The morning journal-courier., 1908-02-10
FINANCIAL REVIEW
Market Activity Almost at a Halt Before Business Un-
 certainties.
DULL PERIOD ANTICIPATED
Speculation Already Beginning to Feel the Effects of Political
 Activity.

Speculative activity in the securities market came almost to halt last week in the midst of the uncertainties pre- sented by the accommodating evidence of the shrinkage of the business and in- dustries of the country and the symp- toms of political activity in the form of public utterances by persons conspic- uous in political affairs. The world of the stock market has felt itself in weighed against from both of the great political parties and has conceived that the heat of the coming campaign will see a continuance of this policy in the shaping of the oratory and pub lie diCussior incident to the canvass of candidates for the presidency. A dis couraging effect on active operations in the stock market is augured from this prospect and summer of dulness and neglect of the market is looked forward to which offers little induce ment to present embarKatlon on spec ulative ventures The immediate eff feet of the neglected condition of the market has been to leave it open to shifting influences of small professional operations, with a dropping tendency inherent in a dull market. Bear oper- ations have been manifest from time to time, accompanied by more than usual ly reckless circulation of damaging ru- mors without confirmation. The ser ies of bank suspensions in New York of the week before offered one field for this manner of activity which became so aggressive as to lead to appeal to the criminal authorities to help in checking it. Anonymous telephone messages to bank depositors of warning against the soundness of the banks en- trusted with these deposits was one method in this disCreditable campaign. Another was the circulation of reports of financial difficulties confronting companies whose securities are con spicuous in the stock market. Acute depression in these securities in some casSs added to the effect of the rumor  < -mcngering
 On the side of the business contrac- fion the perception of the present de- pression has been modified in it's in- fluence by the opinion that conditions are working towards improvement. Current news, however, failed to show the actual condition of any betterment and the fundamental motive for the halt in the markets is found in this fact Statistics of the iron and steel trade for January showed the process of contraction still in progress. Esti- mates of 37500O freight cars idle on February left no room for differences of revival in freight traffic. Re- ports of railroad earnings coming to hand bore the clear reflection of the effects of the great decrease in traffiC the country over.
 The enforcement of economies by the railroads was reflected upon the equip. ment companies and a strong impress sion was created by the announcement of the laying off or 10000 men by the Baldwin Locomotive works
 I'ct tNlbFll'NH VI 'ttNllliils taliiiiis power in the industries detracted iron the influence of the continued ease il money markets to stimulate a demand for securities For the high grade in vestment class of securities with a fix ed return well below the margin of as sured earnings there was some con tinued absorption both here and abroat f,,I in 1,o n1 i,, tbp 1nriac .a British consols to a price higher thal was touched at any time last year. II this field of investment also there wa' some check as the week progressed partly attributed to the growth of un certainty oyer the political and busi ness prospect. but also affected by tightening of the London money mar ket caused by the remittance from tha market to Paris in repayment of ad vances made to help London in meet ing the demand of New York durini our banking crisis last fall Money ol call in New York proved difficult | lend and this condition was not affect ed by some heavy special requirement during the week for payment of ac crueU SunSCi iDllplio pii oio'h 'os7o0N Money for mercantile purposes als was readily secured. Corporations ar still resorting to short time note is sues for m4cting capital requirements The outcome of this weeks sale of s5o 0o0.6o0 NeN York city fifty year | l. per cent bonds will ne watched wit much interest for the light j. vii throw on the actual investment situs tion