New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-15
FINANCIAL AFFAIRS
DECLINE IN STOCKS.
The Trading Professional and Feat
ureIess-Time Money Firm-Ir0n
and Steel Prospects.

Stock market trading yesterday was almost
entirely professional in character and the vol
1Ime Of business continued to lessen the safes
being the smallest for any day this week AT
the opening some of the leading issues showed
fractional advances, and for the first few MN
utes there was appearance of strength but
the bear party. acting on the indication aHorded
by the bringing into prominence of minor issues
on the preceding afternoon, soon proceeded 10
sell the list, which proved vulnerable to their
attack. declines of about point being seen be-
fore noon. In the later trading duiness pre-
vailed with narrow price fluctuations. a small
rally in the last hour. due to profit taking bring
ing final prices above the poorest OF the day
although net declines were made by the majority
of the issues All OF the market leaders closed
fractionaIIv under Tuesday and all of the Gould
stocks in which a bullish demonstration had oc-
Cured on the preceding day, closed either I'M
changed or lower. With the subsistence of con-
Germ over the possible outbreak of hostilitfes in
Europe. as a consequence Of the dissensions Gre
ated by the action Of Bulgaria and Austria. came
Yesterday revival of interest in the American
political situation, and rumOrs began once more
to be circulated of another Bryan scare With
the national campaign now at its very height
and the election less than three weeks away It
Is not at all improbable that another panicky fit
may seize upon the operators in securities, re-
alizing as they do the grave setback which the
success Of Bryan would cause to the business re
covery steadily making progress throughout
country: but it is the Judgment OF the best
Informed men in the financial district that the
proba biIities-for nothing IS certain until the
vote is i'm on Election Day-stil strongly favor
the triumph OF the Republican national ticket.
The call money rate again touched q per
cent. only a shade above the nominal figure
maintained as the maximum for so long pc
rod and frrnness continued IN the time money
market although borrowers were few and their
requirements small, the principal demand being
for sixty-day and ninety-day funds The for
eign exchange market advanced. but closed
practically at Tuesdays levels and there were
reports Of an obstacle 10 the speedy settlement
of the strike in the Lancashire cotton mills.
These reports which. II accurate would mean a
continued scarcity Of cotton bills gave rise to
rurnors OF impending gold exports. which. how
ever were said late in the day TO be probably
baseless.
The weekly reports from the organs of the
iron and steel industry again of dulness
in the pig iron market. with a steady tone and
with good inquiry for business next year. not
dissmilar conditions being reported in the steel
industry. The quarterly statement Of earnings
of the United States Steel Corporation will be
issued within two weeks, and is expected to
make a favorable showing. estimates of the net
earnings running 10 $4,000. 000 which would be
a very satisfactory showing The railroads are
beginning 10 come into the market for new
eduipment for there is n limit to the retrench-
r1oent which can safely be practised and with a
successful outcome of the national election and
the enlargement Of railroad revenue which will
result from the vigorous revival of business the
railroads orders will give prompt and power
full impetus TO the iron and steel industry.