New-York tribune., 1908-10-20
FINANCIAL AFFAIRS
STOCKS WE4K At CLOSE.
SeUere Decline in Third 4Cenue-
Dull and Professional Market
MOneu and Exchange.

Subsidence of the European war scare Of
Saturday and Sunday reflected on the Lon
don Stock Exchange and the Continental hourses
in a better tone although with the situation
still so unsettled there was naturally some de-
gree Of hesitation in trading and prices held
steady rather than advanced The local market
responding to the improvement in London
opened strong. at advances in various prominent
issues. and for short time continued to rise
on short covering; but after the first quarter
hour a recession occurred in which half of the
initial gain was lost the market then drifting
into dulness, which prevailed during the rest of
the session. Foreign houses were purchasers of
about fifteen thousand shares, getting their
stock at the high level of the day. Third Avenue
was a conspicuously weak feature from the
opening and in the course of the day suffered
a maximum decline of ~ points, the net loss
being 62. Nearly one-half Of its loss occurred
in the last hour. when its weakness which had
already sympathetically affected the other trac-
ton issues, Influenced also the general list.
which closed weak and with irregular net price
changes Different explanations were offered for
the drop in Third Avenue, among them the ap-
prehersion. which there is good reason for be
Iieving we'll founded, that in the reorganization
of the property an assessment OF at least 20 per
cent viii be placed on the stock. 1t was also
reported that the heavy selling Of Third Avenue
was due directly TO the closing out of the hold
ines of an estate which for many years has
been identified with the ownership and manage
ment of the road, ana the controversy between
the Public Service Commission and the receiver
over the transfer question WAS in some quarters
cited as one of the causes for the selling. The
movement in Third Avenue supplied the only
incident of the day in the market, in which the
operations were Of a highly professional char
acter and the total sales very small only slightly
in excess of three hundred thousand shares
There was renewed discussion yesterday of
the possibility of gold exports. and inquiries
were made with a view to arranging shipment,
but no engagement was concluded, and in the
opinion of experts the demand sterling rate.
now 1861. must rule higher before the metal
can proftably be exported. although Paris ex-
change on London stands at the very low level of
25 francs centmes The foreign exchange
market here was steady and inactive yesterday.
and cotton bills in good supply Time
money rates Were a trife firmer. but there was
no enlargement in the demand from borrowers;
and the highest rate for call money was "a
per cent against 2 per cent toward the end Of
last week.
Whatever may be the state of mind of the
body of the electorate throughout the country.
apathy regarding the national campaign con-
tinues to prevail in the stock market due TO, the
firm conviction among operators that the result
Of the balloting in November will be the per
petUation OF the Republican policies and there
fore the restoration of confidence and the speedy
development of trade and Industrial activity. It
is that conviction which has held prices of Sc
curities relatively steady at around the highest
level attained in the recovery from panic condi-
tions and which enables the market to Withstand
with ease such adverse influences as the Euro
pean war alarm and the following heavy selling
here Of American securities by foreign holders.