New-York tribune., 1908-09-21
wise, and should be faithfully pursued until
| Fourth of July tetanus is unknown.
MONEY AND BUSINESS.


vance in prices of securities to q higher level
than existed before the panic supplied an ex-
ceptioHay vulnerable situation for aggressive
operations by the short account upon Mr..
Bryans appearance in the East Many other In
cdents might have sufficed to start liquidation,
especially when the artificial nature of the pre-
ceding rise generally appreciated Yet
a good purpose will be served If the fall In
prices causes more zeal and effort among those
who realize the Importance of electing Mr.. Taft
but consider his success already assured. In
three days the average of the sixty most active
railway shares declined 81, while the few favor
te speculative stocks fell 81 or So a share and
transactions were very heavy. There was some
recovery on Friday, but another bad break oc-
Cured on Saturday and the week closed lower
than at the opening of the month Several en-
couraging factors have appeared that would
warrant higher quotations If the market were
less manipulated. Earnings thus far reported
for September show less decrease In comparison
with last years figures than was reported IN pre-
vious months of 1908. and large dividend dis
bursements on October 1 provide an antc1patory
demand for investments, while the general busi-
ness outlook is steadily improving. Yet IN
vestors confine attention largely to bonds. ana
the speculative public regards stocks with IN
difference.
ton in securities 11a per cent becoming the
usual rate for call loans, yet large gold e&-
ports seem less probable Some calling OF loans
in preparation for quarterly disbursements next
month may be necessary, although the prompt
return of this money to banking channels rem
ders the influence temporary. Treasury hnahceS
have maintained an equilibrium of late that ooes
not threaten withdrawal Of government deposits'
while gross stocks Of gold in federal vaults es-
tablish new high-water mark each day Ihose
holdings now exceed ST. 02s 900 900, Small gold en-
gagements from New York banks are reported lor
shipment to Canada and Argentina the latter op-
Grafton representing London settlements. trans
fers to the interior also frequent yet local re-
serves continue above all records for the season
since 1894 and rates are too low to encourage the
withdrawal of European balances. That factor,
together with foreign sales of securities and
speculative covering by the short account hoios
sterling exchange unseasonably high. ana the
outgo of farm staples must increase mater1a4iS
before normal quotations prevail Paris COIL
tinues competing successfully for most OF the
weekly offerings of gold at London and when
the much discussed Russian loan is placed there
may be a sharp reaction in the foreign financial
situation. as is customary when an occurrence is
Anticipated and discounted far in advance
Commercial news is somewhat mixed local
results partly on account of the weather. but
more in respect to the chief industry or occupa-
tion of the vicinity. Clearings last week were
larger than a year ago at New York on account
of speculative activity, but close comparisons
were made by Boston, Chicago and leading
Western cities while New Orleans was the only
large centre that reported any heavy loss in
bank exchanges. Fall jobbing trade has ex-
ceeded expectations at many points. interior
merchants attending the big markets in large
number and exhibiting fair degree of conf
dence in the future by ordering on less of a
hand-to-mouth basis than has been the rule
heretofore this year. The certainty of low
stocks in the hands of dealers gives reason to
expect constant supply Of supplementary NIL
ing-in orders during the fall and winter. A
large decrease in the number of idle freight cars
is good sign, and foreign commerce for August
showed gains of about SJ.0OO.000 in imports and
$1,000,0O0 in exports. as compared with the
month preceding, although both movements were
far behind last years. immigration in August
of 27,7S2 was 71,043 less. than in the same
month of 1907, and the small arrivals this year
render the labor situation less acute in sections
where plants still partially idle. Lack of
| rain has been serious drawback, retarding
manufacturing operations at some points and
| preventing coal shipments where the rivers are
| below boating stage, while forest fires have
| done much damage.
Further recovery in the cotton market was to
be expected after the severe decline, and sup
| porting Liverpool cables speculative operators
| developed moderate enthusiasm. The better
feeling was also encouraged by slight improve
ment at domestic mills, several plants enlarging
| output. Predictions of bad weather received
| more attention than any actual evidence of
! damage to the crop. Subsequently the market
became irregular and finally weaker reports
| from plantations indicated loss in yield and
exports for the week proved larger than
| those Of the time in 1907. while the guam
! tity that came into sight was seventy thousand
bales greater. Gables also stated that the Ian
tory, and any check to foreign consumption is
recognized as a serious matter If output attains
| expected dimensions. Net changes for the week
| IN spot and options were unimportant, and mid
ding uplands closed S13 75 bale below the cost
| a year ago. An urgent demand for cash wheat
carried prices sharply upward in the face of the
| heaviest receipts thus far this season. Both do
| mestio millers and exporters absorbed offerings
| so readily that stocks did not increase in the
! primary markets, and the cash situation dis
| placed speculation as market factor although
covering by the short account contributed some
| what to the rise that eliminated on Wednes-
day. Profits were freely taken by the long ac-
! count, and the movement increased to three
| times the Western receipts In the same week
| last year there was gradual settling back to
| less unusual prices.
|