The Washington herald., 1909-10-25
WALL STREET NEWS
Irregular Market the Fea-
ture of the Past Week.
HIGHER RATES FOR MONEY
whole world Recovering from N
Period OF Price Depression, and
This Holds True Especially In
America-FOreign Countries Slowly
Returning to Normal Conditions.

New York. Oct. 24-It was again i'm
pressed upon the mind Of Wall street last
week. or at least OF speculative Wall
street, that the fall Of the year is often
period when an irregular. uncer-
TAIN and altogether variable stock mar
ket is to be looked for.
Il may be said, OF course, that the
character Of the stock market is always
more or less of the sort described, but
in the latter months Of the year these
characteristics are intensified.
The general reason for the fact appears
20 be that not infrequenty the security
market at this time is subject to the
strongly contending influences Of two op-
posing factors. one an underlying feeling
Of hope and confidence regarding BUSH
ness affairs, arising in many cases out
Of the successful outcome Of the years
harvests, and the other an advance in the
price Of financial accommodation.
Higher rates for the use OF money al
most invariably prevail in the last four
calendar months all over the world, sim
ply because general business then is usu-
ally more active than at any other
season, leading 10 larger miscellaneous
demands for the use Of funds. and be-
cause money is asked for In every land
where agriculture plays any considera-
bic part in the occupations Of the inhab-
itants for the purpose OF moving the
crops 20 market.
Makes for Higher Money.
These agricultural necessities make
their appearance IN Russia. France. Ger
many. and England TO as great an ex-
tent relatively as in our own country
Therefore in prosperous years when in
addition 70 the two broad causes making
for money that have toen specified. spec
lation becomes buoyant. a natural
money stringency may make itself felt
II IS true that the present year there
are certain exceptional reasons why tight
money Of the usual sort or at least very
high rates for the use OF money ought
not 20 be looked for. The whole world
is recovering from a period OF panic de-
preston and thus far the recovery has
been more rapid in our own country than
anywhere else. leaving business In other
lands still more or less depressed.
Therefore these foreign countries,
principally England. are. or at least have
been, in a position 10 lend their credit
70 the United States 20 an extent that
they could not afford under ordinary cir
cumstances. So far as our home matters
are strictly concerned there is no DOUBT
that the interior banks Of the land have
for a variety OF reasons So filed their
Golfers with cash early IN the year that
they do not require as much money TO
be sent to them from the East as they
usually do for crop moving needs.
There has been "A GRAFT ffurvar ri r,,o,-a-
ment in one or two stocks-it might al
most be said in one stock alone-for
which, however. foundation OF altogether
peculiar and exceptional strength exists:
but the stock market as a whole mas
really made but little Roadway In the
last two months and the average quo
tauon OF the prominent railroad shares
IS indeed very considerably below the
level OF two months ago.
II has TO be admitted that one unfavor-
able factor in the situation Is the condi-
tons affecting our local sterling exchange
market Throughout the present year our
imports have risen enormously. while our
exports up to two or three months ago
steadily declined. Latterly. our exports
have picked UP very much. chiefly be-
cause Of shipments Of cotton abroad at
high prices, and so far as the status OF
the movement goes our exports are COM
ing forward in a satisfactory way.
Bank Of England rate in London brings
a prospect OF gold exports from this coun-
try at a season when imports Of gold
representing the payment OF Europe for
it's takings Of our merchandise and do
nestle staples. ought 10 be In full swing.
1t is, OF course. gratifying that the pleni-
tude Of money I'm our own country has
been such that up 20 the present time
the upward movement Of money abroad
has not caused any great Inconvenience
here.
The aspects OF the financial situation
that have been here briefly touched upon
engrossed the attention Of Wall street