The morning journal-courier., 1908-11-02
FINANCIAL REVIEW Confidence in Present and Hope for Future Expressed in the
 Firmness of Tone. ELECTION ANTICIPATION Some Unsettlement Caused by That Tendency--Railroad Earnings
 More Favorable.

New York, Nov. LA spirit of con Adence in the present and hopefulnees for the future was presented in the financial district last week and found It's reflection in the firm undertone of the stock market, The action of that index of financial feeling was affected by the near approach of the national elections, owing to the fact that that event has been looked forward to as marking definite period Of repres
 sion and withholding of orders in all departments of industry, which would be released for execution. It would not be easy to exaggerate the part this feeling has played in the long con unued accumulation of stocks and the substantial advance in prices which hae occurred. So much having been achieved in the adjustment of values to the continued results 1t was natural there should be a disposition to pause on the eve of the arrival of the period. There was even perceptible a tenden- cy to anticipate the event by the fur ther step of realizing speculative profits accrued, which caused some unsettlement, at times, In the price movement. The stock market gave proof that the effective control in which 1t is held, and which Is believed to be exercised by groups of the weathlest capitalists in the country was not relinquished The stocks in which the movements are most infu- ential on the general tone of the market advanced to new high levels for the year The progress of the recovery in general business was in evidence from various sources and was an Influence in maintaining the main undertone of the market. The quarterly statement of the United States Steel company was an effective factor in maintaining this confidence. The increase in tonnage of unified or ders on nand. though small. shows the first increase in that item since the decline began from the high wa ter mark of the December quarter of 1906. The increase In the last quar- ters earnings obtains additional force from the fact that the gains were at an increasing rate for each successive month of the quarter The weeks advances from the iron and steel trade were of increasing demand from consumers and of growing dis position on the part of the railroads to place orders for equipment. The advancing tendency in the price of copper was traceable to the same causes. Reports of gross earnings of railroads for the later weeks of Octo- ber show increasingly favorable com parsons with last year, and the years earnings were at large advances over previous years. the effect of the financial crisis not having yet appear ed. Reports of net earnings for Sep ten1ber have the advantage of the ef- fective economies in operating cost then enforced. and which compare with the period Of forced extrava- gance In that item last year owing to congestion of traffic, car shortages and other conditions, which made the rate of operating cost very high.
 The situation In the money market offers undisturbed ease. The move nent of currency to the interior for the season seems to have ended For eign money markets have been re- lieved of the strain of the war out look in the Balkans, but are still af- fected by the unappeased demand ot Paris for gold Students of the Unit ed States government finances expect an early call on banking Repositories for a return of funds to the treas ury. The October deficit amounts to g round s10,000,00 000-the available bal. ance is below the traditional limit ot safety and the obligation to redeem the si4,000,000 one year notes put ou
 to relieve the financial crisis last year confronts the equanimity by lenders and borrowers as evidenced by tho eagging tendency of time loans,