New-York tribune., 1908-09-30
FINANCIAL AFFAIRS
LIGHT DAY IN STOCKS.
Early Weakness FoIosoed by RecoU-
eru-Railroad Earnings Improve.

StocVe 1rsre weak In the early part of the day
on light volume Of business. the seHlng colh-
ing from the professional element ana rom
small commission house accounts, the latter
renresentine chiefly stocks caught on stop Joss
orders There were no developments IN the
general situation that warranted hQuiu6
but in the absence of actual pear arsuIIeht'
the trading element advanced as a good enough
reason for selling the rumors regarding MI.
Harriman's health. Mr. Hartman arrived at
his office about 2 o'clock. apparently en1oylhs
,he hest Of health and the fact that he was hol
brought there a stretcher was set loi III @
the reason for the frTner tendency III Pi ne a
the close OF business. AS matter OF Iaet
stocks weakened soon after the opening De-
cause there was no buying demand anu
strengthened UP at the close or the uaS pecou9e
Of covering by traders who were un"liHs ~
go home short of the market The market is IN
a nosttion where some real 1--we deFe4opiheit
would affect II materially, but It evidently VIII
not decline to great extent until hQuloa'!oh
can be forced by the wholesale, nor Is IL likely
10 advance on the basis of the summer inoFe-
-oen+ until some new incentive on bull hnes
appears The speculative account at the mo-
r1ent Is small on both sides Stocks, however
are in strong hands. and promise 10 REMAIN
there At the close prices in the general Hssl
showed as a rule only fractional changes from
the figures of the preceding day. with ABOUT as
.or,, gatns as losses Canadian Pacific was
strong exception, advancing throughout the ses-
sion and ending at net gain OF l@i'
Oonoestic exchange rates do not indicate any
great demand from the interior on this centre
for funds but an inquiry OF greater proper
tions undoubtedly will develop in the near
future. The chief shipments so far have been
10 New Orleans and Montreal Foreign eh-
change at New York, Paris ana LohoOh -
moving in e manner that does not Suggest 6olu
movements between the three capitals at pres
ant except further shipments from the open
London market to Paris, but il Is not unhkelN
that later in the season some of the metal may
be brought TO this country on regular eNchahse
transactions while It is possible the financing
of the Russian loans. which will be mace IN No
,,er,her will be accompanied by WITHDRAWALS
of gold from the Bank of England in faVor oL
the French capital. The British institution IS III
a strong position. The Bank Of france mas
larger gold holdings than at any time IN It's MS
tory. the Imperial Bank of Germany SHOWS
steady Improvement. and the New York banks
are surfeited with funds The general money
situation in all the leading nations is such as
to encourage great wave of industrial pros
perity but as far the United states Is con-
cerned there is little prospect Of anything in
the nature of boom until after the election Is
out OF the way. Business conditions rest upon
A sound foundation. and contracts contingent
upon the success of the business mems party
are being made in large volume in the iron
and steel trade and in many other lines. ana
the importance therefore. of the election of Mr.
Taft to the business interests Of the country
may be easily figured out
in gross receipts great Improvement is reported
in net results by many Of the leading companies,
and by smaller roads we'll an instance OF
the latter being furnished by the Colorado &
Southern which for the month of August
showed an increase In both gross and net and a
substantial surplus after charges. Canadian
Pacific presents a gain in net for the same
month but loss in gross; also Southern Rail-
way: the Improvement in net being due to re
duction IN operating expenses. Doubtless If the
current practice of cutting expenses were con
tinued indefinitely, II would seriously affect tn
physical efficiency Of the companies. but fort
unately there is every reason to believe that in
the course of the next twelve months there will
be sufficient Improvement in gross receipts to
allow larger expenditures on the properties.
while there will be plenty of money in the banks
TO take Of new securities marketed for the
purpose Of raising funds for bettermcnts and
extensions. Every road in the country will need
new rails TO heavy tonnage in the coming
year and the orders for rails promise 10 be an
effective influence in the steel trade in 1909
The railroads have been forced to be extremely
rails in the last eight months, reflected in
the falling off in the earnings of the equipment
concerns and the rail mills. and when the
transportation companies begin to let contracts
the movement Will be a most important factC~
in helping labor and capital