New-York tribune., 1908-10-06
FINANCIAL AFFAIRS
STOCK PRICES DOWN.
Recorery after Early AdU0Hce Fol
lopced By Late Reoction-N0rfh-
eru Pacific a Strong Feature.

In the early dealings stock market taiu@ -
declined sharply under the influence VI
losses in American securities IN Loiluoi O. 49,,
active selling by the professionals -.
or+ being based On the somewhat star
-, sto.s From, abroad regarding the pos1tlon
- o~airs IN the Balkans. The chiel az
- 1os+ from, one to three points, but the &c
cline was brought to sudden hart oy 'ii7
nearance of organized support Whicn was g.
fec+iye IN carving quotations Wen apoNe - @
low points and. in the case OF the mn. sn0, -, .
= i-or,o,e,hIa for heavy advances Inc I'M
nro,,enoent was we'll maintained uhul the i"S'
hour when realizing sales and renewed pie''u0
from the room traders forced the genera 10 no.
ket down from one to two points ~ -,
;rg the Aarlv recovery were cable adFlces Il"iii
.5o~ ond paris that the great european
no,rare would intervene In order 10 Preveh'
acute disturbance as result OF the DANA
developments while in the late trduihs 'ilo W
cline apparently based IN great pau '
the r1,nors that the troops OF Bulgaria anu
Turkey were marching to the front Inc pres
-. toto of affairs abroad may have lncalcu-
,.,1o oonseouences but in local foreign banking
ci-c1es II is believed the situation VIII De
handled in a manner that VIII hoI uP9.
oeoce of Europe The strength IN Northern
PaciAc stock was not based on news oe'eioP
,nants affecting the property, though tle an
,,,,,oar,en+ that the directors would meet lo-
daI, evidently induced the belief that their oe-
Iiheratfons would be Of beneht 10 the sIoSh
roIders Great Northern shared IN the advance
enioved by Northern Pacific. but the charactei
Of the buying was not partlculary l.';p x,,s
The hest feature Of the days opei ,
- 4-,,oe5ia+e response by substantial lntetes'9
to .be mornings declining tendency ana puyr, ,
ny, the same people on the late Teaclloi, -
market was irregular nervous ana uii9e sr.,
the close, with net losses n most LSsue'' ->0-
ern Pacific being the chief exception
The large decrease in bank reserves last week
I'm leaves the banks in the best position they
have been in at this time or the year III CO.
vesr since 1894 The demand from no" ch ioi
currency in connection with the moving oi t,io
Grain and cotton crops will be heavy ana IN the
eo,,rse of the next two months there doubtless
will be a hardening in money rates 20 an e1tent
that may under ordinary condltlons a'tI"Cc
gold from Europe to this country ENPol's o.
co.ton and food products are increasing Will
there is no important gain in Imports oi iiet
cbandise and "a & consequence Europe propaply
iii he compelled to pay its debts TO US in the
,-ecio,,s metal which, Of course VIII serve 10
-,revent disturbance in tho money market II
Nr Rryan should be elected there WOULD now
a--er without doubt be some trouble in money
as he menace of Organism at the White House
would. for a time at least scare bank depostors
notwithstanding Mr.. Bryan's silly promise that
he Will have bank deposits guaranteed Fortu-
natelv the chances favor the election or MI
Taft and the return Of prosperity IN the bus'-
ness world The Balkan situation may assume
rronortions sufficiently grave to change the
position of the foreign money markets 1t may
compel liquidation a heavy scale or foreign
investments held in European capitals. incIud-
ing sales of American stocks owned abroad, and
this in turn would affect the money situation
here assuming that foreign selling should be
active enough to bring about higher rates III
the sterling market. On the surface, the money
market position in this country presents no
reason for uneasiness, but there are a few pos
sibilities in the situation that might upset cur
rent calculations regarding the course OF the
market in the balance of the year