New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-02
FINANCIAL AFFAIRS
DULL DAY IN STOCKS.
Prices Irregular, zcith Many Froc-
tional Losses-Money Rates Easy.

light in volume on a movement of values that
showed great irregularity with final prices at
small fractional losses in the greater number Of
active issues. Trading was made up almost
entirely OF the operations Of the professional
element, and in the best part of the day rep
resented little beyond the chasing Of profits by
the most insignificant members of the profess
sonaI party. The Street appeared to take more
interest in the fight of the Giants for the base
ball pennant than II did in market movements
Politics and baseball at the moment absorb 4
vast amount of attention in speculative quar-
tiers, and there is telling what would happen
to the stock list if the Cubs or the Pirates
should carry off the flag. or if some one should
admit information and belief that Mr.. Bryan
would be q certain winner. At least this is the
idea one gets at the moment in visits TO COM
mission houses Probably when Wall Street
realizes that conditions are working in favor or
Mr. Taft there will be fireworks the eX-
change while in the mean time, according to
the best informed market observers there vii!
be no serious declines unless the big interests
should become alarmed over the political out
look The big Of the Street seldom mako
q mistake in their ideas on election results. and
if their attitude on the market at present may
be taken an indication Of the outcome Of the
November voting il is safe TO say that Mr.. Taft
will be elected by overwhelming majority.
At the close the general market quiet ami
firm. The sales in the day smaller than
any preceding day since July 3. and COM
mission houses reported that they were carrying
less STOCK tndn at any time IN the current year
Traders who bought stock at the end to even no
had 20 trouble III getting all they wanted
So far in the current week the local banks
have lost on their operations with the Sub
Treasury upward OF $5,000,000 due in great part
TO the payment by interior banks by drafts
their New York correspondents Of accounts due
the government. At this time of the year when
the crop demand for currency begins 20 grow
active, the Western banks, instead of remittinS
direct to the Treasury in payment Of internal
centre, and as a consequence the local banks
lose large sums through this movement on
ordinary transactions the government is losing
10 the banks, federal expenditures continue
TO exceed receipts. Government excess expend-
itures since the beginning Of the fiscal year
amount 10 s33.364,450, compared with excess
in the same time last year OF S4.415.906, while
the Treasury's available cash balance is $178.-
429,524 Of which s13G,56 726 is in national bank
repositories Customs receipts have been light
for many months; also internal revenue receipts.
a result of the general depression il trade,
which has Curtailed the COuntry's buying power,
but with the return OF normal times the govern
ment's income will increase to an extent that
ought to turn the present deficit into a surplus.
It may be months, however. before material i'm
provenent will develop. and in the mean time
the Secretary Of the Treasury may be compelled
TO make another call upon depository banks for
a return OF federal funds, operation which
might serve 10 strengthen money rates, particu-
larv If the call should come In the crop moving
period The banks could handle a government
call and the demands in connection with the
financing of the harvests without finding 1t
necessary to take out emergency circulation,
but it is not probable that they viii be asked 70
return government holdings until late IN the
year.
The Bank of England in its weekly return
supplies evidence Of dull trade conditions in
England. while the thing may be said of
the showing Of the Bank Of France and the I'm
perial Bank of Germany. Trade is inactive in
all the leading countries and money is accu-
mulating in enormous volume in banks through
out the world, this accumulation. however. lay
ing the foundation for great industrial activity
in the future. The Bank Of England's proper
ton Of reserve to liability for the last week in
September is higher than the average of the
last seven years it has been exceeded only once
in modern times. and it is far above the level
that generally brings about advance in tn"
banks minimum rate of discount. Cheap money
has been effective influence in advancing Sc
curities values IN all markets, and il will bc
fectiVe in helping along the Industrial move
ment when election uncertainties out of the
way The business believes with good
reason that IN. Taft viii be elected but he does
not care TO make large commitments until after.
The votes have been counted IN favor of the
business mans party. Bankers report woful
absence Of commercial paper offerings NT4r-
chants needs are light and bankers UracticaIiv
are begging them - take money Il was no;
very long ago that the hanks were compelled to
turn down requests for leans. and ia some cases
the banks were 50 frightened that they ,vouid
not help their best customers