The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-02
WALL STREET NEWS
Thursday Dullest Stock Day
for Two Years.
NOT BLAMED TO ROOSEVELT
While PurpOrt of His Utterances
Was Undoubtedly Understood, Yet
This Is Not Believed to Have Had
Anything TO Do with Reaction.
Decrease In Vet Earnings.

New York Sept YESTERDAY was the
dullest day in stocks for more than two
Years. The general purport OF Mr.. Roose-
velts Kansas speech was undoubtedly
understood in Wall street. but the market
seemed to be benumbed. or 10 display
stolid and obstinate indifference. To-day
when the full text OF the speech was
available and il was seen that Col RoOse-
welt had appropriated not only most OF
the doctrines Of Col. Bryan but all OF the
most radical opinions OF the most ram
pant insurgents. the market was typical
Roosevelt market reminder OF the
times in the second Roosevelt adninistra-
ton when stocks went down on every
outburst of radicalism.
The only difference was that to-day the
decline was not as great nor the reac-
tionary movement as active as on many
occasions in 1907. Otherwise It presented
the same features. Stocks were sold By
scattering investors; the market was at
tackled by bearish operators. whose re-
membranes Of 1907 are the most pleasing
OF their lives, and very little spirit was
accorded by men Of prominence and i'm
portance in financial affairs.
Decline Starts Rapidly.
The decline was most rapid and pro-
nounceo IN ~ 6rst hour when transac-
tions Ear exceeded those IN the whole OF
yesterdays session Most Of the commits
sion houses then had selling orders from
customers to whom Col. RoOsevelts utter
ances were entirely novel and practically
all Of the professional traders took posi-
tions on the short side. The lowest prices
Of the day were scored in the morning
session. while the liquidation from the
outside public was in. progress. Suisse
Quently the market became less active
and steadier. and some encouragement
was supplied by the lack Of evidences OF
liquidation from important quarters.
But the afternoon recovery from the
low prices was very feeble. and in the
late trading the market showed no
buoyance whatever. The publication OF
New York Central earnings for July. fol-
lowing closely those OF the Pennsylvania
system. gave added point to the impor-
tance OF the hearings on the railroad rate
cases in Chicago.
Decrease I'm Net Earnings.
For all lines Of the Central system eX-
pcnses in july increased $4,000. and
though gross earnings increased by more
than 100000, the result for the month
was a decrease Of s, $4,000 in net earn
ings. For the same month Pennsylvania
had reported for the lines directly oper-
ated and the Lines West of Pittsburg
and Erie a decrease OF S9S60J0 in net
earnings. A small Southwestern road.
Missouri. Kansas and Texas also report
ed to-day a substantial decrease in July
net earnings. The figures supply a sufn-
Gent commentary upon the tendency of
railroad business under conditions enforced
upon the railroads by the government.
and make obvious the inference that
normal prosperity IN railroading is de-
pendent upon either reduction in prices
OF labor and materials or increases IN
rates. The Bank OF England. in its week
~ statement reported q reduction from
last week in the ratio Of reserve to liza
bilities. but the ratio remains above the
ten-year average. and the minimum dis
count rate was maintained at 8 per cent.
Local money rates were unchanged.