The Birmingham age-herald., 1908-10-05
STOCK MARKET
 DROPS INTO RUT
Price Changes of Past Week
 Are Being Adjusted
POLITICS GREAT FACTOR
Bank clearines Show Steady Expan- sion and With an Increase of Com merce With Other Countries
 Stocks May Regain Losses.

New York, October 4.-The stock mar ket last week settled into a rut of dull ness and sluggish fluctuations as the after effects of the violent speculative adjustment of the week before. Mean time, some of the developments in the actual conditions of business helped to ex- plain the advance In prices which had eliminated in the adjustment. Turning again to the future as is the office of speculative markets enough of uncertain ty was discerned to prompt a suspen- sion of active operations to await a more definite outlining of prospects The un- certainty was concerned mostly with pol ities and was made additionally effective by the attitude adopted by the commer- cial world towards the subject. Reports from various branches of trade and in- dustry showed the halting in new com mitments pending the passing of the na- tional election period. Not only in mer- cantile lines, but in the larger manu- factures, including iron and steel, was this disposition manifest.
 The stock market marked time in con formity with this waiting attitude of business. Incoming reports of financial operations, traffic in various lines and industrial activity make a conclusive showing of the progress already made toward recovery from the early condi- tions of depression, and a feeling of con- fidence in the resumption of the upward course of affairs is general
 The country's bank clearings show steady expansion. Records of the move ment of internal commerce show growth and the notable decrease in idle freight cars are testimony to the same tendency. Railroad earnings themselves make an increasingly favorable comparison with lastsyear's corresponding period. A Sd. lient feature is the drastic cut in oper- ating costs.
 The extent of the economies accom- plished ip the published earnings awakens some criticism of possible undue restric- tion of outlay for maintenance by the railroads.
 The railroad companies claim that re- trenchment drastic as it has been, still leaves the operation of these properties on an unprofitable basis to stockholders. Movements for advances in freight rates are heard or rom varied SectlonS, and accompanying them are complaints from shippers, many of them being presented to the interstate commerce commission for action toward prevention of the pro- posed increases.
 The manner in which the October money market settlements were met afforded striking evidence of the great abundance of money supplies. Call loan rates in New York did not rise above per cent, a lower maximum for the first week in October than has been noted since 1894. Foreign money markets also promptly relaxed after che turn of the quarter. The first freezing temperatures of the season in the grain belt arrived without material influence on the price of corn, reflecting the belief that the crop is ma tured beyond reach of damage. The Eng fish cotton mill lockout complicates the influence of the decline of the condition of the cotton crop in the market for that staple