New-York tribune., 1908-10-19
THE WEEK IN WALL STREET.

sion that the dissensfons created by the Balkan
complications might lead 10 hostlltles among
the great powers and with the fallufe OF any
decided change TO develop in the domesuc Pc
litical situation the local stock market last week
relapsed into a state Of comparative dulness,
the dealings being almost wholly prolessioiai
and the net price changes being relauNelS IL
fling although the prevailing tone was one oi
frmness On the last day OF the week, now
evers sales of foreign holdings were resumed IN
some volume, and were the controlling influence
and the stock markets Of the chlef European
centres reflected in their depressed conoltoil Tue
renewed unessiness over the political OUTLOOK
which was represented IN dispatches puohshed
on Sunday as being exceedingly threatening and
as pointing 20 outbreak or actuaI hoSlillllS9
between Turkey and Bulgaria which might very
easily expand into a general connc'' so coihPii-
Gated are the interests Of the powers IN the
Eastern question and so keen are the jealousies
among individual powers. That a general war
will occur while improbable in the extreme. Is
not an impossibiity; but If the situation shal
once more become acute the result will in all
probability be the return to this market Of an
other Iarge block Of American securities. which
must be taken as were the 100000 shares SOLD
here by European holders week or so ago 10
some extent II IS understood, the selling or the
latter stock has been really in the nature OF
short selling although not so intended at the
time the certificates not having been sent over,
and the foreign owners continuing to be Dor
rowers of the stocks which they were Obliged
to secure in order TO make delivery When lne
sales were effected: and TO that extent the gen
eraI market position is on the surface better
than appeared a week ago, for on a decline OF
any severity these short sales would have 10 De
covered. II such decline should occur, however
the foreign holders will still have their original
certificates with which to make Gquidattng
sales so that the situation will not show mucn
alteration.
The market at this centre is now at a level
higher than that at which It stood when the
foreign selling began TO assume cons1oeraoie
volume, and conditions in this country are such
as 70 give ground for the expectation OF
further advance rather than recession IN the
quotations for securities First is the polltlcal
outlook which is entirely promising. the last
fortnight Of the campaign opening with the be
lief strong among the best qualified observers
that Mr. Taft is virtually assured of election a
victory which will work the complete restoration
OF business confidence and thus hasten 1he
countrywide revival Of business activity and or
prosperity indications OF the return OF WhlCh
are already seen every hand. Harvests OF
full average size have been garnered THIS ran,
for which excellent prices have been recelFed
by the producers whose prosperity is witnessed
by the trade reports Of sales Of such luxurles as
automobiles in various parts Of the west Il
prosperitv which has been achieved through
MANY years of successive good crops with the
election Of Taft and the removal OF uncertainties
created by the possibility Of the accession 20 the
Presidency Of a man unstable, and therefore
so unsafe as Bryan, whose programme ana the
tenporarily retired but never withdrawn feat
,lres OF whose past programmes are judged by
sill conservative business men TO make Tor
further unsettlement. the buying power or the
American public may be expected TO deNelop
again in full volume. after the recent period OF
regeneration as it developed after the election
Of Mckinley in 1896.
From all parts Of the country come reports or
a more confident feeling among business men,
based upon slowly expanding demand from
consumers the result of which is in some in
stances the abandonment Of the hand-to-mouth
buying by merchants and the placing or orders
for future delivery many of these orders how
ever being conditioned upon the election of Mr..
Taft TO the Presidency. The number of idle
freight cars is decreasing, reported by
the American Railway Association a week ago
and is now not far above normal: and In certain
parts Of the West there have been since the date
Of the last report car shortages, significant, al
though small Gross earnings of railroads pro-
vide an indication of the improvement in the
general situation. September making the best
showing Of any month this year. and the returns
for the first week in October being in line with
the preceding month. the gross earnings of thir-
ty-seven roads for that week being only 3.1S
per cent less than for the corresponding week
Of 1907, a great change for the better in com
parison with the figures which were being re
ported two or three months ago The copper
market, which among the first 70 feel the
industrial depression, is becoming more favor
able and with the restoration Of confidence
should improve rapidly, for the resumption Of
work upon the many extensive projects for cleo
triicaton which were dropped for the time when
money became prohbtively high and business
contraction began will give a powerful impetus
to the demand for the metal In the iron and
steel Industry. too cheerful views are held by
manufacturers. who report orders more salts
factory so far this month than they had looked
for and who figure upon a tremendous business
by and from the railroads when increased traffic
shall warrant the expenditure of adequate sums
for betterments and for the replacing Of rails
and equipment. Renewed activity in building
operations IN the principal cities gives another
indication Of the return which the country is
making to normal conditions. and still another
sign is afforded by the foreign trade statement
for September, in which the volume Of exports
Of merchan ndise is greater than ever before re-
ported for that month. and the imports, although
not correspondingly increased, and although
little less than those for September, 1907 are in
excess Of those for August of this year, a sig
nificant feature being the gradual increase in
the importation of luXuries, such as diamonds
The money market during the last week has
shown a tendency toward hardness. in conse
quence OF the large decrease in reserve in the
preceding week and the indications from vari-
Gus quarters of financing demands from corpo-
ratons the rate for call loans having risen to
per cent for the first time in several weeks and
rates for time accommodation also having ad-
Vanced little, although borrowers are still in
clined to rely upon the call money market for
The bank statement of Saturday showed a fur
ther decrease of about 100000 in the surplus
reserve. and a loan expansion of S14.000,000.
which was attributable mainly to financing Op-
erations OF the week, which included the bring
ing out of a S14,0OOOOO loan of the Southern Pa
cihC Railroad Company. The drain from the in
terror continues Of very small proportions. and
its termination is now close at hand. for with
! the end Of october this demand normally ceases;
and nothing approaching money strngency is
| looked for in the near future, for, although
great expansion Of business will follow the cleo
tion Of Mr. Taft, bringing into employment the
vast mass of funds so long held Idle hv the