New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-12
THE WEEK IN WALL STREET,

Cc,nnarativelv little attention was gwen ps
the stock market last week to the prog ee -.
the national campaign. although the eiec'''il - -
President was 70 he held within a snort Ioul
weeks and the question settled Whether 'nei
was to be speedy re-establlshheh' " 80
peritv or a retardation Overshado"lhs
can politics as a primary market coila -, 49,
was tho European political SITUATION WHICH q,
Monday so suddenly assumed importance win
the proclamation Of Bulgarian lnoePenu, -,
prince Ferdinand and the issuance by the EN-
peror Francis Joseph Of his decree adolIls pU9liIo
and Herzegovina to his domlnlons- Ahe0'
,,ras which although independently an
,,ornoad anneared to have their origin IN an
understanding to which Germany was POI
excited in the minds of European Capitalists anu
investors as we'll statesmen grave ap
nrehension of the possible involving OF te sIet''
,,ou.ers in actual hostilities, and these appre-
tensions were reflected in weakness OH nc
European stock exchanges and in heaVY saieS III
this market for foreign account 1hose sdie9'
which reached their maximum on 1hursuas'
when the foreign outlook was more Ieiido ii
than on anv of the preceding days Nlrtualiy
ceased on Saturday. when 1t appeared tlio' a.,
agreement was likely to be reached aliolls -
mowers for a conference at when reNlsloh VI 20
treaty of Berlin should be discussed; out our
So tho week about 250000 shares of various
stocks were sold here for English ana CONT
mental account promising DUH noNeiileh'
hos been got under way toward the emo OF tie
,,raoedinp week only to be blocked almost at It's
the heavy offerings from this source. the an
sorption of which day after day caused price
reactions sometimes violent, came hquluatloh
from, various sources here and revived actlNlty
on the part of operators for the decilne' the re-
s,,1t being widely f1uctuating market, with ue-
Ginning price tendency, although the net changes
for the week in the active issues were not very
large.
The foreign exchange market advanced sharp
" during the week as a consequence OF the ue-
t,iIlc wifi
for the unusually large quantities OF STOCK re-
turned to this country by foreign hoIders' anu
demand sterling rose almost to the gold eHPoit
roint No engagements Of the metal were mace
bou,ayar and with the subsistence Of the urgent
foreign selling the probability of an outward
movement in the immediate future Is greaIly ui-
rninished. The bank statement OF SATURDAY III
IFS large loan expansion showed the magnitude
of the repurchasing here of foreign holdngs' Ior
tho foundation of domestic accounts must nave
heen extensive a movement naturally working
reduction in the loan item. The surplus re
serve decreased 81 500 600 last week. but is stlI
well above s3Oo0O,o0O. total so large as 10 as
sure continuance of money market ease even IL
fairly large gold export movement should de-
yelop especially the demands from the III
terror for crop moving purposes are TINS season
owing to the unusually heavy reserves or cash
hold nv the banks of the interior, much smaller
than ordinarily at this season Moreover Win
the ouieting of the alarm over the complications
arising out of the situation developed III the
Ralkans and with the finding OF peaceIul So
lutjon for those complications 1t may be as
sumed that Europe will soon become again d
buyer of American stocks. in view OF the prom
Using outlook in this country and the multiplying
indications that trade and industry are revlV-
ing.
Very much depends upon the result OF the
election for President, for there cannot De rapid
and 1,-idesoreed Improvement without as its an
tecedent the full restoration of confidence ana
the reports from many quarters OF large Or
ders being placed to be executed only II MT.
Taft shall be elected President furnish only one
of the indications of the Judgment of business
men the country over that Mr. Tafts election
will mark the establishment OF confidence
and its resulting prosperity and that Mr. Bryan
success would not The thoroughly satisfactory
crop prospect as shown in the government re
port last week. is combining with the general
expectatior Of Republican victory in November
to quicken business and industry; Tor wheat
crop of excellent quality and nearly 5OOOO'VVo
bushels larger than 1907 and a corn crop ~
600 900 bushels above the indication for OCTOBER
last wear with other crops also running well
above the 1907 figures. will add tremendously
TO the wealth of the United states, providing
fresh capital for a development which in magnl-
tude will surpass what has been seen in the
past
Trade reports covering the country indicate
general tendency toward sustained if slow, I'M
provement in business. and note in certain lines
the receipt Of orders for future delivery IN de-
cid contrast
which for many months has been the common
rule Especial relative activity is noted in the
building trade, which is benefting by the ability
of builders to place mortgages at advantageous
rates their extending operations being felt IN
the steel and lumber industries. Here, too how
ever MANY contracts are being deferred until
after the election in the steel industry prices
are steady and the production of pig iron Is
gradually increasing. Bank clearings are be-
coming larger in volume, sure index of eX-
pandng activity. Railroads ara getting more
traffic as IS seen by the further decrease of
nearly 600 in the number of idle freight cars in
the fortnight ended with September 30; the num-
Der now being only 1872. against 413605 at the
close of April. Railroad gross earnings also are
on the upward grade, and the total earnings OF
twenty-five representative roads for the fourth
week of September We're only POI per cent
der those for the corresponding period in 1907,
the smallest decrease for any week this year.
The substitution OF Kuhn. Loeb & Co. for
Spever & Co as the bankers Of the Rock Island
system is an occurrence Of first rate Importance.
for Kuhn. Loeb & Co, as the bankers Of the
Hartman system and for years intimately iden
tilted with the railroad activities and policies of
Mr. Hartman, would not have undertaken, and
probably would not have been asked to under
take. the financing of the Frisco's maturing 81,
125. 900 notes without the knowledge and the
cooperation of the Union Pacifcs head. The
Frisco has other large obligations maturing
soon but no doubt is anywhere expressed that
they will be easily taken care of by the new in
! terests who are, II is learned, TO act
! bankers also for the Rock Island, which controls
! the Frisco Since the Rock Island party few
/ years ago quietly and cleverly secured control
/ Of the Chicago & Alton. then included in the
/ Union Pacific system, there has been enmity be
tween the powerful groups of capitalists con-
/ trolling the two systems There is peace,
! a peace which finds Mr.. Hartman influential
/ figure in the Rock Island. he had previously