The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-10-05
POLITICS CAUSES
SOME UNCERTAINTY
Henry Clews Thinks Election
Doubts in the Way.
Otherwise the Market L. Ia Fairly
satisfactory Condition s.
Now.
EUROPE FEELS \ COLLAPSE
Especial


New York. Oct. The fear that
additional political scares may hap.
lpen during the next two or three
weeks deters the big operators from
making large commitments. Very
soon calculations as 10 results can be
more safely made. and then the mar.
ket In all probability will begin tc
discount the result more earnestly
Just now the political situation is sc
lconfused by conflicting currents, local
issues and personal recrimination
that confidence in the outcome is not
as strong as II was. Inertia Is moi
lconfined TO the stock market, since
general business Is also holding back
and as soon as the election outlook
is settled more activity may be looked
for in both Industry and commerce
II IL not to be expected that politics
will have any very serious or per-
manent effect upon trade movements
or prices, because actual consumption
Is not materially affected by. such
circumstance. and orders held back
lpending uncertainty will accumulate
and accentuate activity later on. His
tory shows that the effect of a presi-
dental campaign upon business has
always been more sentimental than
actual.
Outside OF politics the market is in
a fairly satisfactory condition. II
money continue cheap stocks are MOI
Excessively high: II on the other hand
money hardens to any considerable
extent security values would of course
be adversely affected. Much depends
therefore on the course of the money
market. or late there has been some
hardening of rates. owing to demands
lof the interior for crop moving pur-
poses. II should be remembered that
our crops of wheat and corn are
larger than last year. and that the
high prices Of all agricultural pro-
ducts necessitate the employment of
more money In their marketing.
There Is also a prospect of good bust
ness throughout the grain belt where
THE panic has fortunately been hut
slightly felt. In west, northwest and
Pacific states, therefore, there should
lbe a good demand for money during
the next three months at least In
the south. the condition is somewhat
different The outlook is for a fair
cotton crop, say 1900, 900 bales,
but the price is 90 per cent lower
than a year ago. and the chances are
that demands on the banks for crop
moving purposes viii be less urgent
than a year ago. Moreover. the south
! has felt the panic more than the west !;
her cotton mills are much depressed.
and with a lessened consumptive de-
mand for her chief staple the south
can hardly be expected to be as opti-
mistic as the more fortunate farmers
OF the west II Is the east. however.
which has felt and still feels the
panic with greatest severity. in this
section Industrial interests are vastly
more important than the agricultural,
and as these have been Intimately af-
lfeated by the panic Il Is natural that
depression should be greatest ON this
side OF the Alleghenies. The contin-
4 ued comparative inactivity of business
In the eastern cities of course mater
tally lessons the merchandise demand
for money. Funds have consequent
ly accumulated 10 an unusual degree:
and. there being no efficient means OF
contraction in our currency system,
idle money has gone into speculation
and produced degree of more OF
less unwelcome imitation. The late
drop Of ) to 20 points in the active
stocks somewhat minimized this dan
ger: but the latter will always re-
main as long as there is an excessive
surplus of idle funds. After the elec-
ton there should be some improve
ment In business which would serve
TO create a better demand for money,
and il speculation revives that too
will have to be taken into account. All
things considered. therefore. IL looks
as II the lowest rates in money had
been reached; and that. while cheap
money might be expected for some
time 10 come, the tendency would be
rather coward firmer rates.
Dividends