New-York tribune., 1908-10-08
FINANCIAL AFFAIRS
STOCKS UNSETTLED.
Frequent Fluctuations and a HeaUu
Close-Neso High Records
for Erie Issues.

Great irregularity continued to prevail yester-
day in the stock market, and at the close which
was heavy and unsettled net declines exceeded
net advances The opening fairly steady
despite the lower range of prices reported from
London. and for a short time prices advanced.
The Improvement was soon checked however,
by heavy selling. under which the entire list led
by the international issues. began to decline;
and thereafter rally and reaction succeeded each
other with real strength in only d few stocks
London houses were heavy sellers Of the prin-
cipal international stocks and on the excha nges
of London and Paris the market tone was that
Of decided nervousness the inactivity OF the
trading rejecting the desire 10 await further de-
velopments in the Balkan situation. Advices
concerning the complications OCcasfOned by the
procamations of Bulgaria and Austria were re-
ceived and discussed with interest, and the re-
ports Of q threatened uprising in Crete and the
active hostility of the Servians against Austria
were recognized as possible indications that the
peaceful adjustment of the troubles in the Bal
kans might prove beyond the ability of the dip
lomatists. With Germany in sympathy with
Austria and Bulgaria. an actual outbreak Of
hostilties. if precipitated by a country like
ServIa. might be the signal for a general en-
broilment, which would necessarily affect in an
important measure the financial and commodi-
ties markets Of the United States.
All Of the stocks commonly classed as the
market leaders showed net losses at the close
yesterday, except Southern Pacific. in which no
depressed. partly on profit taking; and Frisco
second preferred lost 1A points. The Erie
stocks. in which a general pool is understood to
be operating. were bid up to new high levels,
the common, in which the transactions We're
very large, advancing full point and retaining
half Of its gain at the close and the first and
second preferred each gaining more than point.
The largest dealings Of the day in United
States Steel common, which scored a net ad-
vance of X points. the preferred gaining almost
a point. The buying Of these issues slim
ulated by reports that the earnings since the be-
ginning Of the current month were more favor
able than the management had expected. In
the iron and steel industry at large inactivity
continues. with little expectation of change until
after the election, although the output of iron
last month was larger than in August. The
same quietness is reported In many other
branches of industry. but everywhere it is also
reported that conditions slowly improving.
and everywhere is confidence that the coming
year will see a remarkable revival of business
and industry. Contributing largely to that re-
vival will be excellent crops this season The
governments monthly report issued yesterday.
showed a condition Of rs for corn comparing
with 19.4 a month ago, and giving indication
of a harvest Of 1855, ,298000 bushels, which, al
lowing for loss between now and the completion
OF the crop, insures a harvest well UP to that Of
last year. The indicated total production of
spring wheat is nearly ten million bushels In ex-
of the final estimates last year. and the ag-
gregate production of spring and winter wheat
is %, 100000 bushels larger than the crop OF 1907