The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-09-20
FINaNcI.AL .ANp coMMERCIAL.
Sept. 10.

throughout most OF the frat hour OF
business, the stock market was again
strong and there was a general contin-
lance or yesterdays advancing move
fnent. More ~cheerfulness appeared to
prevail in London. and among spectators
here there was a widely dispersed feeling
that a firm undertone in the ma rket had
been once more regained and that quota
.tions we're due to advance considerably
farther. These expectations were cast
dow n. however. by a vigorous renewal
Or the selling movement which ran through
the market during practically the greater
portion OF the week. The fall was carried
right up to the close Of business. the
market showing virtually no signs Of
recovery, and the days recessions
amounted to betw cen one and four points
in all the active stocks. placing values
as a whole at the lowest pitch OF the
week. As was the case earlier in the
week there were no really substantial de-
velopments by which the changed tenor
OF the market could be explained. There
were operators in stocks Of the curb
stoue type who attributed to-day's break
10 the circumstance that the speech OF
fhe Democratic candidate for the Presi-
dency in this city last night being as
was declared, Of a comparatively con-
Bervafive nature, was calculated to adj
vance his chances in the campaign. As,
however. those promulgating this theory
were the very individuals who were buy
ihe the market yesterday because Of
prophecies that Mr.. Bryan's u~tterances
would be less radical than they have
been in the past the value>of their judg-
ment OF political conditions is obviously
6pen to a good deal Of question. In
more seriously minded quarters con-
siderable attention was nc doubt paid
10. the speeches and disclosures" OF the
candidate for the Presidency Of the So
called Independence party made in
Ohio within the last two days; and for
lack OF a better. reason the prevailing
disposition is In Wall Street at them moment
to- ascfibe the fall in the market to politi-
cal approximations.
Whether this is or is not the true solu-
tt0D vi tuo dttC ~ dptSeiVu w cO eHV
consensus in the financial district as the
week advanced that from now on the Sc
curity market will be subject to vary
ing influences Of a political nature to a
greater extent than has hitherto been the
case. an accompaniment to these factors
being also more or less disappointment
over the slowness with which improve
ment is manifesting itself in business and
the possibility that this latter fact may
enforce change in the comparatively
liberal policy as regards dividends that
has at this time been maintained on the
part of many corporations; and that
&coa6mizing is still being practised here
was made evident by the news to-day OF
the large reduction in passenger train
schedules made over its main line and
many Of it's branches by the Pennsyl-
vania Railroad Company. Blu the cur
rent week in the financial and business
world has not been without its favorable
side. The most helpful occurrence in a
broad sense. although little attention was
paid tt 1t. was the maintenance of dry and
warm weather over the corn bet which
now seems to assure the safety of from
Is to 90 per cent. Of the corn crop Of the
year. The strong rising tendency cur
rent in che price of wheat. caused almost
entirely by large purchases of the staple
for export and by more proof Of h de-
terioration this year in foreign crops
serves to greatly enhance the probability
Of a financial return to the farmers Of the
country from the years harvests far
outrunning those Of last season, al
though, of course. the effect of these
higher prices upon consumers OF wheat
in our own country Is something that
must be considered. In general the bust
ness situation in u country appears still
to present the two sided problem Of rela-
tive prosperity in the West coupled with
q continuance of depression In the East.
and the mind of Wall Street is beginning
to be somewhat more clouded nov than
Il has besa thus; far this summer as to
the. length OF time that must elapse be-
fore this situation can so resolve itself as
TO constitute a fair basis for a sustained
rise in security prices. A helpful element
here is6f course the fact that money rates
In the great financial centres OF the East
are easy nd seem bound to remain easy
throughout the remainder OF the year at
least. Although sterling exchange has
held recently close to the theoretical gold
export point no one believes that gold
exports will take place except perhaps
moderute shipments to- South America
on the triangular basis. and the price OF
sterling to-day showed notable weakness.
Views regarding money must. on the other
hand, DO qualified by the circumstance
that while funds are very cheap to Wall
Street borrowers on call they are not
freely offered to those who desire them for
general mercantile and commercial pur-
poses. In other words, money can be
readily borrowed where IL is certain that
II can be Immediately returned when
asked for; in all other cases business credit
Ia stili the determining factor in the loan.
Anticipations regarding the bank state
rhent to-day constit uted in no wise q
market influence, and the statement itself
was OF noncommittal character. A de-
crease of s12, 900, 900 in loans was shown
In the "aotuaF figures. while the diminu-
ton Of bank cash was also not as great ae
had been yesterday calculated, The re-
suit in both average and actual figures
oEtbe bank statement was only a small
decrease in the surplus reserve
New York Stock Exchange Sales, Sept. 10.
-rtpeuxn puTCHa OF UNITED a rirpa aoypa .