The morning journal-courier., 1908-10-05
FINANCIAL REVIEW Market Marking Time Waiting
 Outcome of Pre- election
Situation
DEPRESSION LEFT BEHIND
Railroad Earnings Compare More Fayornbly With Last Falls
 Money Superabundant

New York, Oct 4.--The stock mar ket last week settled Into rut of dullness and sluggish iluotuatnss as the after effects of the violent specu- latIve adjustment of the week before, Meantime, some of the development in Che actual conditions of business helped to explain the advance in prices which had eliminated in the adjustment. Turning again to the tn- ture, as Is the office of speculative markets, enough of uncertainty was dscerned to prompt suspension of active operations to await more definite outlining of prospects The uncertainty was concerned mostly with politics, and was made addition ally effective by the attitude adopted by the commercial world towards the subject. Reports from various branches of trade and industry showed the halt in new commitments pending the passing of the national election period Not only in mercantile lines but in the larger manufactures, in- cludng iron and steel vas this dis position manifest Tho stock market marked time in conformity With this waiting attitude of business.
 Incoming reports of financial oper- atlons, traffic in various lines and in- dustral activity make conclusive showing of the progress already made towards recovery from the conditions of depression, and feeling of cos- fidence in the resumption of the up- ward course of affairs Is genral The country's bank clearings shows steady expansion from month to month. Records of the movement of internal commerce show growth and the nota- hle decrease in Idle freight ears in the reports of the committee If the Amer lean Railway association are testimony to the same tendency.
 Railroad earnings themselves, all though subject to complaint on the part of officials of the company, make an Increasingly favorable comparison with last years corresponding period This is notably true of the later re- ports of gross earnings, for which the '. comparison begins to touch the period of contracting traffic last year which preceded the financial crisis, thus help ing the comparison Of the reports of net earnings. which are not brought up to so late a period, the salient fea- ture is the drastic cut in operating costs. thus offsetting tho large shrink age In gross earnings shown in the contrast with the still expanded traffic enjoyed last year up to the correspond ing season.
 It is freely admitted that the rail- roads are keeping down outlay for re- pairs and maintenance to the lowese possible limits.
 The railroad companies claim that retrenchment, drastic as 1t has been, leaves the operation of the properties on an unprontable basis to stockhold- CTS Movements for advances in freight rates are heard of from various sec tions and. accompanying them, are complaints from shippers. many of item being presented to the interstate commerce commission for action to- wards prevention of the proposed in- creases
 The manner in which the october first money market settlements were met afforded striking evidence Of the great abundance of money supplies Call loan rates fin New York did not rise above two per cent, a lower maximum for the first week in october then has been seen since 1894 Foreign money markets also promptly relaxed after the turn of the quarter, the English trade contraction making a prominent factor in the light demand for credits in London Paris is stIll conserving re- sources for the forthcoming Russian loan, now expected to be issued soon to the amount of $250 900. The first freezing temperatures of the season in the grain belt arrived without material influence on the price of corn, reflect ing the conviction that that crop is matured beyond reach of damage, The English cotton mill lockout complicates the influence of the decline in condl- tion of the cotton crop in the market for that staple,