial and m~r-
cantiie housrs n should SURPRISE uoboiv
II within the near future q very large adj
dition 10 made by tho Treasury 20 the smount
NJ public M q held Nv tho local hanks.
Prioes of atocks to-day ~ the close ~ the
market. though -till nervous, were we'll
above the lowest.
There werr IN the face of things n good
many .recihc reasons for the sharp decline
In the market this week. During the week
there have heen published the annual re-
DOFfH IOF we IHAf NetF w WE VftrftVtFVN
n many Of orr great railway companies
as we'll also the statements covering
the operations ~ these roads during the
month 81 iugu-t and for the first two
months W ths current fiscal year; and with
out an exception all these reports we're
unfsvorahle n 'estifying to the continual
tendency Of railway operating expenses
20 cut into nct earnings, while az q rule the
railway companies have shown actual
decreases in net earnings for the first two
months of the present years business
OF course these earnings compare with
enormous revenue last wear and to some
extent they are impaired specifically by
the necessity on the part ~ railway auditors
for obeying the new rules Of the-I Interstate
Commerce Commission in regard to making
up Thus the railways are COM
PEELED TO set aside each month that months
proportion OF the years depreciation charges
which under the old system were only
deducted at the end of the year. Receipts
from the sale Of mileage books are not to
bs counted as formerly at the time the sales
are made, but only as the coupons torn out
Of the books are used and turned into the
railway companies. Making all these al
lowances, however. It, is obvious that the
cost of conducting railways. chiefly because
Of the high prices that employers now ave
to pay for labor, Is constantly causing
railway net earnings TO diminish. Fairly
In the week the head of the English house
Of Rothschild gave out a pessimistic inter-
view on the financial situation. and sterling
exchange rose to a point that threatened
gold exports especially. inasmuch as IL was
rumored that the Bank of France had offered
Inducements Of the usual kind to those
among it's customers bringing gold into
the country. These rumors were not veri-
6ed, but the persistent strength of exchange
wa disliked. 1t was said that one reason
for the advance in sterling aside from the
pressure of remittances abroad in payment
Of financial obligations maturing at this
time was the comparative scarcity Of cotton
bills in the market: and it appears that
Q Disagreement that has been in progress
FOR some time between bankers and shippers
Of cotton over the wording and character OF
bills OF lading has something to do with
the failure of cotton to come forward for
export in the usual quantity. The Govern
ment's monthly crop report on Wednesday
wa OF only negligible market influence. for
although the report showed a small falling
on in conditions, this was no moro than
had been expected and not enough to ma
terially lessen the estimates OF the seasons
harvest. Experience attests OF course that
these estimates are almost invariably ex-
oseded in the final results. There was a
good deal OF speculative disappointment
over the failure Of the Northern Pacific
directors to eclar an extra dividend.
- 1t has been long rumored they would
do, and the investigation Of the local street
railway companies by the Public Service
Commission was also obviously . market
factor. What seemed to weaken the mar
ket. however. as much as anything was
tho great weakness displayed by 90 many
Of tho industrial stocks. especially the
preferred shares Of some Of these COM
panies, and efforts to sell only a small guam
tity Of such stocks proved that buyers for
them could only be obtained at extreme
concessions in price. Doubtless this par
ticular difficulty is mainly referable TO