The Washington herald., 1909-11-15

Wheat ut Ruling Quotations Re
sPOnsible for New Condition-Rail-
road Earnings Continue TO Expand
New York, Nov. H-Undoubtedly last
weeks stock market was Disappointing
20 Spectators for the advance, although
Just why II should have been so consid-
cred does not seem entirely clear 1t
could hardly have been expected that any
pronounced upward movement would take
place with the money situation just IN
the shape in which il Is. and II must be
said in view Of everything that the market
behaved very well indeed
There was no pressure 70 sell stocks,
md an appearance. on the other hand.
OF distinct strength In many quarters.
The business position fundamentally is
stronger than ever, and stock market
operators who are bearishly inclined as
these gentlemen are apt to be on slight
provocation. have been so punished IN
their speculauons OF this sort previously
In tho year that most Of them do not
press prices except as better reasons for
such course appear than those having
reference to the prevalence OF a 8 or g
per cent rate for money.
The real characteristic of the market
last week was disposition 10 do moth
Ing on the part OF active traders. and
also Of the great mass Of investors and
occasional spectators. The money situa-
ton remains the one important matter
affecting immediate fluctuations in values
There has been iu the last fortnight a
resumption OF the movement of money
20 the West, which stopped about a
month ago and which seems On the pres
ent instance to be- due 90 the unwilling
ness 81 the Western farmers 20 sell their
wheat al ruling quotations. and further
more 20 the wide expansion OF general
business that is taking place through
put the Western country.
VIII Restore Balance.
So far as the immediate future IS con-
cerned, those who are Of optimistic tenn
permanent in Wall street are controlled
now by the remembrance that not infre-
Quently whenever local bank reserves
either approach the minimum legal limit
or even fan slightly under this. something
happens % turn money once more 70 this
center and 10 restore the normal hnan-
cial balance of affairs. This usually takes
the form. however prompted. Of a lending
Of money by private individuals or insti-
tutions-that IS 20 say. Of n shifting Of
Wall street loans from bank ledgers 20
other places In some measure the hest
tation Of the market was attributed 70
rather special signs of weakness in the
railroad list of stocks or. at any rate, to
evidences Of weakness iu these quarters
that were greater than those shown in
the industrial shares. Possibly one cause
Of this was some indication of a more or
less general demand on the part Of rail-
way employees for an advance in wages
Whatever concessions the railway COM
panies may think 70 proper % make in
special instanCes-and there rs little doubt
that the whole matter will be amicably
and quietly aranECt--the broad truth IS
that the first necessity confronting these
companies just now is 90 bring their lines
and general equipment up 20 standards
Of efficiency that have been considerably
neglected In the economies uniformly
practicCd after the 1907 panic
There We're in this period only two al
teruatives left 20 the railroad companies
20 adopt-oue TO cut down the wages Of
their employees and the other 20 reduce
their operating expenses and leave all
expenditures, except for the most neces-
sary repairs and new construction. until
q more convenient season II certainly
does not seem as il an enlightened public
sentiment could az this time support the
demands Of these employees that Just as
the railroads have arrived at a point
where they are once more placed IN funds
with which 20 put their lines I'm condition
they must forego this In order 10 raise
the wages Of their men 10 q scale which
VIII be the highest ever known In the
country's history.
watch Money Situation.
Financial interest during the week so
converged upon the money question that
pretty nearly all other subjects were lost
sight Of But all developments regarding
the country's business were IN the highest
degree favorable. Railroad earnings and
bank cleaHaes continued to expand. 1t
was made plain that the unusually warm
weather this fall rs highly beneficial. IN
an agricultural sense. The delay Of frost
IS Increasing the cotton crop and the
same cause enlarged by 1l0O0Oo 900
bushels the governments October esti-
mate OF the corn harvest. which is an
other way of saying that the country's
corn crop This year Is worth $4,000 900
more than was thought likely on sep
temher 90. Further. the weather has
been so much more favorable than last
year for the growth OF the winter wheat
that the different State agricultural
bureaus are putting the statistical con-
diton of winter wheat now high above
the figures OF 1908
The governments October statement OF
the exports o. domestic products. pub
iished on Thursday, also made very pIeas-
ant reading. The value OF these exports.
Sl-5tooco was the largest for any month.
save one or two, ever known before I'm
our records, and the chief contributing
cause Tor this was an increase in the
value of cotton shipments. which were
$nWoO.o more than those I'm October
lSN although the number Of bales ex-
ported iu each one Of the two periods was
practically the same. Presumably the
current month viii make fully as salts
factory a showing in this regard.
Oyster stew as Bride.
Prom the Brooklyn Eagle.
once upon time IN Central Ohm
there was a candidate in opposition TO the
late William Lawrence. William was in
politics for everything in sight Happen