The sun., 1908-09-30
FlNANCIAL AND COMMERCIAL.

TUESDAY. Sept. 20.
An altogether desultlry stock market
to-day, like that of yesterday. left prices
practically unchanged. There was this
difference in to-dsy's trading. however,
AZ compared with that Of the day before,
that the tendency Of the market toward
dulness was more pronounced and that
there was to-day peroeptibly stronger
undertone in the dealings. Yesterday
the drift of the market was toward
strength In the fore part Of the session,
followed by heaviness later; to-day the
spectators who endeavored to depress
prices in continuation Of their yesterday
afternoons operations found out in very
little time that no real liquidation was
taking place and in their efforts to re-
cover their stocks again advanced prices
to the opening level. Niue-tenths Of the
days, operations was obviously for the
account Of the professional class, there
being few II any signs that the larger
fnanoiers were giving any attention to
the market. Representatives Of the bank
ing element and those in authority in
the railway world expressed decided en-
couragement over the turn for the better
in railway earnings that has occurred
during the present month and the numer-
GUS indications OF miscellaneous trade
Improvement. and the consensus is that
were il not for the natural retarding in
fluence Of the coming election the
country's business would be enlarging
just now in notable fashion.
The quietness Of the market recently
Is, on the other hand. generally well
coined by conservative people as good
rather than bad thing. Such excited
fiuctua tions in stocks as those OF last
week and the week before were OF harmful
influence for reasons that everybody
familiar with Wall Street perfectly UNDER
stands, and tended to diminish rather
than to increase current commission
house business; and it must be confessed
that people In Wall Street who depend
upon daily sensations or the develop
ment Of news proper upon which to base
their market actions would have been
hard pressed to-day II they had been
forced to act upon such occurrences as
came to hand. The selling Of stocks
around midday was In some quarters
attributed to statements regarding an
alleged indisposition Of the president Of
the Union Pacific Railroad Company.
but as these statements were soon proved
to be untrue and were indeed recog-
nized as false from the moment Of their
by large number OF people
in the financial district it is not probable
that they induced any appreciable guam
tity of sales. Call money rates were
slightly firmer, possibly because OF the
Of the October financial settle
ments, but rise in these rates from ~ to
~ per cent. only drew attention to the fact
that not for q decade have the prepa-
rations by the banks for the October dis
bursements been matter that Wall
Street has been able to disregard in such
degree as in the present instance. There
was q great lapse OF election talk. owing
to the circumstance that
there was q pause, which it was hoped
will be continued. in the epistolary
OF various prominent political
gentlemen. The yearly statements Of
the New Haven and Atchison railroads
appeared in pamphlet form. with show
ing Of reduced earnings. as was OF course
and the remarks made by
Melien and Ripley upon the
necessities which the railroads OF the
country as whole are under Of either
reducing wages or OF raising trans
portation rates were to all fair minded
people Of convincing character. Rumors
that the strike on the western part of the
Canadian Pacific Railway that had been
Ia progress during the summer was on
the point OF conclusion was the probable
cause Of a certain amount Of especial
strength in the Canadian Pacific stock,
while the Southern Railways statement
Of a gross decline in revenues for August
Of ss24,OOO changed into a net increase
Of s2sS 600 was another gratifying proof
of railroad economies, Wheat and corn
we're both lower in price to-day, reflect
ing the fact that the period Of crop scares
ror the year is over and that the primary
markets for these grains must be called
upon to absorb record breaking receipts
Of the staples. The Western banks
still continue to draw from funds here for
crop moving purposes. the local banks
having lost in excess Of 50. $50 900 to the
Sub Treasury thus far during the week
on account Of acquisitions Of this nature.
y sx york St oek Exchange Sales Sent To